Life Insurance | Living Benefits | Critical Illness Insurance
Critical Illness Insurance
Been Diagnosed with a critical illness can create financial and emotional strain on you, your family, and even on your business. It is difficult to predict to whom it might happen, but with a well-crafted financial plan, which includes critical illness insurance, you and your loved ones can be protected from the financial worries that may result from a serious illness or major medical condition.
The benefits provided by critical illness insurance can fill the financial gap that is often created between health insurance plans and the substantial expenditures required for a speedy recovery from such a serious illness. This type of coverage can help you tremendously in maintaining quality of life and financial security during the recovery period.
Features of Critical Illness Insurance
Provides a lump sum of tax-free money to you to spend as you see fit, or to the care giving facility, 30 days after you are diagnosed as having suffered an insured illness (eg. heart attack, stroke, and cancer).
Is independent of your ability to keep working.
Thanks to modern medicine, most people now survive critical illnesses, but the financial costs can be staggering. Critical illness insurance helps meets the staggering costs involved while trying to get the best treatments possible.
You must survive at least 30 days in order to collect.
If you die, all premiums are refunded to the beneficiary (standard feature for most critical illness insurance plans, optional with others).
Available to people between the ages of 18 and 65.
Available as a standalone policy or as an additional feature within another life insurance policy.
Important statistics:
1 in 3 Canadians will develop a life threatening illness.
1 in 4 will develop heart disease during their lifetime.
1 out of 2 heart attack victims are under 65 years of age.75% of victims survive a first stroke.
1 out of 3 people will develop some form of cancer during their lifetime.
1 woman out of 9 will develop breast cancer during her lifetime.
