Critical Illness Insurance

Critical Illness insurance addresses the special financial needs that arise when a person is confronted with a diagnosis of a life threatening health condition.

Critical Illness insurance was first offered on a stand alone basis in Canada in 1995 and it is now recognized as providing an important financial cushion when a health crisis makes it appear that everything is lost. Initially, coverage related to cancer, heart attack and stroke but it has evolved to cover many more conditions.

It has been determined that the major roadblock to recovery from illness is stress. It follows that the major source of stress is worry over money. Critical Illness insurance helps provide the money. A lump sum of money is paid to the policy holder if he or she is able to survive a short waiting period after diagnosis of specified critical illnesses. The waiting period is generally 90 days after a cancer diagnosis and 30 days after most other specified illnesses have been diagnosed. This protection is designed to fill an important gap in your health coverage. It provides financial support at a time when all you want to do is concentrate on getting better. Having the money at hand allows you to stand at the front of any waiting line to consider all your options, thereby improving your chances of surviving the incident. Qualification for benefit is not based on inability to work. Covered persons collect the full amount of coverage for a qualified claim even if they make a full recovery.

Today, there are more than 20 Canadian Life Insurance companies offering critical illness insurance. Costs and plan designs vary.

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