CRITICAL ILLNESS INSURANCE

Being diagnosed with a critical illness can turn your life upside down in an instant. Statistically, one in two heart attack victims is under the age of 65 and the incidence of cancer has risen dramatically, with new case of cancer diagnosed every four minutes. 

As alarming as these statistics may appear, advances in health care technology and medicine is able to save great number of survivors who make full recoveries. Although, many people survive physically, but the financial outcome of a critical illness may be beyond their available resources because most people have to take extended time-off from their employment or sometimes, the cost of required prescription medications are not covered by the provincial health plans and group insurance coverages.

Critical insurance provides the optimum solution as it pays the lump-sum TAX FREE benefit to the insured in the event that he or she is diagnosed with the defined and covered medical condition and survives the predefined waiting period.

The funds can be used in any purpose you may seem fit, for example: 

• To pay for any proven or experimental medications
• To pay for specialized medical equipment or assistive devices
• To pay for any regular household expenses deemed suitable by you
• To pay for out-of-country proven or experimental treatment options
• To pay for home or vehicle modifications necessitated due to illness
• To pay any outstanding debts like, mortgage, credit card balance or taxes
• To pay for child care expenses or nursing needs during your recovery period
• To continue to contribute in your TFSA, RRSP, RESP or any type of investment plan during the recovery period

Return of Premiums upon Death:

For additional premium, some policies gives the option of full or partial Return of Premiums paid to the designated beneficiary if someone dies before the policy expires and no claim had been paid for any diagnosed and defined critical illness. 

Return of Premiums upon Expiry or Cancellation of policy:

For additional premiums, some policies gives the option of partial or full Return of Premiums to the policyholder in the event of either the policy is cancelled by the policyholder or it expires at the maturity date without a claim being made.