Critical Illness insurance provide the insured with a tax free lump sum payment if he diagnosed with life threatened covered condition and survive 30 day waiting period.
Why it is important?
If we look at the health history of average Canadian individual then we realize that a critical illness like Cancer, Heart attack or Stroke can strike at any time. Like
- 45% of Canadian women and 49 % of men will develop cancer during their lifetimes.(Canadian Cancer Society, 2017)
- It is estimated that there are 70,000 heart attacks every year in Canada. This means that one heart attack happen every 7 minutes.(Heart and Stroke Foundation, 2014)
- About 740,000 Canadians live with the stroke
- Canadian households spent large part of their income on the health care ; from 2006 to 2017 non reimbursed health care services and products increased by 36% (Statistics Canada)
What does it cover
- Covered Conditions : It can covers up-to 30 critical illnesses depend on the chosen plan and the company,
- Optional Riders
- Return of premium on Death : Under this benefit, company will return all the paid premium to the beneficiary if insured die due to any reason when the policy is in force.
- Return of premium on Expiry :Under this benefit company will return all the premium paid during the lifetime of the policy.
- Return of premium on Surrender :Under this benefit company will return the % of the premium paid { as mentioned in the policy } upon surrender of the policy.
