Critical Illness Insurance
Do I Need Critical Illness Insurance?
The Bad News
In Their Lifetime:
° 45% of men will develop Cancer
° 40% of women will develop Cancer
° 1 in 4 people will suffer from heart disease
° 1 in 20 people will suffer a stroke before age 70
The Good News
° 60% of people diagnosed with Cancer will survive more than 5 years° 95% of people survive their first heart attack
° 80% of people will survive a first stroke
Sources: Heart and Stroke Foundation, Canadian Cancer Society.
How much will a Critical Illness cost me?
In 2007, Canadians had to wait an average of 18.3 weeks between the time their doctor diagnosed them with an illness and the time they received their first treatment.
Some financial burdens that often result from a Critical Illness are:
° Reduced income while you are off work for treatment and recovery
° Reduced income while your spouse is off work to be by your side
° At-home assistance such as housekeeping, sitter or meals
° Transportation, accommodation and meals for out of town treatments.
° Prescription drugs not covered, alternative treatments or medicine
How can I cover myself in case of a Critical Illness?
Critical Illness Insurance pays you a lump sum tax free benefit 30 days after diagnosis of a Critical Illness. You can select an amount of coverage between $25,000 and $2,000,000.
Covered Illnesses
Cardiovascular: Neurological:
° Heart attack ° Alzheimer's disease
° Aortic surgery ° Bacterial meningitis
° Coronary artery bypass ° Motor neuron disease
° Heart Valve replacement ° Multiple sclerosis
° Stroke ° Parkinson's disease
Tumours & Cancer: Accident & Functional Loss:
° Cancer ° Blindness
° Benign brain tumour ° Coma
° Deafness
Vital Organs: ° Dismemberment
° Kidney Failure ° Loss of speech
° Major organ failure ° Major Burns
(on waiting list) ° Paralysis
° Major organ transplant
Other:
Loss of independence ° Aplastic anaemia
° Occupational HIV
Four early-stage illnesses
° Early stage prostate cancer
° Ductal breast cancer
° Superficial malignant melanoma
° Angioplasty
For these early-stage illnesses, you are paid an advance of 10% of your amount of insurance up to $50,000. The residual balance is paid in the event of a new illness other than early-stage.
Contract Duration Options
° 10 year renewable term to age 75*
° 20 year renewable term to age 75*
° Term to age 65
° Term to age 75
° Lifetime
*these can be converted to permanent coverage at any time during your term until the age of 65
The contract remains in force until you:
° Stop paying premiums
° Reach determined age
° Die
° Suffer an illness and receive benefit
° Take advantage of return of premium benfit option
Return of Premium Options
Premiums can be refunded:
° In the event of death
° When the term of your contract is complete
° Lifetime policy could include partial refund as early as the 12th, 25th, or 30th anniversary. This depends on the option selected.
Recovery
Coverage is included for Best Doctors®, a service that offers you expert second opinions, the top doctors and hospitals for your care, and help accessing the ver best treatment.
Interested in a free Critical Illness Insurance quote?