Critical Illness Insurance. Critically Important – Time To Take Cover
Many people are under the misconception that they are covered for critical illness or injury when, in actuality, they are not. Critical illness insurance is just one of many options offered by life insurers to help you plan for the possibility of a future need.
A critical illness policy will help provide coverage for serious diseases that could ordinarily destitute your savings and income. Below we provide an overview of key information about this type of insurance so you can make an informed decision on whether it’s right for you.
Critical illness insurance is designed to provide coverage for you in the event of a catastrophic illness or injury. It’s especially useful if you are currently uninsured, or if you have an inadequate health insurance plan that can help pay for your immediate health care needs (but not future medical expenses).
How It Works:
You buy a critical illness policy, which has two parts: a basic policy and a rider. The basic policy pays certain benefits to the insured person (you) but does not pay for treatment costs incurred during the term of the policy. On the other hand, any benefits paid out by the insurer are tax-free to both you and the insurer.
A rider can be added to the basic policy that offers additional coverage for treatment expenses incurred during the term of the policy. If you choose to purchase a rider, you should receive a separate “riders” brochure with more detailed information on your coverages.
What It Covers:
The policy you purchase will specify what diseases are covered by your policy (for example, cancer, heart attack, stroke). In general, critical illness policies cover any disease that results in surgery or ongoing costly medical treatment and will pay out benefits if an insured person becomes terminally ill. The payment of benefits is usually subject to a deductible and/or co-payments by the insured person (you).
How Much It Costs:
Your policy term length will determine the length of your coverage. Policies are generally offered in one, two, or three year terms. You may be able to buy a policy with a longer term if you have a medical condition that requires ongoing treatment and care.
The monthly cost of critical illness coverage will depend on your health status at the time you purchase the policy (for example: If you are healthy at the time of purchase then it will cost less), as well as how many years you wish to insure for. Most policies will pay benefits only for up to specified maximum limits – if you incur more than these authorized limits, then your treatment costs are not covered.
Other types of insurance such as life insurance, annuities and other medical products may be available to help cover the cost of critical illness. We provide a comprehensive list of additional insurance products and services you should consider for your needs.
Who Can Purchase:
We offer life, health, medical and critical illness insurance for both individuals and corporations. We also manage policies for individuals who are members of a group plan (for example, a union plan).
If you’re looking to purchase a life insurance policy, an annuity or another product from us, call us at 866-816-2401.
Understanding Your Options – Critical Illness Insurance Brochure 3 Page [DOC]
Please Note: This Product has expired. We have discontinued selling this item but its content is still available in our archives.
How It Works:
You buy a critical illness policy, which has two parts: a basic policy and a rider. The basic policy pays certain benefits to the insured person (you) but does not pay for treatment costs incurred during the term of the policy. On the other hand, any benefits paid out by the insurer are tax-free to both you and the insurer.
A rider can be added to the basic policy that offers additional coverage for treatment expenses incurred during the term of the policy. If you choose to purchase a rider, you should receive a separate "riders" brochure with more detailed information on your coverages.
What It Covers:
The policy you purchase will specify what diseases are covered by your policy (for example, cancer, heart attack, stroke). In general, critical illness policies cover any disease that results in surgery or ongoing costly medical treatment and will pay out benefits if an insured person becomes terminally ill. The payment of benefits is usually subject to a deductible and/or co-payments by the insured person (you).
How Much It Costs:
Your policy term length will determine the length of your coverage. Policies are generally offered in one, two, or three year terms. You may be able to buy a policy with a longer term if you have a medical condition that requires ongoing treatment and care. The monthly cost of critical illness coverage will depend on your health status at the time you purchase the policy (for example: If you are healthy at the time of purchase then it will cost less), as well as how many years you wish to insure for. Most policies will pay benefits only for up to specified maximum limits – if you incur more than these authorized limits, then your treatment costs are not covered.
Other types of insurance such as life insurance, annuities and other medical products may be available to help cover the cost of critical illness. We provide a comprehensive list of additional insurance products and services you should consider for your needs.
Who Can Purchase:
We offer life, health, medical and critical illness insurance for both individuals and corporations. We also manage policies for individuals who are members of a group plan (for example, a union plan).
Who Can Purchase:
We offer life, health, medical and critical illness insurance for both individuals and corporations. We also manage policies for individuals who are members of a group plan (for example, a union plan).
If you're looking to purchase a life insurance policy, an annuity or another product from us, call us at 866-816-2401.
Please Note: This Product has expired. We have discontinued selling this item but its content is still available in our archives.
How It Works: You buy a critical illness policy, which has two parts: a basic policy and a rider.
Conclusion:
It is important to understand the difference in these two critical illness insurance policies and what they cover. If you’re considering buying one or both of them and want help doing so, please contact us.
Be sure to read our critical illness guide for more information. In particular, please see pages 8-9 of the guide: Critical Illness Insurance Guide [PDF] which contain additional information on critical illness policies available in Canada. Also read our short Critical Illness Insurance comparison chart (this chart compares the key features of 4 different Critical Illness policies).
You can also call us at 1-800-731-2218 if you would like to discuss your needs with one of our knowledgeable licensed insurance agents.