Critical Illness

What is critical illness insurance?

Unlike life insurance, which is a death benefit, critical illness coverage is for you and it is a living benefit. It is a type of health insurance, which will give you a lump sum amount if you get seriously ill.

Do I need Critical Illness Insurance?

Anyone can get critically ill. In fact,the chance of you becoming critically ill is higher than you dying before the age of 75. The majority of Canadians will fully recover from a critical illness, thanks to the Medical advancements.

Critical illness can have a devastating financial affect on you and your family. Especially when you have extra expenses for the treatment while your income stops or reduces.
The lump sum payment you receive from your critical illness coverage can help you pay your bills, medical expenses or you can just relax and take things easy while you recover.

What illnesses are covered?

Covered illness could differ from company to company. Almost all companies cover the following illnesses. Some could have up to 20 illnesses.
•    Heart Attack
•    Cancer
•    Alzheimer’s
•    Stroke
•    Organ transplants
•    Kidney Failure
•    Blindness
•    Paralysis

What are the types of Critical Illness insurance?

Just like life insurance, Critical Illness Insurance has term and permanent insurance plans. The plans come with different features
Eg. If you die for a reason other than covered in your policy, the premium you paid may be refunded to your beneficiary,
Some plans will refund a portion or the entire premium to you if you stay healthy and never get critically ill.

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