Critical Illness

What if you were facing a critical illness such as cancer, a heart attack or stroke; would you and your loved ones be financially protected? Dealing with a Critical Illness is difficult enough.

What is Critical Illness Insurance?

Critical illness is a living benefit that provides a lump-sum that you can spend on anything you want if you are diagnosed with a specific covered illness.

Medical advancements mean more people survive illnesses like cancer and stroke than ever before, but recovery can be long and difficult.

Medical advancements mean more people survive illnesses like cancer and stroke than ever before, but recovery can be long and difficult. If you are sick, the last thing you want to think about is financial obligations. A serious illness like Heart Attack, Stroke or Cancer can cause financial strain, especially if you are no longer able to work. Critical illness insurance can help ease the burden. You can take steps now to help protect your family’s lifestyle and savings if you get sick later. If you’re faced with a serious illness and you have a plan, you can focus on your recovery and worry less about money. Critical illness insurance can provide you and your family with the peace of mind that these expenses will not jeopardize your financial security while you recover.

The following conditions are covered by critical illness:

Heart attack, Stroke, cancer (life threatening), Alzheimer’s disease, Aortic surgery, Aplastic anaemia, Bacterial meningitis, Benign brain tumor, Blindness, Coma, Coronary artery bypass surgery, Deafness, Heart valve replacement, Kidney failure, Loss of independent existence, Loss of limbs, Loss of speech, Major organ failure on waiting list for transplant, Major organ transplant, Motor neuron disease, Multiple sclerosis, Occupational HIV infection, Paralysis, Parkinson’s disease, Severe burns.

Why buy critical illness?

With increased life expectancy and health medical advances, the risk of living with a serious illness is significant, and the cost can be staggering. Government health care programs provide only the basics. Depending on your needs, the coverage can help you and your family in your home, pay for in-home care, cover travel and accommodation expenses when out-of-town or out-of-country, allow you to undertake out-of-country or alternative therapies not covered by group or by government-sponsors plans, access the best medical treatment while protecting your family’s ongoing financial security and standard of living, continue saving for retirement and your children’s education, hire someone to keep your business viable while you recuperate, cover the cost of extended health care requirements, allow you to take a leave from work to care for a sick child, cover mortgage payments, supplement lost wages because of time away from work (for you or your spouse), etc.

Critical illness insurance provides you with the financial protection you need, when you need it the most. A critical illness doesn’t have to derail your financial security plans and goals. If you’re diagnosed with a serious health event covered by your policy, critical illness insurance is an option that may give you a one-time payment. You’ll have the flexibility to help keep your finances on track so you can focus on recovery. Use these funds to offset the cost of managing the illness without impacting your savings or standard of living.

How does it work?

• Choose the coverage amount you want. 
• Pay your premium. The premium stays the same for the term of the contract.
• If you’re diagnosed with a covered critical condition (as defined in your policy), file a claim.
• Receive a tax-free one-time lump-sum payment. You may have to wait a set period of time depending on your condition, usually a survival period of 30 days.
• You can use these funds however you want.

What if you never make a claim?

You can customize your plan with a variety of optional riders available to help you tailor your plan to meet your needs. Return-of-premium option allows you get back up to 100% of your premium payments if you aren’t diagnosed with a critical illness. Depending on what you choose, you can get money back:

• At year 15, year 20 or age 65, at expiry of policy, or death.
• With a partial withdrawal if you need less coverage in the future, you can reduce your benefit amount and get money back for the coverage you’ve ended.
• With the paid-up option with lifetime coverage instead of getting money back, use the money from your return-of-premium option to pay for future policy payments.
• You can add term insurance riders: Term insurance riders offer a cost-effective way to take care of your life and health needs in one convenient package. Plus, you only pay one policy fee.
• You can buy a plan with Return of premium on death: Return of premium on death returns to your estate the premium paid if, when you die, no benefit has been paid or is payable.
• You can have critical illness as riders on your Term, whole life and universal life plans.

When you buy your policy, you can include an option so if you don’t make a claim, you can get back up to 100% of the money spent on premium payments.

Are you ready to get started protecting your hard earned income or savings, and be financially stress free when recovering from a critical illness? Contact us for more information and one of our advisors will be happy to help you.