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So what is Critical Illness Insurance? • This kind of insurance can provide you with tax free money 30 days after you are diagnosed with a serious illness at a time when you need it the most.. • It does not matter if you can work or not. • Modern medicine can help you get over the illness which is great. It does however take a toll on your finances. This insurance makes sure that your financial coffers are not depleted while you fight the disease. • Benefits are collected only after 30 days after you are diagnosed with the illness. • In the even the insured person passes away, the premium paid is refunded to your spouse or whoever you have specified as the beneficiary of your policy. • Anyone as old as 65 or as young as 18 can attain this form of insurance. • This type of insurance can be additional coverage along with a life insurance policy or as a completely independent policy. • One third of Canadian will develop some sort of cancer in the lifetime. Although medical care in Canada is coverd by state run programs but there are many treatments that the govt deems as experimental and does not cover. Something we hear in the news all the time. Statistics show that the average claimant for such a policy in Canada is around 43 years of age. Variations: • Your benefits could be as little as $25,000 or as much as $2,000,000 • You could be covered for a term of 10 years, up to a certain age like 65 or 75 or even 100 (or permanent you could say). • The premium is refunded if no claim is made for 10 years or by 75 years of age. • There is an option you can choose where if you lose your job and do not have the income to pay for the premiums or become disabled after an accident you won’t lose your policy. Even the premiums you paid in the last 6 months are sent back to you. • There are two broad policy types 1. Basic 2. Comprehensive. 1. Covers conditions like heart attack, stroke, and cancer. 2. This includes heart attack, cancer, strokes and 18 other conditions ( see the list below this). Illnesses: Alzheimer’s Disease Benign brain tumor Blindness Cancer HIV Infection Coronary Artery Bypass surgery Deafness Heart Attack Kidney failure Late onset diabetes Loss of independence Loss of speech Major organ failure on waiting list Major organ transplant Motor Neuron Disease (ALS) Multiple Sclerosis Paralysis Parkinson’s Disease Severe burns Stroke How could this be of use to you: • Use this to get leading edge treatments which are not approved by provincial insurance. • Help pay for time off for you or your spouse when you are sick. • Make sure that your savings are not wiped out by an illness. • If your illness is terminal it may help you pay for the things you want to do in your final days • Pay for long term care or nursing home care • You could pay off your mortgage or part of your mortgage with it. • Make changes to your home to make it more comfortable for you with your illness. This is a new kind of insurance for Canadians (CI) or critical insurance is a new kind of insurance for Canadians and it guarantees a tax free cash benefit of 50K to 2 million if you are stricken by a serious illness like cancer. This is a great way to protect your assets. You can maintain your standard of living and go for treatments that provincial health plans do not pay for. For a free no obligation quote This is different from disability as you don’t have to unable to work to claim it. How much is of course dependent on your plan and how much premium you pay. There is one caveat: you can only claim this 30 days after being diagnosed with the illness. If you do not survive the illness for even 30 days you can’t make a claim. This is your money and you can choose how you spend it.
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