Critical Illness (CI) Insurance pays a one-time tax-free benefit to the insured, provided he or she survives a minimum period (usually 30 days) after he or she is diagnosed with an illness specified in the policy. The benefits from a CI Insurance Policy allow the insured to focus on recovering from a life-altering illness, by relieving some financial stress. Critical Illness Insurance comes with return of premium rider, if nothing happens then you will able to get back your premium. It is a great feature. You can buy Critical Illness Insurance for terms also. Critical Illness Insurance usually comes with following Terms:
  • Term 10
  • Term 20
  • Term 65
  • Term 75
  • Term 100
Different companies covered different types of Critical Illness. So please, ask your insurance adviser what types of critical illness conditions are covered under your policies.
For more information and an accurate quote please submit Get a Free Quote form to the left and one of our representatives that specializes in critical illness insurance will contact you.
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FAQs

Do I need Critical Illness coverage?

There are several factors to consider when making the decision to purchase Critical Illness insurance:

  • Anyone can become critically ill – and survival is more likely than ever because of advancement in medical science
  • Not all medication and surgical procedures are covered by government health plans
  • There may be gaps in employer-sponsored group coverage
  • Most Canadians are not prepared for the impact a critical illness would have on their finances
  • There may be tax consequences associated with withdrawing funds from retirement savings to fund recovery

Who is eligible to apply for Critical Illness coverage?

If you are applying for Critical Illness Insurance you would be:

  • Between the ages of 0 and 65
  • Are a Canadian citizen or permanent resident/landed immigrant who has been in Canada for more than 12 months, and

Are any medical questions or exams required to apply?

Possibly, yes. Depending on your age, the plan you choose, and the coverage amount you are applying for, you may need to complete a medical exams, or any other requirements requested by Insurance company.

How does Critical Illness Insurance work?

Critical Illness Insurance pays a lump-sum benefit that you can use any way you wish when you are diagnosed with any covered Critical Illness, as defined in the policy, and satisfy the survival period, as defined in the policy it is usually 30 days.

Which Critical Illnesses and conditions are covered?

The plan you choose determines the Critical Illnesses and conditions that are covered. The Critical Illness Insurance Plan lump-sum benefit is payable if you are diagnosed with any of the following covered Critical Illnesses or conditions, as defined in the policy, and satisfy the survival period, as defined in the policy, you need to look into the policy because not all company covered all the following conditions and some company covered more the following conditions.

  1. Alzheimer disease
  2. Aortic surgery
  3. Aplastic Anaemia
  4. Bacterial Nebubgitis
  5. Benign brain tumour
  6. Blindness
  7. Cancer(4)
  8. Coma
  9. Coronary artery bypass surgery
  10. Deafness
  11. Heart attack
  12. Heart valve replacement
  13. Kidney failure
  14. Loss of independent existence (not included with all plans, but can be added as an optional benefit)
  15. Loss of limbs
  16. Loss of speech
  17. Major organ failure on waiting list
  18. Major organ transplant
  19. Motor neuron disease
  20. Multiple sclerosis
  21. Occupational HIV infection
  22. Paralysis
  23. Parkinson disease
  24. Severe burns
  25. Stroke

What is the survival period?

The survival period is the number of days you must survive, following the diagnosis of a covered Critical Illness, before a benefit is payable. The minimum survival period for most covered conditions is 30 days, although some covered conditions require a longer period before benefits are payable. Does time spent on life support count toward the survival period? No, as you are not considered to be alive (as defined in the policy) while receiving nutritional, respiratory and/or cardiovascular life support.

Does time spent on life support count toward the survival period?

No, as you are not considered to be alive (as defined in the policy) while receiving nutritional, respiratory and/or cardiovascular life support.

What happens if I die within the survival period?

For benefits to be payable, a Return of Premium on Death rider must be in the policy. If you have a Return of Premium on Death rider and you die due to critical illness either defined or not defined on the policy your beneficiary will receive premium back. If death is a result of any of the exclusions listed in the policy, no Return of Premium on Death benefit is payable.

Will my Critical Illness Insurance premiums ever increase?

This depends on the policy you purchase. Our Critical Illness Insurance policy offers the following premium and term choices:

  • Level premiums to age 75 : We will not change the plan benefits or premiums from those stated in the policy.
  • Level premiums to age 100 : We will not change the plan benefits or premiums from those stated in the policy.
  • 10-year term renewable to age 75: Premiums are regularly scheduled to change every 10 years.

Are the Insured funded need to be used for Illness?

You can use fund as you want, there is no restriction regarding how to use fund