What is Critical Illness Insurance
Critical Illness insurance provides a lump sum to help financially when an individual contracts a life altering illness.
Unlike mortgage life insurance which pays a lump sum when you die or disability insurance which is designed as ongoing income replacement while you are unable to work, critical illness insurance kicks in with a single payment if you are diagnosed with major illness and survive for a specified time. All three insurances are complimentary.
Critical illness insurance typically covers the most common illnesses that Canadians contract but, due to advances in medical science, survive for extended periods such as cancer, sroke and heart disease. The coverage is particularly important when the recipient needs ongoing care as the lump sum can be used however you want, paying down debt, medical treatments, ongoing care or simply to enable you to take time off work.
In addition to the big three, coverage might also include Heart attack, Alzheimer's disease, Bacterial meningitis, Coronary artery bypass, Heart valve replacement, Loss of limbs, Major organ failure on waiting list for, transplant, Occupational HIV infection, Severe burns, Stroke, Aortic surgery, Benign brain tumour, Coma, Kidney failure, Loss of speech, Motor neuron disease, Paralysis, Cancer, Aplastic anaemia, Blindness, Deafness, Loss of independent existence*, Major organ transplant, Multiple sclerosis, Parkinson's disease.
We can work with you to determine the amount of coverage that best meets your circumstances and your budget.