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Critical Illness Insurance

Critical Illness Insurance is possibly one of the most misunderstood of individual insurance policy types. There is often confusion around the need for such coverage vs disability insurance coverage if someone has it. Lets take a look at the benefits to considering adding a Critical Illness policy to your Risk Management plan.

Critical Illness (CI) is coverage that pays out a lump sum upon the occurrence of one of a number of covered conditions. Most common would be in the event of cancer, stroke, and other cardiovascular diseases. Depending on the policy type, you may be covered for many other conditions as well. CI can often be added as a rider on a life insurance policy but is certainly available as a standalone policy as well.

We have access to many providers of Critical Illness Insurance in the Canadian marketplace, therefore, we can assure you of the best pricing for the right product in your specific situation.

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Coverage Options

The important thing to look for in a CI policy is covered conditions. Some CI policies seem inexpensive, and they are, but you are only covered for the major illnesses like cancer and heart related issues. More comprehensive coverage is available, albeit at a higher cost. Basic coverage normally covers around four major conditions which represent over 80% of claims for any CI policy. On the other hand, more comprehensive coverage normally covers over 20 conditions including things like the same basic 4 as above plus benign brain tumor, blindness, deafness, dementia, major organ failure, loss of limbs, Motor Neuron Disease, MS, paralysis, Parkinson's, and many more (conditions vary by carrier).

CI Insurance can be purchase with different terms and renewal options. Some will guarantee premiums for 10 years, 20 years, until age 65, ETC. Some will only renew until age 65, some longer. Some will offer a refund of premiums if it is never used. There are many different features available with a CI policy. Speak to us today to find out which carrier, benefits, and premiums are right for you