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Critical Illness Insurance

​Being struck by critical illness can be a devastating event for you, your spouse, your family, and even your business partners. A critical illness often requires you to leave your job to focus on getting well. While your income is reduced, your expenses and loans still have to be paid, as well as a number of additional costs that often accompany a critical illness (medication, special treatments, specialized equipment, home renovations, etc.). The financial burden can be overwhelming, especially if you don't have any other source of income during your recovery period.

Critical illness insurance provides you with lump sum cash benefit when you are diagnosed with one of 25+ critical illnesses. It allows you to focus your energy on recovery and not have to worry about your finances. Some plans even offer all premium refund at maturity if there were no claims made.

Critical illness guarantees the payment of a lump sum benefit, ranging from $10,000 to $2,000,000, 30 days* following the diagnosis of certain critical illnesses or medical conditions covered under the plan.

What is critical illness insurance?
Critical illness insurance is a form of health insurance that provides a lump-sum payment should you become seriously ill.

What are the types of illnesses covered by critical illness insurance?
Although they differ from company to company, typical illnesses and diseases covered by critical illness insurance may include:
>> Cancer, Heart attack , Stroke, Blindness, Alzheimer’s, Multiple sclerosis, Organ transplants, Kidney failure, Paralysis
Coverage can also vary according to the degree of severity of, or conditions associated with, an illness or disease. For example, if you are diagnosed with a type of cancer that is treatable and that results in minimal “down time”, you may not be eligible to make a claim.
Coverage cannot be purchased for a pre-existing condition or illness. It is important to read your policy carefully. In addition, be sure to ask your insurance representative to provide you with a complete explanation of your coverage.

Do I need critical illness insurance?
In determining your need for critical illness insurance, you should consider benefits that may already be available to you through other insurance policies, such as life insurance and group health insurance. For example, the benefits offered through your employer’s group disability plan may provide appropriate and adequate coverage in the event of a critical illness.
You should also consider your personal circumstances and the added financial strain that could be brought about by dealing with a serious illness or disease. Public and private health insurance plans typically do not provide coverage for day-to-day living expenses such as travel to and from treatments, home care and child care.

How much does it cost?
Generally, the younger and healthier you are, the lower the premium (cost). However, the cost varies depending on your age, medical condition, the amount of coverage, the number of illnesses covered by the policy, and the insurance company.
It pays to shop around to get the best rate. When shopping for a critical illness plan, you should consider your income, financial obligations, dependents, and health care needs.

Is disability insurance the same as critical illness insurance?
No. Disability insurance, also known as “income replacement” insurance, provides a monthly income replacement benefit if you become disabled and can no longer perform the normal duties of your work. Generally, the benefit is limited to a percentage of your regular income and ceases once you earn an income or you no longer meet the definition of disability in the contract.

Unlike critical illness insurance which provides the full policy benefit in a lump sum payment on diagnosis of a critical illness, long-term disability policies may have a waiting period from the onset of disability. Unlike critical illness benefits, long-term disability benefits may be affected by other income you receive or by your full recovery from the illness.