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When it comes to critical illness insurance, making the right choice can have a lasting impact on both your financial security and peace of mind. Humania Assurance offers a variety of critical illness insurance plans that stand out for their flexibility, accessibility, and tailored options.
Whether you’re looking for comprehensive coverage for adults, specialized plans for children, or insurance that doesn’t require a medical exam, Humania provides solutions designed to meet a wide range of needs.
In this review, we’ll explore the features of Humania’s critical illness insurance and compare them to other providers in the market, helping you understand where Humania excels and how it can fit into your protection strategy.
About Humania Assurance Inc.
Humania’s roots trace back to 1874, when it was established as a mutual aid company under the name Union St-Joseph. This community-driven approach laid the foundation for the company’s commitment to providing support and protection to its members. In 1922, Union St-Jospeh transitioned into a mutual insurance company, further solidifying its dedication to serving the needs of its policyholders.
A significant milestone occurred in 2013 when the company rebranded to Humania Assurance. This marked a new era for Humania, characterized by a strong focus on innovation and digital transformation. By leveraging product digitization and adopting new technologies, Humania aimed to create innovative insurance solutions that better meet the evolving needs of its customers.
A prime example of this innovation was Humania’s pioneering move to become the first insurance company in Canada to offer insurance without a medical exam through a digital platform. This streamlined process made it easier for individuals to access the coverage they needed.
Today, Humania’s legacy of mutual aid and innovation continues to thrive. The company proudly serves over 200,000 Canadians, providing them with a range of insurance products tailored to their specific needs. Social engagement remains at the core of Humania’s corporate culture. The company actively supports local organizations such as SOCODEVI and the Empathy Committee, demonstrating its commitment to making a positive impact on the communities it serves.
In addition to critical illness insurance, Humania offers a diverse range of insurance products, including:
- Term life insurance
- Permanent life insurance
- Disability insurance
- Travel insurance
- Health insurance
- Group insurance
Humania’s comprehensive suite of insurance solutions allows individuals and families to safeguard their financial well-being and protect against unexpected life events.
Key facts about Humania Assurance Inc.
AM Best Rating: Not rated
Head office: 1555 Girouard Street West, Saint-Hyacinthe, QC J2S 2Z6
Website: https://www.humania.ca/
Contact phone number: 1-800-773-8404
What Critical Illness Insurance Plans Does Humania Offer?
What is critical illness insurance?
Critical illness insurance provides a tax-free lump sum payout if you are diagnosed with one of the illnesses covered by the policy. It is designed to help offset the financial burden of treatment and recovery when your regular income may be interrupted.
While health insurance may cover medical expenses, critical illness insurance offers financial support for other costs, such as mortgage payments, living expenses, rehabilitation, home modifications, or out-of-country treatment.
What illnesses does critical illness insurance cover?
Coverage varies by provider and policy, but most critical illness insurance plans cover major health events such as cancer, heart attack, and stroke.
Other commonly covered conditions include coronary artery bypass surgery, major organ transplants, multiple sclerosis, and paralysis. Some policies also include less common illnesses like severe burns or loss of limbs.
Why do you need critical illness insurance?
Major illnesses like cancer, heart attack, and stroke can be financially devastating. While treatment is available, recovery can be long, requiring time off work and possibly expensive rehabilitation. For example:
- Cancer: With an almost 1-in-2 lifetime risk, cancer is the most prevalent critical illness in Canada.
- Heart disease: Heart disease is another leading cause of long-term health issues, with 60,000 Canadians suffering from a heart attack each year.
- Stroke: The financial and personal impact of a stroke can be overwhelming, and rehabilitation and care costs adds to the burden.
Without adequate savings or financial support, many people struggle to manage these costs. Critical illness insurance provides a financial safety net to cover medical bills and lifestyle adjustments, helping maintain your standard of living during recovery.
Who needs critical illness insurance?
Anyone who is financially responsible for themselves or their family should consider critical illness insurance, especially those with high debt levels, dependents, or limited savings.
While younger individuals may feel less at risk, illnesses can strike at any age, and premiums tend to be lower for younger, healthier applicants.
Entrepreneurs and self-employed individuals, who may not have access to employer benefits, are particularly vulnerable and would benefit from this type of coverage.
How much critical illness insurance do you need?
The amount of coverage depends on your financial situation, lifestyle, and expenses. A common rule of thumb is to cover one to two years of expenses, but it’s essential to consider your lost income, debts, mortgage, and other obligations.
For example, if your monthly living expenses total $4,000, you may need between $50,000 to $100,000 in coverage to maintain your financial stability during a critical illness.
Is critical illness insurance worth it?
Whether critical illness insurance is worth it depends on your personal risk tolerance and financial situation. While premiums may seem like an additional expense, the potential payout can provide immense relief during a health crisis.
For many, the peace of mind knowing they won’t face financial ruin due to illness justifies the cost. However, it’s crucial to carefully assess the coverage options, exclusions, and waiting periods, as not all policies are created equal. Comparing different plans ensures you get the most value for your investment.
In the next section, we’ll explore the different Humania critical illness insurance plans, comparing their features, benefits, and pros and cons.
Term Critical Illness Insurance
Humania’s Term Critical Illness Insurance offers a flexible and customizable solution for individuals seeking temporary protection. This plan is divided into two main options:
- Basic Plan: Covers the four most common critical illnesses—cancer, heart attack, stroke, and coronary artery bypass surgery.
- Enhanced Plan: Expands coverage to include an additional 21 conditions, offering protection against a total of 25 critical illnesses.
Age range and coverage amounts
The policy is available for individuals aged 0 to 65, but it’s important to note that children under 18 can only select the Enhanced plan. You can choose a lump sum benefit ranging from $25,000 to $1,000,000, ensuring flexibility based on your financial needs. Humania pays the benefit only if you meet the 30-day survival period criteria after diagnosis.
Policyholders who take out multiple coverages, or who insure other family members, may qualify for a multi-policy discount, where the policy fee is either reduced or eliminated. This can significantly lower the overall cost, making Humania’s plan even more affordable for families or individuals requiring extensive coverage.
Term options
One of the strengths of Humania’s term plan is its wide range of policy terms, making it adaptable to various life stages. You can choose from term lengths of 10, 15, 20, 25, or 30 years, or opt for coverage until age 75. Premiums are guaranteed to remain level for the duration of the term you select, providing cost predictability.
Additional features and benefits
- Partial payouts for early illness: The plan includes a partial payout feature for three non-life-threatening illnesses (e.g., early-stage skin cancer), where you can receive 10% of the benefit amount, up to $10,000.
- Critical illness or life insurance: You can opt to bundle life insurance with your critical illness coverage. In this case, a benefit is paid either when you’re diagnosed with a covered illness or if you pass away, ensuring comprehensive protection.
- Teladoc Medical Experts Service: The plan includes access to Teladoc, a service that provides personalized medical advice and expert recommendations, enhancing the support available during recovery.
- Pros:
- It has an extensive range of term options, offering choices of 10, 15, 20, 25, or 30 years. This flexibility surpasses the standard offerings of many other insurers, allowing you to select a term that best fits your financial and life circumstances.
- It has a critical illness or life insurance option, which provides a payout whether you're diagnosed with a covered illness or pass away. This is more comprehensive than the standard "return of premium on death" benefit offered by many insurers, where your beneficiaries only receive the premiums paid if you die.
- You can reduce or eliminate the policy fee when you bundle multiple critical illness coverages through Humania’s multi-policy discount, making it a cost-effective option for individuals or families seeking broader protection.
- Cons:
- A drawback of this plan is that it imposes a 30-day survival period for all covered illnesses, while many other insurers only apply this waiting period to cardiovascular conditions. This means you must survive for 30 days after diagnosis to receive a payout, regardless of the illness.
- While Humania offers partial payouts for certain non-life-threatening conditions, the 10% payout is lower compared to the 15% offered by many other insurers. Additionally, the $10,000 cap is significantly lower than the $50,000 maximum that some competitors provide, potentially limiting financial support during early-stage illness.
- Furthermore, the partial payout for non-life-threatening illnesses reduces the overall benefit available for a full payout later on, should you be diagnosed with a more serious condition. This contrasts with many other insurers, which do not reduce the total benefit after paying out for early-stage illnesses, ensuring the full amount remains intact for any subsequent major diagnosis.
Prodige
Prodige is a permanent critical illness plan designed to provide lifelong coverage, offering protection that never expires as long as premiums are paid. Unlike term policies, Prodige ensures that you remain covered for major illnesses throughout your lifetime, making it a comprehensive long-term solution.
Coverage options
Similar to their term critical illness insurance, Prodige offers three main coverage options:
- Basic Plan: Covers the four most common critical illnesses: cancer, heart attack, stroke, and coronary artery bypass surgery.
- Enhanced Plan: Expands coverage to 24 critical illnesses, providing broader protection for a wider range of health risks.
- Comprehensive Plan: Covers 23 illnesses but excludes the ‘loss of independence’ condition found in the Enhanced Plan.
Payment and premium options
Prodige offers flexible payment periods, giving you three choices:
- Lifetime: Premiums are paid for life.
- 20 years: Premiums are paid over 20 years.
- Until age 65: Premiums are paid until you reach 65.
While opting for the shorter payment periods (20 years or until age 65) allows you to pay off the policy sooner, it will result in higher premiums. Regardless of the payment term you choose, the premiums are guaranteed not to change for the entire duration of the payment period, offering cost predictability.
Built-in features and benefits
- Premium refund option: Starting in year 10, you can exercise a built-in premium refund option, which allows you to get your money back if you decide to cancel your coverage.
- Automatic increasing benefit: To keep pace with inflation and growing needs, the plan includes an automatic benefit increase of 15% on the second, fourth, sixth, and eighth anniversaries of the policy’s issue date. This provides additional protection as your needs change over time.
Shared features with Term Critical Illness Insurance
The Prodige plan shares several valuable features with the term critical illness insurance product, including:
- Coverage amounts ranging from $25,000 to $1,000,000.
- Partial payments for non-life-threatening illnesses, offering up to 10% of the benefit (with a $10,000 cap) for conditions like early-stage cancers.
- Access to Teladoc Medical Experts.
- Pros:
- The plan includes a unique feature that increases the benefit amount by 15% at regular intervals (years 2, 4, 6, and 8), helping to keep up with inflation and increasing healthcare costs.
- With three different payment periods (lifetime, 20 years, or until age 65), you can choose a payment structure that suits your financial goals, while enjoying guaranteed level premiums.
- Unlike term policies, the Prodige plan provides permanent protection that lasts a lifetime, ensuring you are always covered, no matter when a critical illness occurs.
- The premium refund feature is automatically included in the Prodige plan, offering you flexibility without the need for an additional rider. This contrasts with other insurers, where securing this option typically requires purchasing an expensive add-on.
- Cons:
- Similar to the term plan, the partial payout for non-life-threatening illnesses is capped at 10% of the benefit amount (up to $10,000), which is lower compared to what some competitors offer.
- Although the Enhanced plan covers 24 illnesses, it lacks coverage for certain conditions commonly included in other insurers’ plans, such as acquired brain injury, aplastic anemia, and bacterial meningitis, which may limit its comprehensiveness compared to competing products.
- The $1,000,000 coverage limit on the Prodige plan is lower than the $2,000,000 or even $3,000,000 limits offered by some other insurers. This may reduce its appeal for high-net-worth individuals who seek higher levels of protection to better align with their financial needs.
Cancer Insurance
Humania’s Cancer Insurance is a simplified issue plan, designed for easy access with minimal underwriting. It only requires answers to four health questions and does not necessitate a medical exam, making it more accessible for those seeking coverage quickly or without extensive health screenings.
Coverage and options
The policy exclusively covers cancer, but for an additional premium, you can expand coverage to include five other critical illnesses, offering more comprehensive protection. The plan is available to individuals from 15 days old to age 80, allowing for a wide range of applicants.
One key limitation is that you can only purchase a lump sum benefit ranging from $5,000 to $75,000, which may be considered low compared to other cancer or critical illness insurance policies.
Term structure and premiums
Humania’s Cancer Insurance is a term-10 policy, meaning the premiums are set for 10 years but will increase every 10 years as you age. The policy expires at age 90, which may be a drawback if you’re seeking lifelong coverage.
Benefits and payments
- Partial payment for early-stage cancers: The policy provides an early-stage cancer benefit, paying 15% of the chosen benefit amount for diagnoses such as early-stage prostate or breast cancer, offering some financial support for less severe cases.
- Life insurance component: This plan includes a life insurance benefit, which also pays 15% of the chosen benefit amount if you pass away, providing a modest payout for final expenses.
Pre-existing condition exclusion
The policy includes a 24/24 pre-existing condition exclusion, meaning any pre-existing condition diagnosed within the 24 months prior to the policy’s start date will not be covered if it leads to a diagnosis of a covered condition in the first 24 months of coverage. This is an important consideration if you have a prior medical history.
- Pros:
- The simplified issue plan allows you to qualify quickly and easily, with no need for a medical exam or extensive paperwork, streamlining the application process and minimizing hassles.
- Cancer Insurance is straightforward and focuses on covering cancer, the most commonly claimed condition in critical illness policies.
- The built-in life insurance component offers a convenient way to obtain a small amount of life insurance at no extra cost, providing added protection without the need for a separate policy.
- Cons:
- The 24/24 pre-existing condition exclusion means people with a recent medical issue may face a lengthy wait before being eligible for full protection.
- It is only offered as a term-10 policy, meaning premiums increase every 10 years as you age, becoming quite expensive over time. Longer term options like term-20 or term-75 would provide guaranteed level premiums for a longer period and offer more long-term financial stability.
- The $75,000 maximum coverage limit may be insufficient for many people’s financial needs, especially when considering the high costs associated with cancer treatments and recovery.
Children360
Children360 is a simplified issue critical illness plan designed to provide comprehensive coverage for children aged 30 days to 15 years old. It offers a streamlined application process requiring no medical exam and only 15 health questions to qualify, making it an accessible option for families seeking coverage for their children.
Covered conditions
Children360 is a comprehensive plan, covering 33 illnesses, including seven childhood-specific conditions such as cerebral palsy and autism, ensuring robust protection for common and severe childhood illnesses. In addition to life-threatening conditions, the plan also covers four non-life-threatening illnesses, such as coronary angioplasty and early-stage cancers, with a partial payout of 15% of the benefit amount for these less severe cases.
Coverage limits and options
Families can choose from lump sum benefit amounts ranging from $10,000 to $50,000. The plan offers two coverage options:
- Critical illness coverage only: Provides a payout if the child is diagnosed with any of the covered illnesses.
- Critical illness and life insurance: In this case, the policy pays out the lump sum benefit if the child either dies or is diagnosed with a covered illness, adding an extra layer of protection.
Policy term
The Children360 plan is available only as a Term-75 policy, meaning premiums are guaranteed and remain level until the child reaches age 75. This provides long-term stability in premium costs, giving families peace of mind that their payments won’t increase as their child grows older.
- Pros:
- Children360’s coverage of 33 conditions, including seven childhood-specific illnesses, ranks among the most comprehensive in the industry, offering one of the highest numbers of covered illnesses available for children.
- The term-75 structure offers long-term cost certainty, locking in level premiums until your child reaches retirement age, providing peace of mind and financial predictability for decades.
- With only 15 questions and no requirement for medical exams or doctor’s reports, Children360 offers a simplified and hassle-free application process, making it easy for your child to obtain coverage.
- Cons:
- One drawback of simplified issue policies like Children360 is that answering 'yes' to any of the medical questions automatically disqualifies your child from coverage, limiting flexibility in the application process.
- The $50,000 coverage limit may be insufficient for some families, especially when compared to other insurers that offer much higher coverage limits for children.
- The term-75 structure doesn't provide flexible payment options like shorter-term periods or limited pay periods, which are features available in other children's insurance plans that allow for quicker premium payments.
Below is a table summarizing the features and benefits of the Humania critical illness insurance plans:
Term Critical Illness Insurance | Prodige | Cancer Insurance | Children360 | |
|---|---|---|---|---|
Age eligibility | 0-65 | 0-60 | 15 days to 80 years old | 30 days to 15 years old |
Number of illnesses covered | 4 or 25 | 4, 23, or 24 | 1 or 6 | 33 |
Plan types | Term-10, Term-15, Term-20, Term-25, Term-30, Term-75 | Term-100, Term-100 20-pay, Term-100 pay to age 65 | Term-10 | Term-75 |
Guaranteed premiums | Yes | Yes | Yes | Yes |
Expiry | Age 75 | Age 100 | Age 90 | Age 75 |
Coverage limits | $25,000 to $1,000,000 | $25,000 to $1,000,000 | $5,000 to $75,000 | $10,000 to $50,000 |
Survival period | 30 days for all illnesses | 30 days for all illnesses | 30 days for all illnesses | 30 days for all illnesses |
Partial benefits | Pays 10% of the chosen benefit amount, up to $10,000, for less severe illnesses. Covers three illnesses. Only pays once | Pays 10% of the chosen benefit amount, up to $10,000, for less severe illnesses. Covers three illnesses. Only pays once | Pays 15% of the chosen benefit amount for less severe illnesses. Covers seven illnesses. Only pays once | Pays 10% of the chosen benefit amount, up to $10,000, for less severe illnesses. Covers four illnesses. Only pays once |
Conversion privileges | All terms can be converted to term-100 | No | No | Can be converted to term-100 |
Type of underwriting | Fully underwritten. A medical exam may be necessary | Fully underwritten. A medical exam may be necessary | Simplified underwriting. A medical exam is not necessary | Simplified underwriting. A medical exam is not necessary |
Riders | Accidental death and dismemberment, 15-year premium refund, premium refund at age 65, disability waiver of premium | Life insurance, refund of premium on death, disability waiver of premium | None | Additional life insurance, option plus, 15-year premium refund, premium refund at age 75 |
Value-added service | Teladoc Medical Experts | Teladoc Medical Experts | None | None |
How to purchase | Through a licensed insurance advisor | Through a licensed insurance advisor | Through a licensed insurance advisor | Through a licensed insurance advisor |
What Illnesses Does Humania Critical Illness Insurance Cover?
Term Critical Illness Insurance and Prodige
Humania’s Term Critical Illness Insurance offers two levels of coverage: Basic and Enhanced. The Prodige plan includes both these options and adds a third, the Comprehensive option. Here’s a breakdown of the conditions covered under each plan:
Basic – 4 illnesses
- Coronary artery bypass surgery
- Heart attack
- Life-threatening cancer
- Stroke
Enhanced – 25 illnesses
- Alzheimer’s disease
- Aortic surgery
- Autism
- Benign brain tumour
- Blindness
- Burns
- Coma
- Coronary artery bypass surgery
- Deafness
- Heart attack
- Heart valve replacement or repair
- 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 infection
- Paralysis
- Parkinson’s disease
- Stroke
* Prodige does not cover major organ failure on waiting list.
The Comprehensive option is similar to the Enhanced plan, but it excludes coverage for loss of independent existence.
Here are the three non-life-threatening illnesses that pay out 10% of your chosen benefit amount, up to $10,000:
- Ductal carcinoma in situ of the breast
- Stage 1A malignant melanoma
- Stage T1a or T1b prostate cancer
Cancer Insurance
Cancer Insurance primarily covers cancer, but if you opt for the Complete Critical Illness Option, coverage is extended to five additional critical illnesses. Here’s a breakdown:
- Coma*
- Coronary artery bypass surgery*
- Heart attack*
- Life-threatening cancer
- Paralysis*
- Stroke*
* Only available if you add the Complete Critical Illness Option.
Unlike other Humania critical illness plans, Cancer Insurance pays 15% instead of 10% for non-life-threatening conditions. These include:
- Lesions described as benign, pre-malignant, uncertain, borderline, non-invasive, carcinoma in situ (Tis), or tumours classified as Ta
- Malignant melanoma skin cancer that is less than or equal to 1.0 mm in thickness, unless it is ulcerated or is accompanied by lymph node or distant metastasis
- Any non-melanoma skin cancer, without lymph node or distant metastasis
- Prostate cancer classified as T1a or T1b, without lymph node or distant metastasis
- Papillary thyroid cancer or follicular thyroid cancer, or both, that is less than or equal to 2.0 cm in greatest diameter and classified as T1, without lymph node or distant metastasis
- Chronic lymphocytic leukemia classified less than Rai stage 1
- Malignant gastrointestinal stromal tumours (GIST) and malignant carcinoid tumours, classified less than AJCC Stage 2.
Children360
The Children360 plan from Humania covers a wide range of illnesses, including childhood-specific conditions. Here is a list of the 26 covered conditions:
- Acquired brain injury
- Aortic surgery
- Aplastic anaemia
- Bacterial meningitis
- Benign brain tumour
- Blindness
- Coma
- Coronary artery bypass surgery
- Deafness
- Dementia, including Alzheimer’s disease
- Heart attack
- Heart valve replacement or repair
- 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 infection
- Paralysis
- Parkinson’s disease and specified atypical Parkinsonian disorders
- Severe burns
- Stroke
It also covers these seven childhood illnesses:
- Autism
- Cerebral palsy
- Congenital heart disease
- Covered heart condition if open heart surgery is performed
- Cystic fibrosis
- Muscular dystrophy
- Type 1 diabetes mellitus
The plan provides an early payout for non-life-threatening conditions, offering 10% of your total benefit amount. It covers the following four conditions:
- Coronary angioplasty
- Ductal carcinoma in situ of the breast
- Stage 1A malignant melanoma
- Stage A (T1a or T1b) prostate cancer
How Much Does Humania Critical Illness Insurance Cost?
The cost of critical illness insurance can vary based on several personal and policy-related factors. Understanding these factors can help you make informed decisions when choosing the right coverage for you or your family. Below is a breakdown of the key variables that influence the cost of your premiums.
Term Critical Illness Insurance and Prodige
1. Age
Your age at the time of application is one of the most significant factors in determining the cost of critical illness insurance. Generally, the younger you are when you purchase coverage, the lower your premiums will be. This is because younger individuals are considered less likely to suffer from critical illnesses.
2. Gender
Men and women have different risk profiles for various critical illnesses. For example, men are more likely to suffer from heart attacks, while women are more likely to develop conditions like breast cancer. As a result, gender can affect premium rates.
3. Smoking status
Smokers are at a higher risk for numerous critical illnesses, including cancer, heart disease, and stroke. Because of this increased risk, smokers pay higher premiums than non-smokers.
4. Medical history
Your personal medical history plays a critical role in determining your eligibility and premiums. If you have a history of certain conditions like cancer, heart disease, or diabetes, your premiums may be higher, or you may be excluded from coverage for those specific conditions.
5. Family history
A family history of major hereditary diseases (such as heart disease, cancer, or diabetes) in immediate family members can impact your premiums. Insurers consider this when assessing your risk, as these hereditary factors may increase the likelihood of you developing a critical illness.
6. Lifestyle choices
Risky lifestyle choices such as participating in dangerous sports, driving infractions, travel to dangerous regions, or alcohol and substance abuse can raise your risk of developing a critical illness. If you lead a lower risk lifestyle, you may receive better rates.
7. Coverage amount
The lump sum benefit amount you choose directly influences your premiums. The higher the coverage amount, the more expensive your premiums will be. However, you should weigh this cost against your potential financial needs in case of a critical illness.
8. Term length
The term length of your policy also impacts your premiums. Longer terms or permanent policies have higher premiums compared to shorter term plans. However, they provide more stable, long-term coverage.
9. Optional riders
Optional riders like premium refund or disability waiver of premium can add flexibility and additional benefits to your policy. However, they also increase the cost. If you want more comprehensive coverage or extra features, you can expect to pay more.
Cancer Insurance
When determining premiums, Cancer Insurance only considers age, gender, and smoking status. These simplified criteria make the plan easy to qualify for and quick to process.
Children360
Unlike other plans, Children360 disregards age and gender when calculating premiums. Instead, the coverage amount is the only factor that affects the cost.
To give you an idea of the estimated cost, here is a table showing the monthly premiums for a $100,000 term-10 Term Critical Illness Insurance Enhanced plan based on different ages for both male and female non-smokers.
Age | Male | Female |
|---|---|---|
25 | $28 | $29 |
30 | $32 | $35 |
35 | $38 | $43 |
40 | $53 | $59 |
45 | $80 | $81 |
50 | $115 | $105 |
55 | $165 | $137 |
60 | $267 | $199 |
How Do You Buy A Humania Critical Illness Insurance Plan?
Purchasing critical illness insurance can be a straightforward process if you follow the right steps. Here’s a simple guide to help you navigate the process and secure the coverage you need:
- Find an insurance advisor licensed in your province
To buy a Humania critical illness insurance policy, you must work with a licensed life insurance advisor in your province. Humania products are only sold through advisors, who can guide you in selecting the right plan.
During this step, compare Humania’s offerings with other insurers’ products to ensure you’re getting the best coverage for your needs. An advisor can help determine which plan or company is most suitable based on your health, financial situation, and coverage preferences.
- Do a preliminary or tentative assessment
Before you apply, conduct a tentative assessment of your health. Review any pre-existing medical conditions, family history of illness, or lifestyle risks that could impact your eligibility and premiums. This will give you an idea of whether you’ll qualify for coverage and at what rate. Your advisor can help you with this assessment and advise on the likelihood of approval.
- Apply for coverage through your advisor
Once you’ve selected the right plan, your insurance advisor will help you complete an application. This is typically done electronically and requires personal and health-related information. The application process can vary based on the type of plan you’re applying for.
- Underwriting process
After submitting your application, the underwriting process begins. During underwriting, the insurance company assesses your eligibility by reviewing your medical history, lifestyle, family history, and any other relevant factors. This may involve doctor’s reports and medical exams.
- Decision
Once the underwriting is complete, the insurer will decide whether to offer you coverage. You may receive one of the following outcomes:
- Standard rates: If you’re in good health with no major risk factors.
- Rated (increased premiums): If you have pre-existing conditions or risk factors but still qualify.
- Declined: If your health risks are too high, the insurer may decline to offer coverage.
If you’re applying for Cancer Insurance or Children360, you can skip the underwriting process (steps 4 and 5), as these plans only require you to answer a few medical questions during the application. No medical exams or doctor’s reports are needed.
- Accept and pay for your policy
Once you’ve been approved for coverage, the final step is to review the terms, accept the offer, and pay the premiums. Your coverage will begin once you’ve made the initial payment, and you’ll receive your policy document outlining your coverage, benefits, and exclusions.
Following these steps ensures that you’re well-prepared to navigate the process of buying critical illness insurance. Keep in mind that simplified issue plans like Cancer Insurance and Children360 are quicker and easier to obtain, while traditional plans may involve more detailed underwriting.
Need A Humania Critical Illness Insurance Quote?
Critical illness insurance is an essential part of a well-rounded financial plan, offering vital protection when you need it most. Whether you’re considering Humania’s range of products or exploring options from other providers, it’s important to make an informed decision that aligns with your current health, financial situation, and future goals.
For a free, no-obligation consultation, email info@briansoinsurance.com or call 604-928-1628. We offer personalized insurance comparisons to help you find the best coverage for your needs. Our team is also here to provide ongoing support, ensuring that your policy continues to meet your evolving financial and personal circumstances over the years.
If you’re looking for more comprehensive coverage, we can design a complete insurance solution, including life, disability, health and dental, and critical illness insurance. For a quick quote, simply use the form below, and we’ll deliver it right to your inbox!
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While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
