When a critical illness strikes you may be faced with financial difficulty. You may require time off from work and your spouse may also take off time to care for you. Your medical expenses and child care costs may increase. You may wish to seek treatment outside of Canada or use medications which are not covered by your provincial health care plan.
Critical illness insurance is a form of protection that provides cash flow while you are still alive. It has great flexibility if you become critically ill because it pays a lump-sum benefit to be used however you choose. You don't have to get approval for expenditures, provide receipts, or even use the lump-sum benefit to pay for medical expenses. You can choose to try alternative therapies, be treated outside of the country, receive home care, renovate your home, pay off debt or take a vacation.
Critical illness provides a way of helping to protect yourself against the high cost of rebuilding your lifestyle following a critical illness. It offers a lump-sum payment which becomes payable should you be diagnosed with one of the covered conditions as defined in the contract and survive the waiting period (30 days for most conditions).
Critical illness insurance covers specific illnesses only and often includes:
Heart Attack, Stroke, Cancer, Alzheimer’s Disease, Aortic Surgery, Aplastic Anemia, Bacterial Meningitis, Benign Brain Tumour, Blindness, Coma, Coronary Artery Bypass, Deafness, Heart Valve Replacement, Kidney Failure, Loss of Limbs, Loss of Speech, Major Organ Failure on Waiting List, Major Organ Transplant, Motor Neuron Disease, Multiple Sclerosis, Occupational HIV Infection, Paralysis, Parkinson’s Disease, Severe Burns
For the definitions of these illnesses found in most contracts, please click here.
Although it is unpleasant to contemplate the possibility of illness in your future, the statistics cannot be ignored:
- 1 in 4 Canadians will contract some form of heart disease.
- The rate of death among patients hospitalized for heart attacks have been decreased by half, from 16% to 8%.
- 1 in 3 Canadians will develop some form of life threatening cancer over their lifetime.
- 1% increase per year in incidence of cancer since 1970.
- 50,000 Canadians suffer a stroke each year and 75% survive the initial event.
- For additional statistics, please click here.
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When Benefits Paid
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Upon diagnosis and survival
of specific illness
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When you cannot work due to
illness or accident
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How Benefits Paid
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Lump sum payment
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Monthly Income benefit
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End of Benefits
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N/A
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When you recover and return to
work or your benefit period ends
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Basis For Claim Payment
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Proof of diagnosis of covered
condition
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Must prove inability to perform the
duties of your occupation
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Continual Coverage
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Payment of benefit terminates
contract
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Upon recovery, policy continues
and will cover future disabilities
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Is Disability Insurance Enough? Critical Illness: The Required Supplement
Why do I need Critical Illness Insurance?
Critical Illness Claim Statistics
Patient's choice: Wait 14 weeks or pay $5,000 - Globe and Mail
