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Critical Illness Insurance is designed to provide you with an incredible “financial security blanket” in the form of a lump sum payment paid to you by an Insurer if you suffer from one of the covered critical illnesses and the survival period is satisfied according to the definitions of your chosen insurance policy. Facing a critical illness can be one of the most difficult challenges in your life! The physical and emotional strain of such an illness can be severe, but then when you couple that with the potentially damaging financial impact, the end result can be devastating!
A Critical Illness can happen to anyone:
Arrange to “own” your personal/individual Critical Illness Insurance plan! The original reason that Critical Illness Insurance was designed still holds true today – to assist individuals financially who have been recently diagnosed and survive a critical illness. Today, all Critical Illness insurance policies provide a lump sum benefit to use in any manner you choose. For instance you may choose to use your money to:
Reduce your financial burden by:
Maintain your independence by:
Access cutting-edge medical services:
Assist in your recovery any way you choose:
All Critical Illness Insurance plans will pay a lump sum benefit, even if you recover fully or do not suffer a loss of income or reduced ability to work, in the event that you meet the policy definition of any of the critical illnesses that are covered on the plan you choose. For most conditions, your benefit will be paid to you after a 30-day survival period. Conditions covered can vary from one plan to another, but in general you can expect to see the following conditions covered:
Aortic Surgery
Aplastic Anemia
Bacterial Meningitis
Benign Brain Tumor
Blindness
Cancer – life threatening
Coma
Coronary Angioplasty
Coronary Artery Bypass
Surgery
Deafness
Dementia including
Alzheimer’s Disease
Early Breast Cancer
Early Prostate Cancer
Early Skin Cancer
Early Stage
Blood Cancer
Heart Attack
Heart Valve Replacement
Kidney Failure
Loss of Independent Existence
Loss of Limbs
Loss of Speech
Major Organ Failure
Major Organ Transplant
Motor Neuron Disease
Multiple Sclerosis
Occupational HIV infection
Paralysis
Parkinson’s Disease
& Specified Atypical Parkinsonian Disorders
Severe Burns
Stroke
Why is Critical Illness Insurance so Special?
Because it is what I refer to as the “Triple Win Insurance Policy”!!
If you suffer one of the covered Critical Conditions identified in your policy, you will receive the lump sum benefit you purchased! Obviously, this is the main reason you bought your policy – to provide you with a “living benefit” in a time that you require financial security.
If you pass away either due to any natural causes such as an accident or you do not survive the diagnosis of your Critical Illness for the 30 days, 100% of the premiums that you have paid into your policy will be paid to your beneficiary or your estate!
If your Policy Expiration date has arrived (usually age 65 or 75) and you have made no claim on your policy, then up to 100% of the premiums paid into your policy are returned to you! Just add this new income to your retirement!
When you personally purchase your Critical Illness Insurance policy and structure it as you being both the Owner and the Insured and make the premium payments with your after-tax dollars, the following tax implications will occur:
At Health Risk we believe that Critical Illness Insurance may be one of the most valuable insurance policies you will ever own as it is built to protect YOU when you need it – a Living Benefit! These plans are not designed to replace either your Life Insurance or your Disability Insurance but rather, are designed to complement and enhance your current insurance portfolio.
Since most Canadian Insurers provide many different types of Critical Illness programs, it can be a long and difficult challenge to sort thru the various plans and their options in order to determine what plan suits you! At Health Risk, we have many years of experience in working with Critical Illness Insurance and assisting our clients to choose the programs that they desire….we would be very pleased to assist you as well!
We respectfully acknowledge that we are located on the traditional territories of many First Nations, Métis, and Inuit peoples who have cared for this land for generations. We honour their histories, languages, cultures, and ongoing contributions to our shared communities.
