Critical Illness Insurance For Professionals

Critical illness insurance provides a lump sum payment in the event a critical illness is experienced.

We all know someone who has suffered a heart attack, had a stroke, needed a coronary by-pass or has been diagnosed with cancer. These events cause financial stress because of added health care costs or needed lifestyle changes.

Financial needs include money to replace an income, pay debts and personal loans.

Health care costs include alternate treatment options, and needed medical equipment not supplied by the provincial health care system.

Lifestyle changes can include everything from home renovations to transportation changes.

What is a critical illness? (for adults)

• Cancer (life-threatening)
• Coronary artery bypass surgery
• Heart attack (myocardial infarction)
• Stroke (cerebrovascular accident)
• Alzheimer’s disease
• Aortic surgery
• Benign brain tumour
• Blindness
• Coma
• Deafness
• Heart valve replacement
• Kidney failure (end stage renal disease)
• Loss of limbs
• Loss of speech
• Major organ or bone marrow failure or on waiting list
• Major organ or bone marrow transplant
• Motor neuron disease
• Multiple sclerosis
• Occupational HIV infection
• Paralysis
• Parkinson’s disease
• Severe burns

In children

• Autism
• Cerebral palsy
• Congenital heart disease (for which corrective surgery has been performed)
• Cystic Fibrosis
• Down syndrome
• Muscular dystrophy
• Type 1 diabetes mellitus

Critical Illness Insurance premiums:

a male non-smoker age 35 - $250,000 of critical illness will have a premium of $81.02 per month (term 10 coverage)

a female non-smoker age 35 - $250,000 of critical illness will have a premium of $78.87 per month (term 10 coverage)

(these rates are correct as of April 9, 2020)

Critical illness is available as:

• Term 10
• Term 20
• Level coverage to age 65, 75 or 80
• Permanent coverage

Critical illness insurance is not a replacement for life insurance or disability insurance. When considering critical illness insurance, it is important to look at your total insurance strategy and how is the critical illness insurance will fit in and support you.