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The lump sum benefit is available to meet many associated costs. Allows more time to convalesce. The CI insurance capital can help one convalesce with loved ones over longer periods, without initial concern that the expenses related to a previously enjoyed lifestyle must be immediately eliminated. There may be an extended time necessary to recover before one returns to work. Without the coverage you may return to work too soon, just to cover your bills. Offers peace of mind. The mind is related to the body, and stress itself can cause a health crisis over time (for example medical research has proven that stress increases heart disease). Thus CI insurance may indirectly help increase the chance of full recovery. Purchase superior health care. You can afford to hire a private nurse or care-giver to assist you at home; hire a nanny for the children; complement your health care alternatives with advanced or speedier treatments that may be accessible only out of Canada, such as in the USA (consider that 75% of our cancer patients may wait longer than one month for radiation treatment); make renovations to your home; install medical or therapeutic exercise equipment; hire a housekeeper; and/or receive advanced physical therapy; install mobility strategies in your home; purchase a wheel chair or a powered cart; make modifications to your vehicle; purchase medical assistance devices; or buy expensive drugs. Financial needs are met. You can pay off a mortgage, replace lost income, support your loved ones and yourself, pay for child-care and housekeeping, send your children to college or university, take a vacation to help you recover; or any other strategy you freely choose—you have total control as to how you spend your money! There is no need to have expenditures approved and you don't even need to provide receipts. In fact, you are not required to spend the money on medical expenses. You might even want to take that dream trip of a lifetime; or do something you've always wanted to do. How do I purchase critical illness coverage? Do I need to currently be in good health to purchase the coverage? When the insurer considers your application, you need to be in reasonably good health and not currently living with a diagnosed critical illness. Thus it is important to establish the coverage while you are in good health. In some cases, CI insurance can be purchased as a rider on another life insurance plan. In most cases it is purchased as a policy all on its own. Feel free to ask us for information about the plans offered. Summary Owning a Critical Illness policy can help you avoid the need to use other funding alternatives such as a forced liquidation of assets such as your home, or mortgaging your home, or the premature use of your RRSP or savings. With the premium costing only a small percent of your income, Critical Illness insurance can offer piece of mind, providing a tax-free lump sum benefit just when it might be needed (upon the diagnosis and survival of a critical illness). Note: As with any policy, the CI contract terms are readily available for you to read and consider. The figures for the percentages of disabilities were taken in relation to illnesses referred to as critical from the perspective of potentially causing death. Many statistics were taken from Statistics Canada and other reliable sources.
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What illnesses are covered? This will depend on the terms of the contract purchased. Some insurers cover up to twenty different conditions or events. Here are some of the critical illnesses covered among various plans: Cancer, Coronary Bypass, Heart Attack, Stroke, Alzheimer's Disease, Aortic Surgery, Benign Brain Tumour, Blindness, Coma, Deafness, Heart Valve Replacement, Kidney Failure, Loss of Limbs, Loss of Speech, Major Organ Transplant Recipient, Major Organ Transplant Waiting List, Motor Neuron disease (ALS or Lou Gehrig's disease), Multiple Sclerosis, Occupational HIV Injury, Paralysis, Parkinson's Disease, Severe Burns.