Critical Illness Insurance
Features of Critical Illness Insurance
- Provides a lump sum of tax-free money 30 days after you are diagnosed as having an insured illness (eg. heart attack, stroke, cancer).
- Is independent of your ability to still work.
- Thanks to modern medicine, most people now survive critical illnesses, but the financial costs can be staggering. Critical illness insurance helps you maintain your financial footing, while getting the best treatments possible.
- Must survive at least 30 days in order to collect.
- Available as a stand alone policy or as an additional feature within a life insurance policy.
- Important statistics: 1 in 3 people will develop a life threatening cancer. The average age of people who go on claim for Critical Illness Insurance is only 43 years old.
Options
- You select the amount of coverage and the period of coverage.
- You select whether to have a separate critical illness insurance policy or take the critical illness coverage as an added feature to a life insurance policy.
- Can add Permanent Total Disability (PDT) cover, which provides money in the event that you become permanently disabled and unable to work.
- Waiver of premium: a safeguard against losing your policy. If you have an accident and become incapacitated, you may no longer earn a high enough income to pay your insurance premiums. With the Waiver of Premium option selected, after 6 months of disability, the insurance company will waive all of your premiums so you do not lose your policy. They also repay all the premiums you paid over the last 6 months.
- Available in two forms: Basic and Comprehensive.
Basic plans cover heart attack, stroke, and cancer.
Comprehensive plans cover heart attack, stroke, and cancer, as well as up to 18 other illnesses (see list of insurable illnesses below).
List of Insurable Illnesses:
| Heart Attack Stroke Cancer Coronary Artery Bypass surgery Paralysis Multiple Sclerosis Major organ transplant Major organ failure on waiting list Loss of independence Late onset diabetes Coma | Occupational HIV Infection Deafness Parkinson's Disease Alzheimer's Disease Loss of speech Kidney failure Motor Neuron Disease (ALS) Blindness Severe burns Benign brain tumor Permanent & Total Disability |
- Get the latest treatments and best services medical science has to offer
- Allow your partner to take time off during your recovery
- Recover your financial footing after surviving a critical illness
- Spend your last days doing something you love (eg. travel)
- Pay for private nursing care
- Semi or early retirement
- Pay off the mortgage, pay for child care, hire domestic help, etc.
- Modify your home to have better mobility
- Take time off to fully recover before returning to work
Common terminology found in Critical Illness Insurance
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