Critical Illness Insurance / Income Protection for Canadian Residents
How Does Critical Illness Insurance Works?
Have you ever wondered how to protect your financial well-being from a serious illness?
As unfortunate as this is, 1 in 3 Canadians will develop a life threatening cancer, while many drugs used in the treatment are considered “experimental” and are, therefore, not covered by provincial medical plans.
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
- Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75% will be left with a disability
- The average age of people who go on claim for Critical Illness Insurance is only 43 years old
Despite rather depressing statistics, here are some good news! We would like you to know that we offer a comprehensive Critical Illness Insurance provided by one of the most reputable and well-known insurance companies in Canada – Manulife Financial!
What is 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 surgical procedure.
List of Insured Illnesses / Surgeries:
- Heart Attack
- Coronary Artery Bypass Surgery
- Aortic Surgery
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! Critical illness insurance provides you with a lump-sum payment just 30 days after a critical illness is diagnosed. This allows you to concentrate on recovery rather the financial aspect of treatment!
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!
Coverage 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.
- 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 years old
- Lifecheque Basic with Premium Return: Enrollment is open to people from 18 to 55 years old
- Maximum Coverage: applicants 18-65: $25,000 / applicants 18-60: $50,000 / applicants 18-55: $75,000
Lifecheque Basic Critical Illness insurance protection has an automatic policy expiry date at your 75th birthday.
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.
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.
Know 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!
- Flexible protection options of $25,000, $50,000 and $75,000 dollars
- One-time payment of insured amount 30 days after the first diagnosis of a covered illness or 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)
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
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!
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.
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 satisfying a waiting period for a Covered Condition.
– In case you are in the waiting period for a Covered Condition, Return of Premium rider will not expire until the first day you are no longer satisfying the waiting period required by that Covered Condition.
– In case you are survive the waiting period for a Covered Condition Benefit, but that benefit is not payable, you will be paid the Return of Premium upon expiry date (as described above).
– In case you survive the waiting period for a Covered Condition Benefit, provided the benefit is payable, Return of Premium will not be payable.