critical illness insurance

What is Critical Illness Insurance?
Who Needs Critical Illness Insurance?
What are the Covered Conditions?
How Much Benefit Does This Provide?
How Much Does It Cost?
Legal Statements

WHAT IS CRITICAL ILLNESS INSURANCE?

Critical Illness Insurance provides a tax-free* lump sum on the first diagnosis of a covered condition.
Unlike traditional Disability or Income Replacement Insurance, it provides a benefit without any need to prove loss of income or loss of time from work.
The benefit is a cash payment which can be used by the insured person for any purpose. There is no need to produce expense receipts as this is not a reimbursement plan.

WHO NEEDS CRITICAL ILLNESS INSURANCE?

To provide replacement income
Self-Employed or Professionals whose income depends on their being able to fully function at their jobs need a source of funds to supplement their income in the event of a critical illness. The funds from Critical Illness Insurance can be used to replace lost income or to hire a temporary replacement.

To repay debts
Credit card bills, lines of credit, and mortgage payments which need to be made can be paid out of funds provided by Critical Illness Insurance.

To make lifestyle adjustments
A serious illness can result in major lifestyle changes, including moving to a new home, or renovating an existing home. Homecare may be required. The cost of these can be paid for through Critical Illness Insurance.

WHAT ARE THE COVERED CONDITIONS?

Depending on the company and plan chosen, you will receive a cash benefit if you are diagnosed with any of the Covered Conditions as defined in the contract and survives the waiting period (30-days in most cases).

Covered Conditions typically include the following but the list varies from company to company.
Life Threatening Cancer
Coronary Artery Disease requiring surgery
Heart Attack
Stroke
Alzheimer's Disease
Aortic Surgery
Benign Brain Tumor
Blindness
Coma
Deafness
Heart Valve Replacement
Kidney Failure
Loss of Limbs
Loss of Speech
Major Organ Transplant Recipient
Major Organ Transplant Waiting List
Motor Neuron Disease (ALS or Lou Gehrig's Disease)
Multiple Sclerosis
Occupational HIV Injury
Paralysis
Parkinson's Disease
Severe Burns

Note that this list is only representative and will vary depending on the company issuing the policy.

HOW MUCH BENEFIT WILL YOU RECEIVE?

You can receive up to $1,000,000 as a tax-free benefit. The minimum benefit is $10,000. The benefit is paid on first diagnosis of any of the covered conditions. The amount of the benefit is not affected by the condition suffered. It is the same for all conditions. Only one claim is paid in the event of multiple conditions.

HOW MUCH DOES IT COST?

There are typically three plans to choose from:
1. Ten Year Renewable Term
2. Level Cost To Age 75
3. Level Cost to Age 100.

The cost depends of your age, sex, smoking status and health.

A Multiple Life discount or Other Insurance Discount may apply.
Refund of Premium is available. Some conditions apply

You can apply on-line for Critical Illness coverage by following this link:
Apply On-line Now for Critical Illness Insurance

Or to obtain a confidential quote by email provide your birthdate, sex, and smoker/non-smoker status for each person.

This is not a contract. This is a generalized explanation of the Critical Illness policy for illustrative purposes only. Actual contract provisions govern in the event of a claim. To obtain this insurance a written signed application must be submitted, and acceptance is subject to normal underwriting provisions. Due to your personal health or family medical history your application may be declined. Exact terms and conditions may vary from one insurance company to another.

* Currently there has not been a ruling on the taxable/tax-free status of Critical Illness Insurance policies in Canada. We believe that the benefit should continue to be tax-free, but this is not a contractual guarantee and will be subject to any future ruling by the Government of Canada.

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