- info@insuranceandinvestmentsolutions.ca
- info@insuranceandinvestmentsolutions.ca
- 647-997-8169
Critical Illness Insurance
Why Select Insurance & Investment Solutions for Your Critical Illness Insurance Needs?
Have insurance advisors from diversified cultural backgrounds, assisting in different languages.
Have strong business relations with Canada’s leading insurance providers and experienced insurance brokers and financial advisors.
Get best Critical Illness Insurance plans and rates from Canada’s trusted insurance providers in just 5 minutes.
Have helped thousands of Canadians in successfully filling claims over the last 10 years.
Critical Illness is defined as any life-threatening illness that requires a specific type of medical procedure and medication that are intense as compared to other illnesses. Cases of critical illnesses are increasing in Canada. Critical Illnesses need a lot more time for the patient to recover and need much more precautions.
The whole process from start to end is mentally and financially exhaustive. Although you will be covered by the provincial or territorial insurance in case you are diagnosed with Critical Illness but only up to a certain extent. The load of remaining payments will fall on your or your loved ones’ shoulders. It can hamper your financial health and impact your financial stability.
Critical Illness Insurance helps you in such a situation and protects you and your family from going financially broke.
What is Critical Illness Insurance and Why Opt for It?
- Critical Illness Insurance saves you financially when no other insurance policy can be of help.
- If diagnosed with any type of critical illness, you have to spend thousands of dollars on treatment and medication and have to take leave from work till you recover.
- Recovery time in such cases is longer comparatively and you may need to take off from your work. It can impact your income as well. You will receive a lump-sum amount if diagnosed with any type of Critical Illness that is covered by the Critical Illness Insurance policy.
- You have to clear the specified waiting period before you get the amount.
- You are not liable to spend the amount on treatment or medical bills. You can use the money in any way you need.
Details about Critical Illness Insurance
- You can buy Critical Illness Insurance for Adults as well as children.
- 24 types of Critical Illnesses in adults are covered fully by the policy.
- In the Children policy, 5 critical illnesses are covered fully.
- Children till the age of 24 are covered under Critical Illness Insurance for children.
- You will receive a one-time payment from an insurance provider that will not depend upon medical-related expenses.
- If you travel outside Canada for treatment purposes, the cost will be covered.
- Coverage starts from $25,000 maximum up to $1,000,000 for adults and coverage band for children is $25,000 to maximum $1,000,000.
- 8 critical illnesses are eligible for partial coverage as they do not need intensive treatment or excessive medication as compared to other critical illness diseases.
- Cap of partial coverage is 15% of policy coverage or $ 50,000.
- You can make a maximum of 4 claims from a Critical Illness policy for 4 different critical illnesses.
The policy can be converted into a long-term insurance policy after you reach 55 years of age and it will be valid till you reach 65 years of age.
Benefits Offered by Critical Illness Insurance
- The compensation you get acts as an alternate income.
- You can take time off from your work to recover properly without taking any stress.
- The amount you receive is tax-free.
- The consultation fee for getting a second opinion is mostly covered by the policy.
- You can spend the received amount to meet any financial need.
- Your life partner or spouse or dependent child can be covered by the policy.
- There is a clause of Return on Premium on Maturity (ROPM) that ensures that if no claim is made during the policy matures then the premium amount is returned.
- As per the Return of Premium on Death (ROPD) clause that in case of death of the policyholder, the nominee will receive the amount paid as premium to date.
- There are no chances of financial loss in Critical Illness Insurance, the policy act as a simple savings account if no claims are made.
- You can get insured under the Critical Illness Policy till the age of 75.
How Disability Insurance is Different from Critical Illness Insurance?
The benefits offered by Critical Illness Insurance and Disability Insurance are different. Below is a brief comparison of the benefits offered.
| Critical Illness Insurance | Disability Insurance | |
|---|---|---|
| Utilization | The amount you receive can be utilized in any way you like | The amount you receive will compensate for your lost monthly income |
| Payment Structure | A lump sum amount is received | Monthly payouts till you are not able to work |
| Can be Stacked? | Yes | No |
You can choose plan coverage as per your requirement. You can get different Critical Illness Insurance plans online. Before purchasing any chasing any Critical Illness Insurance policy you must check that it suits your medical requirement and provide sufficient coverage.
Request a call back
Want to secure yourself financially? We are just a call away!