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Critical Illness Insurance -
Insurance for Life and Recovery
Critical
Illness Insurance provides a cash benefit if the insured is diagnosed
with one of critical illnesses as defined in the contract and survives
the survival period. Money is yours when you need it - and you can get
all premiums back if there is no claim until the policy expires.
A Critical
Illness Insurance policy can be issued for individuals of age 18-65 and
provides coverage amounts ranging from a minimum of $5,000 to maximum
of $2,000,000. There is also Critical Illness insurance for children
with issue ages 30 days to 18 years and coverage up to $250,000.
Rates depend on the insured's age,
smoker/non-smoker status,
sex, insurance amount and plan. In various plans premiums may increase
with the age of the insured (T10 and T20 term plans), or remain level to age
65, or 75, or 100. Payment of the
total critical illness benefit amount means termination of the policy.
Click here
for more information about critical illness plans available.
Your can choose an economical solution, offering
coverage of the
four most common conditions.
But you have other options to choose: for example, coverage for
up to 10
illnesses or protection for
up to 25 covered conditions.
Some companies offer also coverage for up to
4
non-life-threatening medical conditions
non-life-threatening medical conditions. If the Insured is diagnosed with one of
the covered conditions, the company pays a portion of the Critical
Illness Benefit (generally, it is up to 10% of the insurance amount). If
this part of the Benefit Amount becomes payable, the policy remains
in force but the insurance amount of the policy is then
reduced
immediately by the claim amount payable for this benefit. The
premium are adjusted accordingly.
You can choose a contract from the Canada's top insurance companies:
Manulife
Financial, AIG Life of Canada, Equitable Life of Canada, RBC
Insurance, Standard Life, Industrial Alliance, Canada Life and others.
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Return of Premium upon Death Benefit |
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With this insurance,
if the Insured dies without having made a claim for a covered
illness, all premiums paid for this coverage (but not exceeding
the insurance amount) will automatically be returned. |
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Return of Premium on Expiry Rider |
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If at policy expiry, you
have not claimed your critical illness benefit, and your
Critical Illness Insurance policy is still in force, you
will receive your premiums back. |
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Return of Premium on Surrender Rider |
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The policy owner can
terminate the coverage and receive total or partial refund of
premiums paid since the coverage was issued. Generally,
refund of premium is available after the policy being in force
at least 10 years. |
Best Doctors®
Many insurance
companies offer access to the services of Best Doctors®,
a company that can help you find and access treatments and medical
experts that you might not otherwise be aware of. For example, if an
Insured travels to the United States for treatments or surgery, Best
Doctors® will arrange all bookings and reservations. However, the
Insured is responsible for the cost of traveling, lodging, hospital and
medical appointments as well as medical treatments.
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Additional Benefits |
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You can buy the
following additional benefits (Riders) to your Critical Illness
Insurance Policy: |
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- Automatic
increase benefit rider
gives you the
choice today, to design your plan so that the benefit and the
premiums gradually increase in the future, without having to
re-qualify for the higher coverage. The amount of insurance may increase by 20%
or 100% (in various companies) of the original insurance
coverage and then remain level. |
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- Term
life rider
provides level life insurance protection with guaranteed rate
renewing every 10 or 20 years. |
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Waiver of Premium
Rider:
if the policy owner has purchased this Rider, the insurance
company covers his/her insurance premiums if he/she becomes
disable. |
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- Children's
rider: this kind of protection is available for children
between the ages of 0 and 17 inclusive, whose parent has the
Critical Illness insurance coverage and buys the children's
rider. |
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Example.
Kate
is 42 years old, non-smoker.
She purchased a Critical Illness Recovery Plan, which
 covers 25 illnesses
+ 4 non-life -threatening medical conditions. Premiums and benefits
are guaranteed until Kate turns 75 years of age. She also bought
Return of Premium on Surrender rider. Following are the costs of all these
benefits:
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Benefit Amount |
Monthly Premium |
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Base |
$50,000 |
$54.90 |
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Return of
Premium on Surrender rider |
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$24.75 |
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Total: |
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$79.65 |
Kate's brother is 35
years old and he does not smoke as well. He bought the same
plan. The premiums he pays are lower:
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Benefit Amount |
Monthly Premium |
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Base |
$50,000 |
$39.25 |
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Return of
Premium on Surrender rider |
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$13.95 |
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Total: |
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$57.69 |
The
truth is - the best time for purchasing insurance is when you
are young and healthy. Younger people will benefit from lower
premiums throughout the lives. Even minor medical condition can
affect a person's cost of insurance. Down the road, they may not
be able to qualify for insurance coverage at all |
Statistics
show that Canadians are living longer. As people live longer, there is a
higher potential to be affected by a serious illness or injury. Thanks
to improvements in health living and medical science, there is a good
chance you will recover and get on with your life. Critical Illness
Insurance is designed to help you with unexpected. It provides a cash
benefit, which you can use any way you want, for example:
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- Pay off your
mortgage |
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- Replace lost
income |
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- Hire a nurse or
caregiver to help you at home |
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- Find the best
health care available - anywhere |
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- Take a vacation or
reduce your workload to help you recover |
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- Business purpose |
What you have
read above is a brief description of this kind of insurance.
Contact us
for more
information and free consultation - Choose a contract, which is right
for your needs!.
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If you have
any questions or concerns feel free |
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