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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. The policy terminates when the critical illness benefit is paid. You also have an option to get all premium back  if there is no claim until the policy expires.

 

Critical Illness Insurance Premiums and Plans Available

Insurance rates depend on the insured's age, smoker/non-smoker status, gender, insurance amount, number of medical conditions covered and plan type.

Depending on your medical history, you can apply for a Traditional medically underwritten plan or Non-medical (Simplified) Critical Illnesses insurance that does not require medical exams and tests.

In terms of period of coverage, you can consider:

Term critical illness policy which, usually, expires  at age 65 or 75

Premiums for term critical illness may be guaranteed level to the expiry date of the policy (at age 65, or 75), or level for first 10 or 20 years (Term 10, Term 20). At the end of that period, the policy either renews at a higher premium guaranteed level  for the next 10- or 20-year payment period or it terminates.

Permanent coverage (to age 100).

Premiums may be guaranteed to remain the same for the total period of coverage or for the first 10, or 15 or 20 years of coverage, after which the coverage becomes fully paid. The Critical Illness insurance coverage will be in effect until the Life Insured's age 100, at which time the Critical Illness insurance terminates and all coverage ceases.

CI Insurance plans available

 

 

Covered Critical Conditions

Your can choose an economical solution, offering coverage of the 3-5 most common conditions . Most policies provide coverage for up to  25 critical conditions

 

Many policies also offer  coverage for non-life-threatening medical conditions medical conditions. If the Insured is diagnosed with one of the covered conditions, the company pays a portion of the Critical Illness Benefit (usually, it is up to 10%-15% of the insurance amount but no more than $25,000-$50,000). If this part of the Benefit Amount becomes payable, the policy remains in force but, usually, the insurance amount of the policy is then reduced immediately by the claim amount payable for this benefit.

 

Critical illness insurance polices issued for children may also cover several conditions specific for childhood:  Autism, Cerebral Palsy, Congenital Heart Disease, Cystic Fibrosis, Muscular Dystrophy and Type I Diabetes Mellitus.

 

 

Optional Benefits and Riders

Critical Illness insurance may also include the following optional benefits:

Return of Premium upon Death Benefit

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.

Return of Premium on Expiry Rider

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.

 

Return of Premium on Surrender Rider

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.

 

Additional coverage

- Term Life Insurance Rider provides life insurance protection (Term 10, Term 20, Term 100)

- Disability 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. 

- 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.

 

 

Traditional Critical Illness Insurance

You can apply for a Traditional medically underwritten plan: a detailed medical questionnaire is required and medical tests may be requested. This policy can be issued for individuals of age up to 65 and provides coverage amounts ranging from a minimum of $5,000 to maximum of $2,000,000. There is a variety of plans your can choose from:  Critical Illness insurance plans available.

Contact us to make an appointment (over phone, Zoom, Skype, etc.) for more information and consultation.

 

Non-medical Critical Illness Insurance

Non-medical plans do not require medical tests at the time of application. However, you have to complete a simplified medical questionnaire to determine your eligibility for this critical illness insurance plan. 

Insurance companies issue term non-medical life insurance plans (T5, T10, T20 ). Amount of coverage depends on the plan and the applicant's age and usually does not exceed $300,000.

Here are a few Non-medical insurance plans, you can get information and quotes for.

 

Manulife Financial

Lifecheque® Basic offers coverage up to $75,000 for 5 insured critical illnesses: cancer, heart attack, stroke, coronary artery bypass surgery and aortic surgery.

Simple medical declaration is required. The declaration requires you to confirm that you are in good health and  have not experienced signs or symptoms, consulted your doctor or had abnormal tests related to the covered critical illnesses: Get information and quote.

 

   Humania Assurance

Offers three Simplified Critical Illness Insurance plans.

Cancer insurance.

Coverage for stroke, coronary artery bypass surgery, heart attack, paralysis, and coma can be added. Amount of coverage is up to $75,000. It is a Term 10 policy available for individuals having reached 15 days to 80 years of age. See the Summary of this Plan .

A simplified medical questionnaire is required to determine the applicant's eligibility and the cost of this insurance.

Learn More and Get Your Instant Quote ONLINE.

 

Critical Illness insurance without medical exam

Offers coverage for up to $300,000 for cancer, stroke, heart attack.

To purchase: no medical exam required. You have to answer six simple eligibility questions to determine your eligibility.  If you are eligible, the cost of your insurance will depend on your answers to several questions about your health:

Learn More and Get Your Instant Quote Online

 

Critical Illness Insurance for Children.

Children360 Critical Illness insurance offers coverage for 37 critical conditions including 7 childhood critical illnesses. Children from 30 days to 15 years of age may be covered under this plan. Amount of coverage is from $10,000 to $50,000. Premiums are guaranteed level to age 75 when the policy expires. Check Premium rates. Return of premium rider is available.

To purchase, the policy owner must answer 5 edibility questions and 10 insurability questions.

Learn More and Get Your Instant Quote Online

 

Simplified (Non Medical) Critical Illness Insurance is available from Empire Life, Desjardins, Foresters, Industrial Alliance, RBC Insurance.

 


 

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:

- Pay off your mortgage

- Replace lost income

- Hire a nurse or caregiver to help you at home

- Find the best health care available - anywhere

- Take a vacation or reduce your workload to help you recover

- Business purpose

 

Get information, quotes for Critical Illness insurance and choose your best plan with Canada's top insurance companies:
Manulife Financial, BMO Insurance, Equitable Life of Canada, RBC Insurance, Industrial Alliance, Canada Life and other.

Call us at 416-493-0101, 1-877-443-0101 for more information, consultation and free quotes

 

 

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Revised: March 09, 2021