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Critical Illness Insurance – Why to consider It Today

Critical Illness Insurance Basics

It’s estimated in Canada  this year over 75 thousand Canadians will be diagnosed with Cancer while another 1.3 million of Canadians are living with Heart Disease.Critical Illness Insurance is a living benefit policy that provides a lump sum payout  if diagnosed with a serious illness. Critical illness insurance is designed to offset this unexpected hardship on a family. Some of the  common issues when diagnosed with a critical illness include:

  • Having to pay for medical coverage outside of the Provincial health plan or group benefit plan
  • Reducing your hours at your work
  • Set aside funds for things such as paying a mortgage or  university savings
  • Renovations to the home to accommodate and make accessible
  • Drugs not covered by a Provincial Health Plan
  • Homecare and Nursing support

The need for critical illness insurance continues to be an important part of Canadians financial plan. A medical condition such as the ones covered in a critical illness policy can have a catastrophic effect on a household.

Simple Issue Critical Illness – Non Medical Application

Many Insurance companies recently in order to make coverage accessible and affordable for Canadians have introduced Simple Issue Policies.The policy requires a medical declaration and has the following features:

  • Provides coverage with a few questions and payment.
  • The coverage will be for 5 of the major critical illness conditions
  • It’s an affordable path to protect yourself.
  • The conditions covered consist of Cancer, Heart Attack, Stroke,Coronary Artery Bypass Surgery and Aortic Surgery.
  • Tax free funds Payout
  • Return of Premium available
  • No height and weight requirements
  • No family history required

Critical Illness Full Coverage

The application will require more details about your medical history, family history and a Paramedical will be needed.

This policy features:

  • Coverage of up to 26 serious medical conditions
  • Add ons such as Return of Premium available
  • Variety of Options: Term 10, Term 20, Term to age 75, Permanent coverage can be purchased
  • Issue ages 18-60

Covered Illnesses:

  • Aortic surgery
  • Aplastic anemia
  • Bacterial meningitis
  • Benign brain tumour
  • Blindness
  • Cancer (life threatening)
  • Coma
  • Coronary artery bypass surgery
  • Deafness
  • Dementia, including Alzheimer’s disease
  • Heart attack
  • Heart valve replacement or repair
  • Kidney failure
  • Loss of limbs
  • Loss of speech
  • Major organ failure (on waiting list)
  • Major organ transplant
  • Motor neuron disease
  • Multiple sclerosis
  • Occupational HIV infection
  • Paralysis
  • Parkinson’s disease and specified atypical parkinsonian disorders
  • Severe burns
  • Stroke

 

Critical Illness is an effective way to protect yourself and family should you be diagnosed with a major illness. Contact us today for a free no obligation quote and we can put together the plan that’s right for you.

 

 

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