Critical Illness Insurance

Critical Illness insurance is protection that provides money while you are still alive.  It is designed to protect you, your family and your business in the event of a critical illness and assist with your physical and financial recovery.  It ensures you maintain a quality of life and promotes independent living.  The tax-free lump sum benefit in most cases is provided after 30 days of the diagnosis of one of a number of covered critical illnesses.  The issue ages for a critical illness insurance contract are between the ages of 18 to 65.

Depending on the insurance company, the following is a list of covered conditions:

  • Cancer
  • Heart attack
  • Stroke
  • Coronary Artery Bypass
  • Multiple Sclerosis
  • Parkinson’s
  • Major Organ Transplant
  • Paralysis
  • Bacterial Meningitis
  • Coma
  • Aplastic Anaemia
  • Alzheimer’s
  • Renal (Kidney) Failure
  • Blindness
  • Loss of Speech
  • Loss of Limbs
  • Deafness
  • Severe Burns
  • Occupational HIV
  • Benign brain tumor
  • Aortic Surgery
  • Loss of Independent Existence
  • Motor Neuron Disease (Including ALS)
  • Heart Valve Replacement

There are some insurance companies that now cover the serious effects caused by the following infectious diseases.

  • West Nile Virus
  • Lyme Disease
  • E.coli infection
  • Necrotizing fascilitis

If the insured is diagnosed with a serious complication(s) caused by one of these infectious diseases, 10% of the sum insured will be paid as a cash advance (up to a maximum of $25,000).

Did you know that a 40 year-old person in Canada is 10 times more likely to become seriously ill before the age of 65 than they are to die?  In the event of your death, the premiums that have been paid will be returned, should there not have been a claim.  You will also receive a refund of all premiums paid if you remain healthy and are not diagnosed with a critical illness at the expiry of your policy.

**(critical illnesses will vary for each insurance company)