Critical Illness Insurance provides policyholders with financial protection helping them to focus solely on their recovery. In the event the owner of the policy is diagnosed with a severe illness or medical condition, a lump-sum benefit will be provided to the policyholder, and the amount can be used to spend on anything they deem fit. Over time, the list of illnesses that we may face can be comprehensive. A statistic indicates that over 90% of severe diseases boil down to two – Cancer and Cardiac related diseases. When you reach 40 years of age, the likelihood of being diagnosed with those diseases mentioned above increases significantly. While these stats may be alarming, you can take solace knowing that today’s advancement in technology and medicine raises the life expectancy of an individual. Having to deal with a critical illness is stressful as it is; imagine worrying about the financial aspects as well? Canada Protection Plan can help you select the best critical illness insurance policy that safeguards you and your loved ones from any financial difficulties. The lump-sum amount received from the critical illness insurance policy can be used to cover any cost, including medical expenses, travel expenses, or wages of a family leaving their job to take care of you. Critical illness insurance, like life insurance, is a vital part of your financial plan. The policy providing the insured with cash benefits definitely helps reduce the stress you are already experiencing. For further information, contact the team at Canada Protection Plan today.
Why should you choose Canada Protection Plan for Critical Illness Insurance?
No need to undertake any medical test or undergo any medical exam.
You can have coverage in just a matter of days.
You can receive up to $100,000 of financial protection.
Coverage is provided for cancer survivors as well.
Even with a pre-existing medical condition, you may be eligible to apply for critical illness insurance.
Coverage provided up to the age of seventy-five
You do not have to make payments until the second month. It is applicable for all monthly payment plans.
Did you know this about Critical Illness Insurance?
If you are considered able to work, disability insurance typically will not cover you.
The insurance of your employer may be capped.
The employment insurance varies from province to province and lasts a maximum of 15 weeks.
Four types of Critical Illness Insurance plans providing individuals with flexibility along with reasonably priced premiums. No medical examination is required to be undertaken.<
Cardiac Protect CI
In the unfortunate event of a heart attack, aortic surgery, stroke, heart valve replacement or repair, or coronary artery bypass surgery, you are eligible to receive a one-time tax-free payment of up to $50,000
Cancer Protect CI
In the event the policyholder has cancer, Benign brain tumour or Aplastic Anemia, you are eligible to receive a one-time tax-free payment of up to $50,000. Additionally, the typical cancer coverage is present in Canada at the moment.
Cardiac AND Cancer Protect CI
Coverage up to $50,000 of two tax-free payments, one for each plan. You can receive insurance coverage for both plans. If you happen to make a claim for one plan, the other plan automatically comes into effect, thus making you eligible for both plans. Here at Canada Protection Plan, we provide competitively priced, flexible coverage, including a lower premium after a claim has been made on this insurance policy.
Cardiac OR Cancer Protect CI
You are entitled to receive coverage for either critical illness insurance plan. Additionally, in the event of your first severe illness, you are eligible to receive a one-time tax-free payment of up to $100,000
Importance of Cardiac Protect CI Plan
If the owner of the policy is diagnosed with one of the critical illnesses mentioned in the policy (Heart Attack, Stroke, Aortic Surgery, Coronary Artery Bypass, or Heart Valve Repair and Replacement). In that case, Cardiac Protect CI will pay the insured a benefit. Coverage of this insurance plan is up to the age of 75
Importance of Cancer Protect CI Plan
If the owner of the policy is diagnosed with one of the serious illnesses mentioned in the policy (Cancer, Aplastic Anemia, or Benign Brain Tumour), In that case, Cancer Protect CI Plan will pay the insured a benefit. Coverage of this insurance plan is up to the age of 75
Importance of Cardiac and Cancer Protect CI Plan
If the owner of the plan is diagnosed with one of the serious illnesses mentioned in the policy (Heart Attack, Stroke, Aortic Surgery, Coronary Artery Bypass, Heart Valve Repair and Replacement, Cancer, Aplastic Anemia, or Benign Brain Tumour), In that case, Cardiac and Cancer Protect CI Plan will pay the insured a benefit. Coverage of this insurance plan is up to the age of 75. Please note: If you make a claim on one plan, the other remains in effect at a decreased premium.
Importance of Cardiac or Cancer Protect CI Plan
If the owner of the plan is diagnosed with one of the serious illnesses mentioned in the policy (Heart Attack, Stroke, Aortic Surgery, Coronary Artery Bypass, Heart Valve Repair and Replacement, Cancer, Aplastic Anemia, or Benign Brain Tumour), In that case, Cardiac or Cancer Protect CI Plan will pay the insured a benefit. Coverage of this insurance plan is up to the age of 75. You can get coverage for either plan, and you are entitled to receive one claim payment. The insurance plan is renewable every twenty years until the insured reaches the age of 75
Options available to pay premiums
The options for premium include payments made annually by credit card or cheque, including monthly payments made by a bank-authorized debit card.
Guarantees that exist under the Critical Illness Insurance plan:
Premiums remain the same for the entirety of the policy and are guaranteed to not change for the first five years.
You can rest assured; all policies at Canada Protection Plan include a 10-day free look guarantee that gives policyholders ten days from the date they receive the policy to analyze and decide if that is the right insurance policy for them. If you choose to return the policy after ten days, we will refund your premium.
Additional no cost benefits that are included with every Critical Illness Insurance plan
Additionally, all policies at Canada Protection Plan may include numerous non-contractual member benefits offered by the company which underwrites our insurance policies, Foresters Life Insurance Company. The above-mentioned are just a few listed benefits. All benefits will be outlined when you receive your policy.
A document preparation service online helps create customizable wills, healthcare directives, and powers of attorney.
Scholarships for higher learning worth up to $8000
A scholarship worth up to $6000 annually for a renewable higher learning for four years for children of the insured deceased members.
Emergency grants to provide short-term, temporary financial assistance to members affected by significant personal hardship, disaster or large-scale emergency.
Upon the demise of both parents, a monthly payment for the children up to the age of 18
Confidential money management assistance providing financial help by accredited counsellors.