Critical Illness Insurance
Critical illness insurance pays you a tax-free lump sum of money if you are stricken by a major illness such as life threatening cancer, stroke, heart disease or a long list of other terrible conditions.
With the long waiting lines for medical treatment in Canadian hospitals, critical illness insurance is meant for Canadians to “jump the line” by using the money to purchase private health care on demand.
Critical illness insurance is ideal for two types of people:
- Canadians aged 30–60 who, if stricken by a major disease and could not work for 6 months to 5 years (or ever again!) who would need the money to pay the bills, pay for children’s educations, provide retirement savings, pay for vacations and new cars. Chances are that your employer’s disability insurance will fall far short of your actual costs in an emergency situation like this.
- Canadians aged 50-80 who, if stricken by a major disease, could use the money from critical illness insurance to buy faster and better medical treatment in the United States or at a private clinic in Canada. Treatment even a few months faster can mean the difference between life and death.
Bonus! Most Critical Illness insurance coverage may come with a “can’t lose” feature. Your insurance policy may have a feature called “return of premium”. The Return of Premium is typically an option for clients, it is not always included in all policies. Think about it, you really cannot lose. If you get a major disease, the insurance pays you. If you never get a disease, you can get your money back. There is no disadvantage to buying this insurance.
We will shop rates and features for some of the largest insurance companies in Canada. Buy critical illness insurance for $50,000, $100,000, $200,000, $1 million or any amount you qualify for.
Do not be surprised when you see the high premium cost for critical illness insurance – remember, you may be able to get the premium money back if you never use the insurance.
If you would like to buy critical illness insurance as a gift for a loved one, call us for a quote.