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Critical Illness Insurance

Critical Illness Insurance Magnifying glass

No one is immune to the risks of a critical illness. With advances in modern medicine many of the once fatal illnesses like cancer are being overcome and people are surviving to meet a new obstacle: Post illness debt. Sometimes lack of coverage can be even more burdensom than the health problem itself. Between missed mortgage payments, credit card debt, automobile financing and lines of credit, a critical illness can be one of the most detrimental influences in your life. Besides the risk of losing your house and automobile, it can take a lifetime to rebuild damaged credit.

Critical Illness Insurance is a line of insurance products that helps protect Canadians against the terrors of a critical illness. This type of insurance provides a one-time, tax free benefit for the afflicted should they become ill with a disease covered in the insurance policy. The most common critical illness claims come from cancer, heart attack, heart surgery and stroke. The benefit from insurance is there to make it easier to focus on overcoming the illness rather than worrying about what will happen to your family.

Contact us to learn more or get an insurance quote!

Types of Critical Illnesses

The following is a list of illnesses and conditions that are commonly covered by critical illness policies:

  • Alzheimer's Disease
  • Aortic Surgery
  • Aplastic Anemia
  • Bacterial Meningitis
  • Benign Brain Tumour
  • Blindness
  • Cancer (Life Threatening)
  • Coma
  • Coronary Artery Bypass Surgery
  • Deafness
  • Heart Attack
  • Heart Valve Replacement
  • Kidney Failure
  • Loss of Independent Existence
  • Loss of Limbs
  • Loss of Speech
  • Major Organ Transplant or Failure on Waiting List for Transplant
  • Motor Neuron Disease
  • Multiple Sclerosis
  • Occupational HIV Infection
  • Paralysis
  • Parkinson's Disease
  • Severe Burns
  • Stroke

How Receiving the Insurance Benefit Works

If an insured person is diagnosed with an illness covered by a Critical Illness Insurance policy, a claim is made directly to the insurance company. After the approval of the claim, which takes no longer than 30 days, the full face value of the policy is paid out to the beneficiary. The beneficiary can then use the funds however they choose, which could mean catching up on late payments, taking time off work, childcare, travel for medical treatments or for any other financial obligation. Once a claim has been made and is paid out, a new policy must be obtained to regain critical illness insurance coverage.

Many critical illness insurance providers on the market have begun increasing their features for policy holders. Among these new features, partial payouts have become a very prominent player. On some products, a partial payout of up to 25%, to a maximum of $50,000, is available for specific critical illnesses. These partial payouts do not affect the policy's benefit in the event of another critical illness. What this basically means is that in some cases, these policies can pay out more than once and still remain in effect.

How to Compare Critical Illness Insurance Policies

The level of premiums on a critical illness insurance policy are dependant on the amount of coverage as well as a number of other factors. Age, health and family history of disease are the primary factors in determining the risk of insuring a person. The number and types of conditions covered are also a consideration when determining the level of premium. You should evaluate, based on your own family history, what types of illnesses should be covered.

When shopping for a critical illness policy, you should compare features of each insurance product. Many Critical Illness Insurance products these days offer a Return of Premium (ROP) feature for matured or expired policies that have never received a claim. ROP allows you to recover the payments you've made to the policy, which can make these policies very attractive from a financial point of view. In addition to ROP, the existence of a partial payout feature is a fairly major consideration. Partial payout makes the policy more valuable as it adds an extra layer of protection, allowing for additional payouts from the policy under specific medical circumstances.

Critical Illness Insurance is useful to mitigate the financial risk of ever being hospitalized for a serious illness. With Return of Premium, the variety of diseases covered, family history and the number of companies offering Critical Illness Insurance, the entire process can become exceedingly complicated. For this reason, we highly recommend talking to an insurance broker, who will help you find the best product to fit your needs.

Super Brokers's expert insurance professionals have tremendous experience finding Canadians the insurance coverage that they need. Speaking with one of our representatives will provide you with the experience you require to select the best priced, most appropriate critical illness insurance plan for you and your family.

Contact us to learn more or get an insurance quote!
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