Critical Illness Insurance / Income Protection for Canadian Residents
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.
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:
– Heart Attack
– 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.
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.
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).