• Provides a lump sum of tax-free money 30 days after you are diagnosed as having an insured illness (eg. heart attack, stroke, cancer).
• Is independent of your ability to still work.
• Thanks to modern medicine, most people now survive critical illnesses, but the financial costs can be staggering. Critical illness insurance helps you maintain your financial footing, while getting the best treatments possible.
• Must survive at least 30 days in order to collect.
• If the insured dies, all premiums are refunded to the beneficiary (standard feature for most critical illness insurance plans).
• Available to people between the ages of 18 and 65.
• Available as a stand alone policy or as an additional feature within another life insurance policy.
• Important statistics: 1 in 3 Canadians will develop a life threatening cancer.  Many drugs used in the treatment of cancer are considered "experimental" and are therefore NOT covered by provincial medical plans. The average age of people who go on claim for Critical Illness Insurance is 43 years old.

Options

• Benefits range from $25,000 up to $2,000,000
• Coverage can be for 10 years, to age 65, to age 75, or to age 100 (permanent coverage).
• Return of premium: premiums will be returned to you if you do not claim after 10 years or by age 75.
• Waiver of premium: a safeguard against losing your policy. If you have an accident and become disabled, you may no longer earn a high enough income to pay your insurance premiums. With the Waiver of Premium option selected, after 6 months of disability, the insurance company will waive all of your premiums so you do not lose your policy. They also refund the premiums you paid over the last 6 months.
• Available in two forms: Basic and Comprehensive.
  Basic plans cover heart attack, stroke, and cancer.
  Comprehensive plans cover heart attack, stroke, and cancer, as well as up to 18 other illnesses (see list of insurable illnesses below).

List of Insurable Illnesses:

Uses of Critical Illness Insurance

• Get the latest treatments and best services medical science has to offer
• Allow your partner to take time off during your recovery
• Recover your financial footing after surviving a critical illness
• Spend your last days doing something you love (eg. travel)
• Pay for private nursing care
• Semi or early retirement
• Pay off the mortgage, pay for child care, hire domestic help, etc.
• Modify your home to have better mobility
• Take time off to fully recover before returning to work