CRITICAL ILLNESS INSURANCE
CRITICAL ILLNESS INSURANCE
This coverage pays a lump sum, 30 days after the diagnosis, that can cover your medical expenses, mortgage payments, unpaid leave, a caregiver, your long-term care, etc., to focus on your complete recovery. Every human can have a serious illness. According to the most recent statistics:
49% of men and 45% of women will be diagnosed with cancer during their lifetime *
9 out of 10 Canadians live with at least one risk factor for heart disease or stroke **
*Canadian Cancer Statistics publication, 2017
**Heart and Stroke Foundation, 2017
Today, thanks to advances in medicine, the chances of surviving such diseases are better than ever, but in the event of a heart attack, cancer, stroke or other dreaded health problem, amount paid is non-taxable whether or not you are able to work.
The insurance we offer covers CANCER and 5 to 25 additional health problems for adults and 37 for children. Do not let the money hurt your recovery. This financial cushion allows you to reduce your stress during your treatments and, thus, to focus entirely on your recovery. You can use this amount, as you wish, for example:
Get medical care faster in private or in another country or health services, including psychological counseling, physiotherapy and occupational therapy
Compensate for the shortfall between your disability insurance coverage and your regular income
Cover the loss of income of your spouse or a loved one who will be absent to be at your side
Protect your savings and your standard of living
Have the ability to pay for additional expenses such as transportation to the hospital, parking, house maintenance, home adaptations, raising the hospital room, child care, etc.
There are several types of critical illness insurance (or dreaded health problems):
TEMPORARY CRITICAL ILLNESS INSURANCE
PERMANENT CRITICAL ILLNESS INSURANCE
CRITICAL ILLNESS INSURANCE FOR CHILDREN
Temporary critical illness insurance provides protection that is limited in time, in the event of a diagnosis of any of the covered health problems.
You can purchase temporary critical illness insurance for a fixed period of 10 years, 20 years or until the age of 65, 75 or 90 years. Before the age of 65, you will be able to renew the contract without medical examinations or convert all or part of it into permanent critical illness insurance.
Generally, temporary protections, those that last 10 or 20 years are useful to protect the standard of living of a family. Protections that protect your finances up to age 65, 75 or 90 are useful for protecting your family, your retirement savings and even your retirement income, all at the same time. Some options can be added to most contracts, for example you can add:
a refund of premiums at death
a refund of premiums upon termination
Permanent Critical Illness Insurance provides a coverage that meets your long-term financial security needs and will support you throughout your life if you are diagnosed with a health problem that is covered.
You may decide to pay the fixed premiums for a period of 10 years, 20 years or until the age of 100 years.
The amount of insurance or capital is also guaranteed. This protection is useful for simultaneously protecting your family and your retirement savings.
You have the choice to add an additional option that refunds loved ones for all the premiums you paid upon death
Although children are unlikely to suffer from a dreaded disease or health problem, there are too many of them in the hospitals. It goes without saying that parents are committed to the full recovery of their child, with financial consequences such as significant income losses, expensive drugs not covered by the public health system, catch-up school, etc.
The premium refund option, unlike the one available with most contracts, does not require the cancellation of the contract, so you can think about it in terms of reducing the premium over time, to fund a special trip with the whole family, to fund your child’s education, to invest more in an RESP, etc.
CRITICAL ILLNESS INSURANCE FOR A CORPORATION
For the shareholders!
If you want to shelter your business from the impact of your absence resulting from a sudden health problem such as a heart attack or a disease such as cancer … there is an insurance concept that you may hold in co-ownership with your company and that offers you and your company a financial protection against the disastrous consequences of 26 critical illnesses (it also includes long-term care).
The idea is to let you concentrate on your recovery, without fear of losing your business. In the event of diagnosis of one of the covered critical illnesses, your business will receive a lump-sum payment to:
Quickly hire a qualified person to replace you during your long absence
Repay debts and reduce your financial obligations
Protect the value of your business and retain your employees
Stay in control of your interests
Protect your assets
So, if you are suffering from a serious illness or if you die, your company will receive the applicable benefit (the projected protection capital or coverage), if you are healthy until the end of the contract, you will be able to claim the health benefit, which corresponds to a 100% refund of the premiums, paid by your company and yourself, over the years!
Whatever happens, you become ill or stay healthy, you or your company will receive a substantial sum. This means that you share not only the cost of your insurance with your company, but also the tax advantages.