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  Critical Illness Insurance

 

                Insurance for Life and Recovery

 

Critical Conditions covered

CI Insurance plans available


Non-medical Critical Illness Insurance

(Simplified medical questionnaire required)

 

►  Manulife Financial

Lifecheque® Basic

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►  HUMANIA Assurance

Critical Illness insurance without medical exam: Get Your Instant Quote Online


Get Your Best Quote from Various Insurers


Guaranteed Issue CI Insurance

(No medical questionnaire required)

The Edge: Get  Information

Critical Illness Insurance for Children

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Critical Illness & Life insurance Combined

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Critical Illness Insurance provides a cash benefit if the insured is diagnosed with one of critical illnesses as defined in the contract and survives the survival period. Money is yours when you need it. The policy terminates when the critical illness benefit is paid. You also have an option to get all premium back  if there is no claim until the policy expires.

 

A Critical Illness Insurance policy can be issued for individuals of age up to 65 and provides coverage amounts ranging from a minimum of $5,000 to maximum of $2,000,000.

Insurance rates depend on the insured's age, smoker/non-smoker status, sex, insurance amount and plan. In various plans premiums may increase with the age of the insured (T10 and T20 term plans), or remain level to age 65, or 75, or 100. Click here for more information about critical illness plans available.

 

Critical Conditions covered by CI Insurance

Your can choose an economical solution, offering coverage of the 3-5 most common conditions. But you have other options to choose from: for example, coverage for up to  10 illnesses or protection for up to  25 covered conditions.

 

Many policies also offer  coverage for up to  4 non-life-threatening medical conditions non-life-threatening medical conditions. If the Insured is diagnosed with one of the covered conditions, the company pays a portion of the Critical Illness Benefit (usually, it is up to 10%-15% of the insurance amount but no more than $25,000-$50,000). If this part of the Benefit Amount becomes payable, the policy remains in force but the insurance amount of the policy is then reduced immediately by the claim amount payable for this benefit.

 

Critical illness insurance polices issued for children may also cover several conditions specific for childhood:  Autism, Cerebral Palsy, Congenital Heart Disease, Cystic Fibrosis, Muscular Dystrophy and Type I Diabetes Mellitus. Learn More and Get Your Instant Quote Online >>

 

Critical Illness insurance may also include the following benefits:

Return of Premium upon Death Benefit

With this insurance, if the Insured dies without having made a claim for a covered illness, all premiums paid for this coverage (but not exceeding the insurance amount) will automatically be returned.

Return of Premium on Expiry Rider

If at policy expiry, you have not claimed your critical illness benefit, and your Critical Illness Insurance policy is still in force, you will receive your premiums back.

 

Return of Premium on Surrender Rider

The policy owner can terminate the coverage and receive total or partial refund of premiums  paid since the coverage was issued. Generally, refund of premium is available after the policy being in force at least 10 years.

 

Best Doctors®

Many insurance companies offer access to the services of Best Doctors®, a company that can help you find and access treatments and medical experts that you might not otherwise be aware of. For example, if an Insured travels to the United States for treatments or surgery, Best Doctors® will arrange all bookings and reservations. However, the Insured is responsible for the cost of traveling, lodging, hospital and medical appointments as well as medical treatments.

 

Additional Benefits (Riders)

- Term life rider provides level life insurance protection with guaranteed rate renewing every 10 or 20 years.

- Disability Waiver of Premium Rider: if the policy owner has purchased this Rider, the insurance company covers his/her insurance premiums if he/she becomes disable.

Children's rider: this kind of protection is available for children between the ages of 0 and 17 inclusive, whose parent has the Critical Illness insurance coverage and buys the children's rider.

 

You can choose a contract from the Canada's top insurance companies: Manulife Financial, BMO Insurance, Equitable Life of Canada, RBC Insurance, Industrial Alliance, Canada Life and others.

 

 

Non-medical Critical Illness Insurance

Non-medical plans do not require medical tests at the time of application. However, you have to complete a simplified medical questionnaire to determine your eligibility for this critical illness insurance plan. 

Insurance companies issue term non-medical life insurance plans (T5, T10, T20 ). Amount of coverage depends on the plan and the applicant's age and usually does not exceed $300,000.

 

Manulife Financial: Lifecheque® Basic offers  coverage up to $75,000 for 5 insured critical illnesses, medical declaration is required: Get information, quote & buy ONLINE .

 

Humania Assurance : Critical Illness insurance without medical exam offers coverage for up to $300,000 for cancer, stroke, heart attack .

To purchase: no medical exam required. You have to answer six simple eligibility questions to determine your eligibility.  If you are eligible, the cost of your insurance will depend on your answers to several questions about your health:  Get Your Instant Quote Online

 

Simplified (Non Medical) Critical Illness is available from Empire, Desjardins, Equitable Life, Foresters, Industrial Alliance, RBC Insurance.  

Check your eligibility

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Guaranteed Issue Critical Illness insurance

The Edge (underwritten by Chubb Insurance company) with coverage up to $25,000 for 19 insured critical illnesses does not require a medical questionnaire on the application: Learn  more>>>

 


 

Illustration

Kate is 42 years old, non-smoker. She purchased a Critical Illness insurance Plan, which covers 25 illnesses + 4 non-life -threatening medical conditions. Premiums and benefits are guaranteed until Kate turns 75 years of age. She also bought Return of Premium on Surrender rider. Following are the costs of all these benefits:

 

Benefit Amount

Monthly Premium

Base

$50,000

$62.64

Return of Premium on Surrender rider

 

$38.88

Total:

 

$101.52

 

 

Kate's brother is 35 years old and he does not smoke as well. He bought the same plan. The premiums he pays are lower:

 

 

Benefit Amount

Monthly Premium

Base

$50,000

$50.99

Return of Premium on Surrender rider

 

$22.82

Total:

 

$73.81

 

The reality is - the best time for purchasing insurance is when you are young and healthy. Younger people will benefit from lower premiums throughout the lives. Even minor medical condition can affect a person's cost of insurance. Down the road, they may not be able to qualify for insurance coverage at all.

 

Statistics show that Canadians are living longer. As people live longer, there is a higher potential to be affected by a serious illness or injury. Thanks to improvements in health living and medical science, there is a good chance you will recover and get on with your life. Critical Illness Insurance is designed to help you with unexpected. It provides a cash benefit, which you can use any way you want, for example:

- Pay off your mortgage

- Replace lost income

- Hire a nurse or caregiver to help you at home

- Find the best health care available - anywhere

- Take a vacation or reduce your workload to help you recover

- Business purpose

 


 

Call us at 416-493-0101, 1877-443-0101 for more information, free consultation and free quotes - Choose a contract, which is right for your needs!.

 

If you have any questions or concerns feel free

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                            RRSP   |  Home Buyer's Plan    |    Lifelong Learning Plan   |   Spousal RRSP 

Revised: October 26, 2017