CRITICAL ILLNESS INSURANCE

Critical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied. The physical and emotional strain of a critical illness can be severe and when you combine that with the potentially damaging financial impact, the result can be devastating. Unlike traditional life insurance, critical insurance coverage is a fairly recent development.

That's where the critical illness benefit comes in—you are free to spend the money as you wish—such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.

A critical illness can happen to anyone:

• 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.

As you would expect, critical illness insurance is more expensive than life insurance because the risk of getting a critical illness is higher than dying (not all critical illnesses lead to immediate or even eventual death). On the other hand, you probably don't need the same amount of critical illness insurance as you would need life insurance. If you collect a lump sum on your policy, you can use this amount to supplement your income, or you can use it to fund treatment in the country, or out of the country. One of the really great features of critical illness insurance is access to Best Doctors, which is a referral service to the best doctors in the world for each covered condition.

There are a wide range of Canadian insurance companies who offer a critical illness policy. The terms and conditions will vary from company to company, but the following ailments are insurable by virtually all insurers (Base Coverage):  

In Addition, the following conditions are insured, depending on which insurance company is chosen (Enhanced Coverage):

As not all critical illness policies are the same, it is important to seek out professional advice and guidance in choosing your policy.