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Critical Illness Insurance |
Critical illness insurance provides a tax-free cash benefit in the event the insured becomes seriously ill. The benefit is payable 30 days after the diagnostic is made and can be used as best fit:
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to cover medical bills in excess of Government health plans limits: for example expensive medication, medical procedures not available in Canada or where the wait is too long to be practical. |
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to cover the cost of home alterations that may be required, for example to accommodate reduced mobility. |
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to take an extended absence from work to focus on getting well. |
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to bridge the gap until regular retirement or to purchase a life-long pension. |
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to fulfill a special dream always delayed. |
The conditions covered form part of the insurance contract and clearly specify when the benefit is payable. The definitions follow industry-wide benchmarks.
| » Alzheimer's disease | » Aortic surgery | » Benign brain tumor |
| » Blindness | » Cancer (life threatening) | » Coma |
| » Coronary artery bypass | » Deafness | » Heart attack |
| » Heart valve replacement | » Kidney failure | » Loss of independent living |
| » Loss of limbs | » Loss of speech | » Major organ failure |
| » Major organ transplant | » Motor neuron disease | » Multiple sclerosis |
| » Occupational HIV disease | » Paralysis | » Parkinson's disease |
| » Severe burns | » Stroke |
Additional non life-threatening but life-altering conditions are covered for partial benefit: for example: Angioplasty, Ductal carcinoma in situ, HIV related cancer, stage A prostate cancer.
Critical illness may also be used to substitute disability insurance in certain cases, for example when disability insurance is not available due to occupation or medical history.
We can advise on the plan best suited for your situation. Please contact us to request more information.