Critical Illness Insurance
Critical Illness Insurance
A living insurance benefit to cover the financial stress if a situation arises.
With changing lifestyles, suffering from a critical illness is more common than you think. On the other hand, medical advances have dramatically improved the survival rates of people who suffer critical illnesses such as cancer, stroke, and heart disease. But recovery may come with a significant financial cost that impacts both you and the people close to you. Which arises the need for Critical Illness Insurance.
What Is Critical Illness Insurance?
Critical Illness Insurance pays out a tax-free lump sum cash payment if you get diagnosed with any illness covered by your policy and survive the waiting period. You have the flexibility to use that cash any way you want, to help you cope with the financial and emotional stress associated with a serious illness and the person can focus on recovery.
Features of Critical illness Insurance
Choice of Plan – You have the flexibility to choose a Term Plan (will protect you for a defined period or term chosen by you. You can choose any term of 10,20,25 years, or up to age 75.) or a Permanent Plan (will provide you guaranteed coverage throughout your life.)
Guaranteed Premiums – Once approved your premiums will never increase; making it easier to manage your budget.
Limited Pay Options – For permanent coverage, you can choose a 10 pay or 20 pay plan as well.
Return of Premium on Death/Maturity – with the additional cost it allows you to receive a pre-determined percentage of the premiums paid (full or partial) if the policy expires or upon death if no claim was made against the policy.
Return of Premium on Death/Maturity – with the additional cost it allows you to receive a pre-determined percentage of the premiums paid (full or partial) if the policy expires or upon death if no claim was made against the policy.
Features of Critical illness Insurance
Several factors determine the cost of critical illness insurance such as your age, smoking status, gender, health, family medical history, your lifestyle, covered conditions, and more.
How we can Help?
Several established Canadian insurance companies provide critical illness insurance. We have done extensive research amongst them, and are working with the best insurance companies in the country.
With our expertise, we can compare and recommend a product that will provide you more comprehensive and tailored coverage.
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