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Use this link to connect you directly to additional useful information
related to Insurance.
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Critical
Illness Insurance |
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Thanks
to continuing advancement in medical science, today more than ever before,
Canadians face a high probability of surviving a critical illness. Most
people who suffer major illnesses such as a heart attack, stroke or cancer
survive the initial event and continue to live productive lives for many
more years.
Critical
Illness Insurance is essentially for individuals, either single or married,
however it is also of special importance to business owners, partnerships,
corporations and professionals. Benefits can be used for such purposes
as keyperson coverage, buy-sell funding, compensation agreements, employee
benefit programs or to top up disability plans.
This special insurance program provides a tax-free lump sum benefit, regardless
of severity, degree of disability or ability to work. It provides the
necessary liquidity to prevent the erosion of personal and business assets
when a critical illness suddenly and unexpectedly strikes.
Claims
are not subject to interpretation and ongoing qualifications. Instead,
benefits are paid promptly when clearly defined conditions are met. It
also provides relief from financial stress so that the person suffering
from the illness can concentrate on the recuperation process.
Critical
illness insurance is meant to complement your existing coverage, not to
replace it. Life and/or disability insurance provide different types of
coverage and security and therefore should be considered first.
Things
to think about if you were to suffer from a serious illness:
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Would you need to relocate or make renovations to your home?
- Could
you continue to add money to your retirement savings plans?
- How
much money would you need to pay off your existing debts if you were
sick?
Some
of the features of Critical Illness Insurance policy are:
- Coverage
could range from $25,000 to $1,000,000.
- Issue
ages range from 18.55 up to age 65.
- A
Return of Premium Benefit is automatically included with both
Level and Renewable Premium Options which allows
- Joint
First-to-Die plans also include the above benefit.
- A
survivorship provision is automatically included in all Joint First-to-Die
plans.
| Critical Illness Insurance covers: | | Cancer | | Heart Attack | | Stroke | | Coronary Bypass | | Kidney Failure | | Multiple Sclerosis | | Paraplegia | | Quadriplegia | | Heart Transplant | | Kidney Transplant | | Liver Transplant | | Lung Transplant | | Pancreas Transplant | |
Bone Marrow
Transplant / Blindness |
| Deafness | |
Fact:
People are 10 times more likely to be unable to work due to a critical
illness than die before age 65.
| What are the odds of incurring a critical illness over the next 20 years? | Present
age | Male
Nonsmoker | Male
Smoker | Female
Nonsmoker | Female
Smoker | 35 | 1 in 13.3 | 1 in 5.8 | 1 in 20.4 | 1 in 8.6 | 40 | 1 in 8.7 | 1 in 3.7 | 1 in 13.9 | 1 in 5.8 | 45 | 1 in 6.0 | 1 in 2.6 | 1 in 9.7 | 1 in 4.1 | 50 | 1 in 4.5 | 1 in 2.0 | 1 in 7.2 | 1 in 3.1 | 55 | 1 in 3.5 | 1 in 1.6 | 1 in 5.3 | 1 in 2.4 | 60 | 1 in 2.8 | 1 in 1.4 | 1 in 4.2 | 1 in 2.0 | 65 | 1 in 2.3 | 1 in 1.3 | 1 in 3.5 | 1 in 1.8 | | Note: Figures have been rounded to the nearest decimal point. Based on actuarial statistical tables. |
Decided
you need to see more? Contact LifeCheque.
And are you interested in receiving a quote and the Critical Illness Comparison
Chart of various individual plans currently available in Canada?
Fill out this form.
DID YOU KNOW? in Canada... | 1 in 2 will contract Heart Disease | 1 in 4 will suffer Kidney failure | | 1 in 2 Heart Attack victims are under age 65 | 80% of Kidney transplants are successful | | 160,000 suffer Heart Attacks each year | 90% of Kidney transplants are successful if the donor is a close blood relative | | 1 in 4 currently suffer from some form of Cardiovascular Disease, whether they know it or not | 1 in 500 people is the incidence rate of Multiple Sclerosis | | 70% of open heart surgery operations each year are Coronary Bypasses | 1% increase per year in the incidence of Cancer since 1970 | | 1 in 3 will develop some form of life threatening Cancer | 50,000, or more have Multiple Sclerosis | | 100,000 new Cancer cases reported annually | 1 in 20 run the risk of having a Stroke before age 70 | | 60% of the 50,000 Strokes each year are women | 500 new cases of paralysis, of at least 2 limbs, occur each year | | 75% of Stroke victims survive the initial event | 50,000 suffer a Stroke attack year | | 50% decrease in death rate from Heart & Stroke over the past 40 years | 20,000, or more currently suffer from paralysis of 2 or more limbs | Sources (gratefully acknowledged):
Statistics Canada - Health Activities
Heart & Stroke Foundation of Ontario
The Canadian Paraplegic Association
The Canadian Cancer Society
| The Lung Association - Peel Region
The Kidney Foundation of Canada
The Multiple Sclerosis Society of Canada
M.O.R.E (Multiple Organ Retrieval & Exchange) Program |
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