Critical Illness Insurance Policies
What is Critical Illness Insurance?
Critical illness or ‘Dread disease’ cover plans are growing in popularity as medical science and technology today can save lives far more readily than thirty years ago, when cancers and strokes were virtual death sentences.
Traditional life insurance pays out on death, not if you survive but are physically or mentally impaired. Disability insurance pay out only if you are unable to work as a result of your illness or disability.
Critical illness insurance policies are different in that they cover an individual for life or for a set period against a number of serious illnesses, diseases and medical conditions. It pays out a single tax-free lump sum on the diagnosis of one of the illnesses specified in the policy details. Diagnosis alone of one of the specified illnesses is sufficient to trigger payment. There is no requirement for loss of earnings or even for special medical treatment.
The term and sum to be insured are decided at the outset. If a critical Illness is diagnosed during the specified term then the sum insured is paid out. Normally you must survive a period of 30 days following the diagnosis of the illness, in order for the policy to pay out.
Why Critical Illness Insurance ?
1. Your likelihood of getting Critically ill is 5 times higher then dying before age 75.
2. Out of 10 Healthy male adults, 3 will have a critical illness before age 65.
3. Out of 10 healthy female adults, 2.7 will have a critical illness before age 65.
4. 1 in 4 Canadians will Contact some form of hearth disease
5. 50,000 Canadians suffer a stroke each year.
6. 1 in 3 Canadians will develop cancer in their lifetime.
7. Public Health care treatment waiting period is increasing day by day due to shortages of acute-care beds, nurses and state-of-the-art medical equipment continue to lead to longer periods. |
 |
Click here to read the full list of facts & figures from reliable sources
There are a wide range of Canadian insurance companies who offer a critical illness policy. The terms and conditions will vary from company to company, but the following ailments are insurable by virtually all insurers (Base Coverage):
 |
Heart Attack |
|
Stroke |
|
Coronary Bypass Surgery |
|
Breast Cancer |
|
Prostate Cancer |
|
Other life threatening cancer |
In Addition, the following conditions are insured, depending on which insurance company is chosen (Enhanced Coverage):
|
Multiple Sclerosis |
|
Parkinson's Disease |
|
Kidney Failure |
|
Paralysis/Paraplegia |
|
Major Organ Transplant |
|
Severe Burns |
|
Aorta Graft Surgery |
|
Balloon Angioplasty |
|
Benign Brain Tumour |
|
Blindness in both eyes |
|
Coma |
|
Coronary Artery Disease |
|
Heart Valve Surgery |
|
HIV through Blood Transfusion |
|
Pre Senile Dementia (Alzheimer's) |
|
HIV Medical Profession |
|
HIV Assault with Needle |
|
Loss of Hearing |
|
Loss of Independent Existence |
|
Loss of Limb |
|
Loss of Speech |
|
Motor Neurone Disease |
As not all critical illness policies are the same, it is important to seek out professional advice and guidance in choosing your policy. We can help.
