Critical Illness Insurance / Income Protection for Canadian Residents

Wondered how to protect your financial well-being from an unforeseen illness that can limit your earning potential? Critical Illness Insurance offers you the right tools to prepare and achieve financial recovery after a life-altering event such as cancer, heart attack, stroke or a heart surgery.
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Critical Illness Insurance Protection:
As unfortunate as this is, 1 in 2 Canadians will develop a life threatening cancer over the course of their lives, while for 1 in 4 it will be the cause of death. Moreover, heart attacks and strokes represent another potential danger to one’s health and financial prosperity given the usually lengthy recovery process as well as possible complications.

Yet, despite rather depressing statistics, we would like to offer you a comprehensive Critical Illness Insurance from one of the most reputable providers in Canada – Manulife!

Such insurance offers you an income protection tool that you can include in your financial planning in order to accommodate the costs associated with treatment and recovery in case you develop one of the covered conditions.

Do I need Critical Illness Insurance?

Critical Illness Insurance Lifecheque Basic coverage is designed as an income protection tool to relieve you of a potential financial burden that may result from treating an unforeseen sickness or certain surgical procedures.

It offers a one-time lump sum payment equal to the amount of coverage you have selected at the time of application in case you develop one of the conditions listed below.

List of Insured Illnesses / Surgeries:

– Cancer
– Heart Attack
– Stroke
– Coronary Artery Bypass Surgery
– Aortic Surgery

Please review the definition for the listed condition here – Lifecheque Basic | Policy Brochure

In addition to the unsettling numbers of critical ailment cases, many medications that are used in treatment could incur above average expenses and may not covered by provincial medical plans in Canada. While many people will focus on the immediate expenses such as treatment, there are other surrounding costs including hospital parking, medical supplies at home, certain drugs, mental wellness counselling and much more. Such costs could add up and quickly overwhelm your ability to keep a desirable level of financial standing.

While healthy lifestyle choices can be your best defense against some health risks, a critical illness such as cancer, stroke or heart disease can strike anyone at any time.

– One in two heart attack victims are under 65 years old
– Over 50,000 Canadians suffer a stroke each year. Of all stroke victims, about 75% will be left with a disability
– The average age of people who make a claim with Critical Illness Insurance is only 43 years old.

Considering the gravity of the situation including related risks that many Canadians face, getting an appropriate insurance protection that pays the whole coverage amount in a single installment could open various possibilities for timely treatment and swiftest recovery. Additionally, you may choose to use the money for any other purpose you see fit.

What is the benefit of Critical Illness Insurance over other products?

If you want to be protected from financial burdens caused by a serious illness, Critical Illness insurance protection will be the cornerstone of your financial plan!

As briefly mentioned, Critical illness insurance provides you with a lump-sum payment just 30 days after a covered critical illness is diagnosed. This allows you to concentrate on recovery rather the financial aspect of treatment!

What is the advantage of Critical Illness Insurance over Disability Insurance?

While both Disability and Critical Illness insurance represent complimentary products that share many similarities, Critical Illness Insurance offers you more flexibility of what you can do with the money.

Unlike Disability insurance coverage, Critical Illness insurance pays a lump sum rather than monthly installments over a period of time. Another notable distinction is that Critical Illness Insurance coverage is not based on your income as you receive the amount of money you’ve signed up for right away.

Finally, it is important to note that applying for a Disability Insurance requires you to be employed, whereas anyone can apply for Critical Illness Insurance regardless of their current employment situation.

Choosing the right protection from covered critical illnesses does not require any medical tests and is entirely online. With Critical Illness Insurance plan you can concentrate on your recovery at an affordable rate of as low as $10 – $15 a month with an appealing option of returning 100 % of insurance premiums you have paid if you don’t get ill!

If you are a Canadian citizen or a Permanent Resident, you can protect yourself from the costs related to medical treatment or an income replacement for you and your family.

How does Return of Paid Premium work?

One of the main advantages of going with Manulife’s Critical Illness Insurance protection is its Return of Paid Premium option that you can select at the moment of application.

Essentially, as long as you are between 18 and 55 years old and meet other eligibility criteria laid out on this page, you can include an option to receive all of the money you’ve paid for insurance back in case you never need to use your policy.

If you are healthy and don’t develop a serious ailment, you will receive every last penny you’ve contributed to your insurance policy at your 75th birthday (insurance expiry date).

Critical Illness Insurance with Paid Premium Return:
Return of Premium Option is a safeguard against losing your policy and pouting the money down the drain! If you are lucky and do not have a serious illness at the time of your 75th birthday, you will get back every penny you have paid for your insurance policy in a single lump-sum payment!
Return of Premium: Preview
Lifecheque Basic Critical Illness insurance with Return of Premium is available ONLY at the issue date of the policy only for applicants aged 18 to 55.

You can only select the return of premium option at the time of initial application for a Critical Illness insurance as you will not be able to change your coverage type later on.

Return of Premium: Rider Conditions
Manulife will refund 100% of all paid premiums for critical illness insurance with Return of Premium option, in case:

– No claim has been made at the termination date of your policy (by the policy anniversary date following 75th birthday).

– Insurance coverage (including the return of premium rider) is active upon the termination date, provided you are not in a waiting period for a Covered Condition.

Return of Premium: Payment Requirements

– In case you are in the waiting period for a Covered Condition, Return of Premium will not expire until the first day you are no longer in the waiting period required by that condition.

– In case you survive the waiting period for a Covered Condition, but that benefit is not payable, you will be paid the Return of Premium upon expiry date.

– In case you survive the waiting period for a Covered Condition, provided the benefit is payable, Return of Premium will not be paid.

Return of Premium: Payable Difference
If you select Return of Premium Option at the policy issue date, you will only be bound by the mentioned conditions in order to receive 100% of paid insurance premium back at 75th birthday.

At only a 10% increase in monthly or annual contributions to your insurance policy, you will receive an opportunity to return your money back if you never need to use your insurance.

Eligibility & Limitations
Although in order to apply for Lifecheque Basic Critical Illness insurance coverage from Manulife, you are not required to submit a record of family history or a medical questionnaire, each applicant must meet certain eligibility requirements listed below.

Eligibility Requirements:

In order to qualify for Lifercheque Basic Critical Illness Insurance, you must:

– Be a resident of Canada
– Be between 18 and 65 years old in order to enroll
– Lifecheque Basic: Enrollment is open to people from 18 to 65 y.o.
– Lifecheque Basic with Premium Return: Enrollment is open to people from 18 to 55 y.o.
– Maximum Coverage: applicants 18-65 y.o.: $25,000 / applicants 18-60 y.o.: $50,000 / applicants 18-55 y.o.: $75,000

Lifecheque Basic Critical Illness insurance protection has an automatic policy expiry date at your 75th birthday.

Coverage Limitations:

Insurance for income protection against critical illnesses is a carefully designed instrument to protect yourself from unforeseen financial pitfalls if you happen to fight a covered sickness. By getting such coverage you are making a smart decision to invest in own future as well as the future of your loved ones as we never truly know what curveballs life might throw at us.

However, as any other insurance product, Critical Illness Insurance has its own limitations on available coverage that you should be aware of beforehand in order to make an informed decision to secure your financial stability!

Lifecheque Basic Critical Illness Insurance Limitations: Benefits are not payable under this policy, if:

24-month Pre-Existing Condition Clause: Insured is diagnosed with a covered condition within the 24-month period (following the effective date of the policy or the date of the last reinstatement) which results, directly or indirectly from, or is in any way associated with a pre-existing condition that insured had.
Intentional use or intake of: Any prescription drug or narcotic other than as instructed by a physician; Any drug or narcotic legally available for sale in Canada without a prescription, other than as recommended by the manufacturer; Any drug or narcotic not legally available in Canada; Any poisonous substance or intoxicant, including alcohol.
Driving under Influence: Operating a motor vehicle while the concentration of alcohol in 100 milliliters of blood exceeds 80 milligrams.
Committing or attempting to commit a criminal offence
Self-Inflicted Injuries

Important Notice: Please note that each of the covered conditions has its own definition and subsequent exclusions. Please consult the Policy Wording document.

Non-smoker Savings: If you are a non-smoker, you can receive up to 50% in payable premium reduction as opposed to people who used tobacco including substitutes, cessation aid and/or cannabis products within the last 12 months.
Critical Illness Insurance: Benefits
If you happen to be diagnosed with a covered illness, whilst your insurance is in effect, you will obtain a tax-free lump-sum payment 30 days after the diagnosis of a critical illness. This payment may be used in any way you wish, without restriction.

Coverage Highlights:
 
– Flexible protection options of $25,000, $50,000 and $75,000
– One-time payment of insured amount 30 days after the first diagnosis of a covered illness / surgery
– No medical questionnaire and no family history is required
– Payable policy premiums are guaranteed not to change for 5 years
– 30-days coverage for FREE (with a monthly payment option)
– Full Premium Return Option (for applicants 18-55 at the time of initial application only)

Benefit Details:

Please note that your protection benefits are guaranteed up to the date of automatic insurance expiry at the age of 75 years with an option of a full paid premium return!

Premiums will not increase for the first five years and you can also get the first month of coverage for free if you opt for the month-to-month payment basis!

This plan would fit the needs of every Canadian resident who would like to obtain specific medical treatments, or would like home nursing services to assist with their recovery. If you are a business owner / self-employed and need compensation for income lost, Lifecheque Basic critical illness insurance from Manulife will also be an ideal option.

Once the benefit has been paid to you, you can get the latest treatments and best services medical science has to offer and allow you to rest during your recovery. You can recover your financial footing after surviving a critical illness and spend time doing something you love!

You can finance a private nursing care or begin an early retirement. You can also pay off the mortgage, pay for children’s education, hire domestic help or anything else you might want to do!

Return of Premium Option: If you select Return of Premium Option at the policy issue date, you will receive 100% of paid insurance premium back at 75th birthday, provided you have not been diagnosed with a covered sickness and claimed the funds.

For a complete coverage description please contact our Insurance Advisors.

Frequently Asked Questions
Would like to know more about Critical Illness insurance? Here is a list of what people usually look for. Just click on the appropriate question box to see the answer.

 

Q: Who needs Critical Illness insurance coverage?
A: While many of young and healthy Canadians might think that Critical Illness insurance is an overrated product, serious disease statistics show that cancer, heart ailments and strokes are the leading causes of disability that can potentially restrict your ability to earn or at the very least cause mental exhaustion from worrying about additional expenses associated with treatment and recovery.

Critical Illness Insurance is worthwhile for people who are planning ahead and want to account for an unforeseeable circumstances that could limit one’s lifestyle.

Any Canadian resident starting from 18 and up to 65 years of age is encouraged to consider their emergency fund options including various insurance products such as Critical Illness coverage.

The earlier you start your policy, the lower your premiums will be while you are protected against a heavy financial burden caused by a life-altering ailment.

Q: Is Critical Illness insurance better than Disability Insurance?
A: Short answer is – it depends. If you are an unemployed individual and don’t need a partial income replacement every month, then Critical Illness insurance will offer you much more flexibility and lower premiums to pay.

However, Disability Insurance is also a good insurance product that will help you maintain your lifestyle by replacing around 60% to 70% of your monthly income until you are able to work again.

The best thing is to have both policies, if possible in order to protect yourself from any unexpected situation life can throw at you.

Q: How long does it take for Critical Illness Insurance to pay out?
A: In case you have developed one of the covered medical conditions or underwent a covered surgical procedure, it takes around 30 days to receive your money that you can use in any way you see fit.

Q: Can I cancel my insurance for Critical Illness?
A: Yes, you can. You are free to have your insurance cancelled within the first 30 days of purchasing it for a full refund.

If you decide to cancel it after the 30-day period, you can still do it, but you will not receive a refund for the paid premium.

Q: What can I use insurance pay out money for?
A: You can use it for anything and everything you want. The most common examples include prescription drugs, private hospital rooms, hospital parking bills, medical supplies at home, mental health counselling, hiring a house aid professional or simply take a vacation somewhere you’d enjoy time with your family during your recovery.
Q: How beneficial is to take a Return of Paid Premium rider?
A: Despite statistics, many Canadians will never develop any serious illness living their lives to the fullest potential. With a return of premium rider, you are substantially reducing the risk of wasting your money down the drain since if you never need to use your policy, you all of your money back.

It’s that simple.

 
If you couldn’t find what you were looking for, please take a look at our General FAQ for more information, or talk to our advisors and we will be happy to assist you!

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Testimonials
As a relatively healthy individual I wasn’t really thinking of getting insurance to protect my wallet from treatment costs especially considering our healthcare system already takes care of that. But little did I know when a heart attack’s stricken my uncle last year. It was a nightmare to upgrade his hospital room, pay for various supplies and meds out of pocket that left our families with a pretty big dent in budget. Although my uncle has almost completely recovered I couldn’t bear the thought of it happening to me or my husband, so we opted for an insurance. So, I would like to thank Arbetov for their guidance and recommend them to anyone looking for ways to improve their financial protection!
Rachel J.
VERIFIED CLIENT
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