Critical Illness Insurance

It used to be not that long ago that a large portion of heart attack victims died from the initial event.  Similarly, certain cancers were very difficult to treat and the side effects of the treatment overwhelming.

Today the statistics for the three main covered Critical Illnesses are as follows:

  • It is estimated there are over 70,000 heart attacks in Canada each year.
  • There are between 40,000 and 50,000 strokes in Canada each year.
  • An estimated 3,075 Canadians will be diagnosed with cancer every week.

Sources: Heart and Stroke Foundation 2006; National Cancer Institute of Canada: Canadian Cancer Statistics 2007. The statistics shown above have been developed by the identified source; they are provided for general information only.

Medical advances in the last thirty years have reduced death rates from many illnesses.  People are surviving, but in addition to the physical and emotional strain of their illness they are reeling from the financial consequences resulting from that survival.

If you have a Critical Illness Insurance policy and are diagnosed with one of the 25 or more covered life threatening critical illness and survive the initial 30 days after diagnosis you will receive the policy face amount tax free that you can use for such things as:

  • To pay bills such as your mortgage, car payments etc.
  • Private duty nursing or medical equipment to care for you in your own home
  • Out of country medical treatment and/or surgery
  • Income replacement for a loved one that must take time off work to care for you

The list is virtually endless.  But what is also endless is the potential list of expenses that may result from such a diagnosis.  This critical illness insurance calculator from Canada Life can help you better understand how Critical Illness Insurance could help you.

There are many types of plans available at different premiums.  With most of them you can add an option that will pay you 100% of your money back at a future date if you do not have a claim.  Please contact your advisor for more information.

Child Critical Illness Insurance 

One of the most unthinkable things is that your child would become ill with a life threatening illness.  Any of us would do almost anything to help our child survive. 

This could involve taking time off work and finding the best doctors to treat them, among other things, and will cost a lot of money.

You can protect yourself and your family by purchasing a critical illness policy on your child which will pay you a lump sum tax free benefit if your child is diagnosed with one of 24 or more covered conditions.  Some of these conditions are child specific and only available on a child critical illness policy.

Critical Illness Insurance and Best DoctorsTM

Included with most critical illness insurance policies is a medical referral service offered by Best DoctorsTM.  These services include:  

  • InterConsultationTM - a review of medical records, personalized evaluation, treatment recommendations.
  • FindBestDocTM - provides names and professional profiles of up to 3 doctors indentified by other doctors as being "best" for treating your condition.
  • FindBestCare® - assistance with medical appointments and monitoring of treatment process to ensure your medical priorities are met.