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Critical Illness Insurance

What is Critical Illness Insurance?
Critical illness insurance is a form of health insurance that provides a lump-sum payment in the event of a serious illness. Covered conditions vary by insurance company, but generally include:

Cancer Heart attack
Stroke Aortic Surgery
Coronary Bypass Blindness
Loss of speech Severe Burns
Multiple sclerosis Motor Neuron Disease
Coma Loss of limbs
Paralysis Organ transplants
Benign brain tumour Deafness
Kidney failure Alzheimer’s
Parkinson's disease Occupational HIV injury

Also, a policyholder may be eligible for a partial payout if an illness is detected at an early stage.

Do I need Critical Illness coverage?
There are several factors to consider when making the decision to purchase Critical Illness insurance:

  • Anyone can become critically ill - and survival is more likely than ever because of advancement in medical science

  • Not all medication and surgical procedures are covered by government health plans

  • There may be gaps in employer-sponsored group coverage

  • Most Canadians are not prepared for the impact a critical illness would have on their finances

  • There may be tax consequences associated with withdrawing funds from retirement savings to fund recovery
What is required to make a claim?
A policyholder must be diagnosed by a physician licensed to practice medicine in Canada, and survive the required waiting period (usually 30 days).

How can the funds be used?
However they are needed.  The cash benefit can help fund private or alternative medical treatment, pay down a mortgage or other debts, or even fund a holiday to aid recovery.

What happens if I never make a claim?
Critical Illness insurance is designed to provide peace of mind. Adding an optional Return of Premium rider to your policy will provide a refund of premiums at a designated time if no claim is ever made.

Life Insurance

Do I need Life Insurance?
Life insurance is recommended for those who have dependants who would suffer financially as a result of premature death.

Generally, Life insurance proceeds are used to:
  • replace household income
  • pay off a mortgage
  • fund education of dependent children
  • leave an estate to heirs or a charity
  • aid in business succession
What are the different types of life insurance?*
Term - Temporary protection
Provides coverage for a specified time period (usually 10 or 20 years). Premiums increase when the term is renewed (i.e. every 10 year for a Term-10 policy). Term insurance is used for a temporary need, such as to cover a mortgage. A term contract can usually be converted to a permanent policy.

Term to 100
Providing coverage to age 100, it is often categorized as permanent insurance. The death benefit and premiums are guaranteed and remain level throughout the life of the contract, but there is little flexibility and usually no cash value. Premiums are lower than those of permanent policies.

Permanent Insurance - Lifetime protection
Universal Life combines permanent insurance with an investment component. The investment portion allows tax-free growth within the policy. Premiums, death benefit, and cash values are flexible. UL policies are best suited for those with some investment knowledge.

Whole Life is the most flexible type of life insurance. Benefits include dividends (payable on “participating policies), non-forfeiture options, cash values that can be borrowed or used to pay premiums.

*Our team can help determine which plan is right for your unique situation.
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