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Critical Illness can strike any of us at any age. Everybody knows someone who has had cancer or a heart attack. Thankfully, with advances in medical science the chances are the individual will survive the illness. But such events are often devastating to their financial future. They may need to take time off work to recover, or make modifications to their home for easier access if there is permanent damage. A critical illnesses policy will help bridge the gap by paying a lump sum amount if the insured suffers a covered critical illnesses and survives a waiting period.

The most common covered conditions include:

  • Life-threatening cancer
  • Heart attack
  • Stroke

And approximately 20 other less common conditions. Like life insurance, there are term and permanent policies to help meet your needs. Riders include return of premium, which returns some or all of the premium back to the insured in case you don’t suffer a critical illnesses.

Full list of covered conditions (note that this list varies by company):

  • Alzheimer’s Disease
  • Aortic Surgery
  • Aplastic Anaemia
  • Bacterial Meningitis
  • Benign Brain Tumour
  • Blindness
  • Coma
  • Coronary Artery Bypass Surgery
  • Deafness
  • Heart Attack
  • Heart Valve Replacement
  • Kidney Failure
  • Life-Threatening Cancer
  • Loss of Independent Existence
  • Loss of Limbs
  • Loss of Speech
  • Major Organ Failure on Waiting List
  • Major Organ Transplant
  • Motor Neuron Disease
  • Multiple Sclerosis
  • Occupational HIV
  • Paralysis
  • Parkinson’s Disease
  • Severe Burns
  • Stroke

Read more from our blog about how critical illnesses insurance can protect you from financial hardship:

Critical illnesses insurance may be more important than life insurance for children

Protect your retirement plan from the cost of a critical illness

If you’re ready to take the next step, read these posts first:

Should you buy critical illness insurance?

How much does critical illness insurance cost?

Covered conditions and their definitions

Critical illness insurance underwriting

For more information about critical illnesses insurance or to request a quote, please feel free to contact us.

Image courtesy of Vichaya Kiatying-Angsulee / FreeDigitalPhotos.net

Critical Illness - Life Insurance - Vancouver - Canada