Critical Illness Insurance
During a critical illness the physical and emotional strain alone can be hard enough to deal with; adding financial burden can make things unbearable.
Critical Illness Insurance is a form of protection that can provide you with a tax-free lump sum payment 30 days after the diagnosis of a covered critical illness.
If you do not make a claim, your policy will refund 100% of all the premiums you paid after 15 years, 20 years or by age 75. This is why Critical Illness is essential in an insurance portfolio.
If you do make a claim, the lump sum benefit will be paid to you tax-free and the money is yours to spend as you see fit. The benefit could help relieve the financial pressures of a lost income, mortgage payments, or quarterly income tax payments that are due. The money could be used to pay for medical equipment and expenses not covered by your health care plan, such as private nursing.
A critical illness can happen to anyone:
- One in three Canadians will develop a life-threatening cancer(1).
- One in two heart attack victims are under 65 years old(2).
- Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75% will be left with a disability(2).
Most policies will cover the following illness:
- Alzheimer’s Disease
- Aortic Surgery
- Aplastic Anaemia
- Bacterial Meningitis
- Benign Brain Tumour
- Coronary Artery Bypass Surgery
- Heart Attack
- Heart Valve Replacement
- Kidney Failure
- Life-Threatening Cancer
- Loss of Limbs
- Loss of Speech
- Major Organ Transplant on Waiting List
- Major Organ Transplant
- Motor Neuron Disease
- Multiple Sclerosis
- Occupational HIV Infection
- Parkinson’s Disease
- Severe Burns
World-renowned heart surgeon Dr. Marius Barnard, one of the founders of the Critical Illness product, said: “You need financial independence when you’re ill, not because you’re going to die, but because you’re going to live.” Advances in medical science and increasing life expectancies mean you have a better chance of surviving a critical illness. However, a critical illness often brings overwhelming medical and financial burdens to you and your family. Make sure you and your loved ones are financially protected.