A Diagnoses of a Critical illnesses, such as cancer or heart attack, can create a financial burden for your family and/or business, drastically affecting your personal life and overall lifestyle. Critical illness insurance is intended to ease the financial pressures by paying a tax-free lump sum if you become seriously ill or totally disabled.
A critical illness policy will trigger a claim in the event of diagnoses by your medical doctor, regardless of your ability to return to work and is paid independent of your disability coverage. It helps you pay for expenses not covered by your provincial or territorial health plan. Critical illness insurance provides a lump sum of money for you and your family and reduces financial stress so that you can focus on your recovery.
Another attractive option available is the return of premium option. This option states that if you have not claimed, you may elect to exercise the refund of premium option with some policies at death to the beneficiary or at expiry date to the policy owner.
Critical illness insurance will not cover pre-existing conditions, but in some cases, you might be able to issue a critical illness insurance policy with a pre-existing condition. You receive a tax-free, lump-sum benefit after being diagnosed with a covered condition and meeting any applicable waiting period requirements.
Basic Covered conditions included:
- Life-threatening cancer
- Heart attack (30-day waiting period applicable)
- Stroke (30-day waiting period applicable)
- Coronary artery bypass surgery (30-day waiting period applicable)
- Aortic surgery (30-day waiting period applicable)
We recommend that you review your critical illness insurance every few years to ensure that you have the most up to date definitions and policy provisions. Please call us today if you wish to review your current policy and/or your insurance needs.