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Critical Illness Insurance

“What would happen were stricken with an illness and couldn’t work?”

Every day we hear about amazing advances in the treatment of life-threatening illnesses and conditions. Patients who have suffered from heart attacks, strokes and cancer are living longer, and an increasing number are successfully and completely winning their battle against their illness. These medical advances are helping patients survive previously fatal diseases and conditions but come at an extremely high financial cost.

The threat of being personally stricken with a long, critical illness may be something you have never considered – it happens to characters on hospital dramas or to friends of friends. But when it does happen, the financial and emotional repercussions can be as critical as the disease itself.

Instead of living with the unknown, you can wake up each morning with a feeling of security – knowing that no matter how long the wait for treatment, no matter how long the recovery period, you will be able to provide for yourself and your loved ones. Just in case.

Do you know...

that the provincial health system is constantly reducing its coverage and increasing the required waiting time before you can consult with or receive treatment from a specialist?

How long can you afford to wait? How long before you run out of money? What assets would you be willing to liquidate to pay your bills? Your home? Your retirement fund? Your business? Your children’s college fund?

Wouldn’t it be comforting to know...

that your preplanned tax free dollars would be yours to use when and how you needed, if you were diagnosed with one of the covered illnesses.*

do you know...

  • 1 in 2 men and 1 in 3 women will develop some form of cancer in their lives?
  • The five-year relative survival rate for all cancers combined is 60%? **
  • That 75% of men and 62% of women survive one year or more after having a heart attack? ***

*providing that you meet the company’s requirements
**American Cancer Society, 2001 Cancer Facts and Figures
***American Heart Association, 2001 Heart and Stroke Statistical Update

Critical illness Insurance Policy

Critical illness insurance is a unique type of insurance that will pay a lump sum should the life insured
Survive a covered critical illness. Once the life insured has satisfied a specific period of time, sometimes known as a Survival Period, the funds are paid directly to the life insured to assist in the recovery and added expenses associated with that particular condition. Once paid, the life insured is free to use the funds as they see fit.

With proper financial planning, a critical illness plan can play an important role in meeting your estate and retirement planning objectives. We can discuss with you in greater detail the merits of using critical illness insurance for personal and business asset protection.

Critical illness plans can be adapted to a variety of personal and business insurance needs such as mortgage protection, estate preservation, retirement income protection or funding buy/sell agreements between business partners.

There are many factors to consider when choosing a critical illness plan, so it is important to understand how your plan works and which factors can have an impact on your policy and its values.

How it works

Once your critical illness policy is in force, your coverage against any one of the listed covered conditions starts immediately.

Once a diagnosis has been made, the life insured must also satisfy a 30 day Survival Period. The Survival Period is necessary to demonstrate the financial need of this product once the life insured is diagnosed with a critical illness.

Features and Benefits

You can increase your insurance coverage or add other types of coverage as required (subject to availability and proof of insurability). You can also decrease your coverage, subject to plan minimums.

Critical illness policies can also have certain Return of Premium riders added. Return of Premium on Death will return premiums if the life insured does not survive through the waiting period or dies of other causes. Return of Premium on Surrender will return a percentage of premiums, as described in the contract, starting after a set number of years. Both riders will return all Base Annual Premiums as well as annual premiums paid for any Return of Premium rider.

Most critical illness plans have the following guarantees:

Costs of Insurance - The cost of insurance rates stated in the policy are guaranteed not to change.

Definitions of Covered Conditions – the definitions of covered conditions listed in the contract are guaranteed not to change regardless of new techniques or medical procedures, which may lessen or eliminate the severity of the condition.

Your premiums are calculated according to your age, sex and smoking status as well as an assessment of your health and lifestyle. Critical illness also takes into consideration family health history. Ratings on critical illness policies are more common than on traditional life insurance.

It could happen to you:

  • 159,000 new cancer cases were estimated to occur in Canada in 2007.
  • It is estimated there are over 70,000 heart attacks in Canada each year.
  • There are 40,000 – 50,000 strokes in Canada each year.

The good news is:

  • Survival rates for most major cancers are increasing (with the exception of lung cancer in women).
  • Over 80% of hospitalized heart attack patients survive. The percentage is higher for those with their first heart attack, and lower for those with recurrent heart attacks.
  • There are about 300,000 stroke survivors in Canada.

National Cancer Institute of Canada, Canadian Cancer Statistics 2007, Heart and Stroke Foundation, 2008

With today’s advances in the medical science, your chances of survival are greater than ever.

But will your finances survive?
Should the insured be diagnosed with and survive, one of the covered critical illnesses, a lump-sum benefit will be payable to the owner 30 days after the diagnosis or surgery (some exceptions apply). The most often covered critical illnesses are shown below:

Alzheimer’s Disease, Aortic Surgery, Aplastic Anaemia, Bacterial Meningitis, Benign Brain Tumour, Blindness, Coma, Coronary Artery Bypass, Deafness, Heart Attack, Heart Valve Replacement, Kidney Failure, Life-Threatening Cancer, Loss of Limbs, Lost of Speech, Major Organ Failure on Waiting List, Major Organ Transplant, Motor Neuron Disease, Multiple Sclerosis, Occupational HIV Infection, Paralysis, Parkinson’s Disease, Severe Burns, and Stroke


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Critical Illness Insurance
  It Could Happen to You
  Cost of Recovery /
Real Life Examples
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  CI with your Mortgage
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