Critical Illness Insurance

What is Critical Illness Insurance?

Critical illness insurance or critical illness coverage is an insurance product, where the insurer is typically contracted to make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy.

The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for example, having a heart bypass operation.

The policy may require the policyholder to survive a minimum number of days (the survival period) from when the illness was first diagnosed. The survival period used varies from company to company, however, 28 days and 30 days are the most common survival periods used.

The contract terms contain specific rules that define when a diagnosis of a critical illness is considered valid. It may state that the diagnosis need be made by a physician who specialises in that illness or condition, or it may name specific tests, e.g. EKG changes of a myocardial infarction, that confirm the diagnosis.

According to Canadian Cancer Society about two thirds of the costs related to treating cancer are not covered by provincial health plans.
A nurse will cost $240 to $480 for an 8-hour shift (depending of level of care)
Many spouses or other relatives either give up their jobs or take an unpaid leave of absence to care for someone who is ill. Most are not saving one spouse’s income so this will create huge financial hardship.
Housekeeping may need to be done by someone outside of the home at an average cost of $45 an hour and child care can cost $100’s of dollars a week.
Experimental treatments are not covered by any plan
Those with group insurance coverage are still subject to deductible and co-insurance costs in addition to plan maximums.
Stress and depression are inextricably linked to heart disease
When unexpected costs arise, the RRSP’s are the first to be liquidated.
Over 85% of the critical illness claims paid out have been for cancer, heart attack and stroke
The illness of one spouse does not guarantee the health of the other spouse.
After a life-threatening illness, most people would like the financial freedom to be able to take a step back and decide what’s really important to them for the rest of their lives but sadly most don’t have that freedom.

The health care system in Canada will have a decreasing capacity over the coming years to respond quickly to the needs of patients. And, at best this system will only treat the condition. There are no resources available to assist the financial consequences of loss of income, acceptable levels of personal care and the costs of lifestyle changes that may be necessary. (Source: Code Blue: Reviewing Canada’s Healthcare System; Dr. David Gratzer).

48% of mortgage foreclosures are as a result of disability compared to only 4% as a result of death. (Bank of Canada)

10% of your income saved over 10 years can be wiped out in 6 months of a disability.

Those persons with some form of disability or health insurance suffer less stress from the financial burdens of a disability and have been proven to recover faster. (Bank of Canada)

MANULIFE FINANCIAL HAS MADE IT EASY TO APPLY AND QUALIFY ON-LINE FOR A CRITICAL ILLNESS INSURANCE POLICY

ManuLife's Lifecheque Basic is the practical approach to qualifying for a basic critical illness policy. With $25,000, $50,000 or $75,000 of Lifecheque Basic coverage the little costs are covered, as well as the mortgage payments for a year or two. Lifecheque Basic Critical illness insurance has value. Its not a windfall. It is simple security. A foundation primarily designed to help remove stress.

It's Simple:
5 Covered Conditions: Life Threatening Cancer, Heart Attack, Stroke, Coronary Bypass Surgery and Aortic Surgery.
3 Benefit Options: Ages 18 to 65, $25,000 Ages 18 to 60, $50,000 And Ages 18 to 55, $75,000
One more choice: The option to get all of your premium back at age 75 if you don't make a claim.
Health Declaration that asks "In the last 10 years..........."
No family history questions.
No moratorium, so claims are payable in the first year.

It's Easy to Apply (Residents of B.C., Saskatchewan and Ontario can apply on line right here)

Get a Quote & Apply Online on Right Here
There is No Other Paperwork.
30 Day Money Back Guaranteed. Premiums refunded. No questions asked.
Pay by credit card or pre-authorized cheque. No policy fee. Annual premium = 12XMonthly

Value:
Best Doctors Solution Services built in at no extra cost.
Premiums guaranteed not to increase for first five years. Coverage will renew every five years at new age-based rate.
A 30 year old will pay about $10/month for $25,000 Age 40, about $10/week for $75,000 Age 50, about $10/week for $50,000

APPLY ON LINE HERE