Critical Illness Insurance
A critical illness policy will pay out a lump sum, tax free benefit to the insured person in the event that they are diagnosed with one of the covered conditions (most policies have 25 covered conditions).
Policies typically have a waiting period of 30 days which means that the insured must wait 30 days to collect the policy benefit after being diagnosed. Once the policy benefit has been paid, the insured has full control over the money and can spend it however they wish. Benefit amounts range from $25,000 and can exceed $1,000,000.
Many Canadians have been purchasing critical illness plans because the probability of being diagnosed has been steadily increasing. On average one out of every two men and one in three women are diagnosed with a stroke, heart attack or cancer (according to Canadian statistics). Over the years, progress in medicine has made it possible for patients to recover from serious illnesses unlike they have in the past. During your recovery period, you may not be able to go to work to generate an income, your expenses could increase significantly and your life insurance policy won’t be able to help you.
Critical illness insurance is a smart, reliable product to have in place to protect you and your family.
Critical illness insurance is designed for all individuals from birth until age 65. No one is immune from being diagnosed with a serious illness- it can happen to anyone at anytime. The effects that it can have on a family or business can be significant.
The covered conditions vary depending on the policy that you have, but most cover the following 25 conditions.
- Heart disease
- Alzheimer’s Disease
- Aortic Surgery
- Aplastic Anaemia
- Bacterial Meningitis
- Benign Brain Tumour
- Coronary Artery Bypass Surgery
- Heart Valve Replacement
- Kidney Failure
- Loss of Independent Existence
- Loss of Limbs
- Loss of Speech
- Major Organ Transplant
- Major Organ Failure on Waiting List
- Motor Neuron Disease
- Multiple Sclerosis
- Parkinson’s Disease
- Occupational HIV Infection
- Severe Burns
When you receive your policy benefit payout (e.g. $100,000 tax free) you can use the funds however you wish.
- Eliminate debt – pay off all or a portion of your mortgage, credit cards, line of credit or any other debt that you may have
- Medical treatments / Private care – have the ability to afford medical treatments that are not covered by your Government or employer health program
- Time off work – take time off work to spend with your family and friends, relax, travel, etc.
- Freedom – spend the money in any matter that you like
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