A
Critical Illness Insurance plan is insurance
protection that guarantees the payment of
a tax-free lump-sum benefit when a covered critical
illness is diagnosed.
The
Statistics:
You
have a greater chance of getting a critical
illness before you’re 75 than dying:
• More than 90% of people who have
their first heart attack recover.
• 75% of people who have a stroke
survive the initial incident.
• While women have a one in 9.5
chance of developing breast cancer, they
only have a one in 26 chance of dying
from it.
• And men have a one in nine chance
of developing prostate cancer, and only
a one in 27.5 chance of dying from it.
Why
Critical Illness Insurance?
Although
certain illness-related expenses may be covered
by provincial and/or private health plans,
these programs do not cover many medical costs.
Unlike
other forms of insurance, Critical Illness
provides a lump sum payment and allows people
to use the money as they see fit …
Enable spouse to take leave of absence
without pay
Hire a care giver
Pay for specialized medical treatments
Pay for the best possible care
Reduce family obligations, mortgage
Provide child care
Fund a trip to assist recovery or just
take a well needed vacation
There
are no restrictions when you are diagnosed
with a covered illness.
Plan
Features Available:
Your
plan will also assist you in finding the best
medical professionals for your particular
situation.
Most
Critical Illness plans include a full refund
of premiums to the family should death occur
before the maturity of the plan (usually age
75) without reporting a claim.
Many
plans offer a return of premium where you
receive your premiums back at plan maturity
if no claim or only a partial claim has been
made.
With
hospital and testing center’s wait lists
getting longer and longer you will have the
opportunity to take care yourself faster and
more efficiently with a Critical Illness plan.
Usually
three types of protection are available:
10 year term protection (renewable and
convertible)
Term protection to age 75
Term protection to age 100
Many
life, disability and mortgage insurance policies
now offer critical illness as an insurance
rider to the policy.
