CRITICAL ILLNESS INSURANCE
More and more Canadians are suffering from critical illnesses each year. Thanks to advances in medical science, the majority of people will survive. However, the financial effects of surviving a critical illness can be devastating.
The cost of recovery can have a serious impact on your current lifestyle as well as your retirement plans .
Critical Illness insurance is designed specifically to help with the financial needs associated with recovering from a serious illness.
Plans provide a lump sum, tax-free benefit in the event that you are diagnosed with any of the covered conditions. The benefit is paid after a 30 day survival period, and can be used in any way you choose:
Replace lost income for self and spouse/caregiver
Repay your mortgage and other debts
Gain access to private medical services or treatment outside Canada
Private nursing, home care and childcare services
Take an extended vacation
Make modifications to your home and/or vehicle
Maintain your lifestyle and retirement planning
You select the amount of tax-free benefit from between $25,000 and $2,000,000. While the terms and conditions of some plans may vary, most Critical Illness policies provide coverage for the following illnesses, surgical treatments and conditions:
Heart Valve Replacement
Loss of Limbs
Loss of Speech
Motor Neuron Disease (ALS or Lou Gehrig's Disease)
Major Organ Transplant
Major Organ Transplant on waiting list
Benign Brain Tumour
Occupational HIV Injury
Back to site