Critical Illness Insurance
About Critical Illness Insurance
Facing a critical illness can be one of the most difficult challenges in life. There is so much to consider making decisions about your care, remaining financially stable, meeting your family’s day-to-day needs, coping with the emotional stress and more.
Critical illness insurance helps to cover these unexpected costs and potential loss of income associated with life-altering illnesses. From the costs of medicine and treatment, to travel, specialist and home accommodations, treating and recovering from an illness can have a devastating financial impact. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment - You can then use the funds as you wish.
The cost Varies with gender, age, smoking status, medical history, and other factors. As a result, you can devote 100% of your energies to your recovery, without worrying about the financial impacts of the illness.
Although the types of illnesses covered differ from company to company, typical illnesses may include:
- Multiple Sclerosis
- Organ Transplants
- Kidney Failure
- Heart Attack
Who Should Consider Critical Illness Insurance?
Anyone who wishes to be protected against financial concerns resulting from critical illness:
- Persons who would like to obtain specific medical treatments;
- Parents who would have to temporarily leave their jobs to devote themselves to the recovery of their child;
- Persons who would like to have home nursing care or to go on a trip to assist in their recovery;
- Business owners or self-employed workers who would have to compensate for the loss of productivity or clients after an illness.
- Our advisors are licensed to sell insurance products offered by all major Canadian providers. With your requirements and budget in mind, they will research the market to find the right plan for your circumstances.
Please complete a short inquiry form to get a free, no obligations quote on Critical Illness Insurance. Our services are absolutely free and there is no obligation to accept the presented quotes. The coverage you need to help protect your lifestyle and recover from a serious illness or condition.
Why do you need critical illness insurance?
While healthy lifestyle choices can be your best defense against some health risks, a critical illness such as cancer, stroke or heart disease can strike anyone at any time.
Consider the following:
- One in three Canadians will develop life-threatening cancer.
- One in two heart attack victims is under 65 years old.
- Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75% will be left with a disability(2).
- Expenses such as private nursing or modifications to your home or vehicle to improve your mobility won't be covered under your provincial health insurance plan and may not be covered under typical employer-sponsored health plans. Then there are the other challenges that critical illnesses bring—such as finding the best medical care, meeting day-to-day needs (like caring for your children), and managing the stress and anxiety.
Benefits of Having Critical Illness Insurance
- Reduce your financial burden: Pay off or reduce your mortgage, credit cards or other debts. Help keep your business running.
- Maintain your independence: Modify your home or vehicle to improve your mobility. Hire domestic help during your recovery. Fund a leave of absence for yourself or your spouse.
- Access cutting-edge medical services: In Canada, pay for medications and treatment not covered by provincial health plans. Outside Canada, pay for treatment that may not be available at home, in addition to your family’s travel and lodging expenses. Assist in your recovery any way you choose: Spend more time with your family or use the benefit in other ways that can help you focus on getting well.
What's more, with critical illness insurance from us, you may not have to go into debt or withdraw money from your retirement savings to remain financially stable and independent during your recovery.
You are eligible to apply for our Critical Illness Insurance Plan if you:
- Are between the ages of 18 and 50
- Are a Canadian citizen or permanent resident/landed immigrant who has been in Canada for more than 12 months, and
- Have not been diagnosed with, or have been treated for certain medical conditions.
Your Premium and Term Options
The Critical Illness Insurance Plan is a 10-year term policy, renewable to age 65. Premiums are regularly scheduled to change every 10 years. We will not change the plan benefits, but the premiums may be subject to change. However, we cannot change the premium unless we do so for an entire group of policyholders sharing similar characteristics...