CRITICAL ILLNESS
Critical Illness Insurance supports employees when they are faced with the high costs of serious, life-changing, long-term illnesses and medical conditions, providing them with the financial resources to maintain or make changes to their lifestyles. It is a benefit that will pay a pre-determined lump sum to the insured person if they suffer from one of the major illnesses or medical conditions named in the policy, whether or not he/she is able to work. Depending on the insurer and the plan, up to 25 medical conditions may be covered - heart attack, cancer, stroke, coronary artery by-pass surgery, blindness, paralysis, Alzheimer's disease, amyotrophic lateral sclerosis (ALS), motor neuron disease, multiple sclerosis (MS), bacterial meningitis, kidney failure, loss of independent existence, loss of limbs, loss of speech, aplastic anemia, deafness, Parkinson's disease, severe burns, aorta surgery, heart valve replacement, occupational HIV infection, benign brain tumour, major organ transplant, and major organ failure. In addition some carriers are now offering second event coverage.
The Critical Illness benefit is tax-free and it is paid directly to the insured person approximately 30 days after the confirmed diagnosis of a physician. Unlike Life Insurance that pays a benefit upon the death of the policy holder, Critical Illness is a living benefit. It is paid even if the insured person makes a full recovery and it can be used in what ever manner the insured person sees fit including:
- Income Replacement
- Medical Expenses - home care, medical equipment, alternative treatments, or other expenses not covered under provincial or group benefits plans, health care outside Canada
- Convalescence
- Rehabilitation
- Home Conversions and/or Renovations
- Occupation Change
- Vehicles
- Vacations
Do you need Critical Illness Insurance? Consider these statistics and then make your decision.
- According to the National Cancer Institute of Canada an estimated 2,798 Canadians will be diagnosed with cancer every week
- According to the Canadian Cancer Society 1 in 9 women will develop breast cancer, 1 in 8 men will develop prostate cancer, and 3 of 4 families will be affected by cancer
- According to the Heart and Stroke Foundation 75,000 Canadians have a heart attack each year and more than 80% of them survive when admitted to hospital and 40,000 to 50,000 Canadians have a stroke each year and 75% survive the initial incident
Critical Illness Insurance is the perfect complement to the public health care system, it supplements a Group Health Plan, and it fills the gap between Disability Insurance and Life Insurance.
Contact the Blevins Team for more information.
