Get the best Insurance Quote from Foresters Financial
Call 1 844-542-4678 to speak to our advisors.
Common questions
- Life Insurance can protect your family from any financial crisis
- You leave a completely tax-free inheritance to your dear ones or beneficiaries
- Life Insurance can pay for your funeral expenses
- You can clear your debts and loans with Life Insurance
What is Critical Illness Insurance?
Critical Illness Insurance is an emergency fund you can use if you or your dear ones become seriously ill. Every week, hundreds and thousands of Canadians experience a medical event that changes their lives completely. It is easy to think it will never happen to you, but life is uncertain, and one must be financially ready to take care of unforeseen medical expenses. If you are diagnosed with a severe illness covered in the insurance policy, you are entitled to receive a lump sum amount. You may use this lump sum amount to:
- Recover lost income.
- Pay off your treatment bills and recovery expenses.
- Cover immediate living expenses.
Critical Illness Insurance lets the policy owner focus on recovery rather than stressing about the finances. You would be surprised; it is more inexpensive than you might think. At Foresters, we offer individuals two Critical Illness Insurance plans:
- Live Well: Live Well offer coverage up to $100,000 and covers four conditions. The application process is simple too.
- Live Well Plus: Life Well Plus offers coverage up to $2,000,000 and covers 25 conditions.
There is no annual fee charged, and both plans are designed keeping affordability in mind. Over time these policies can significantly add up to your savings.
Benefits and Features of Critical Illness Insurance policy
Whether it is ten years, 20 years, or up to the age of 80, Live Well and Live Well Plus gives you the flexibility to choose the term that best suits your personal needs and budget.
Foresters Critical Illness Insurance policies come with valuable built-in features for no additional premium, including:
Non-Life-Threatening Illness Benefit
In the event of a non-life-threatening illness, you will receive 15% of your benefit, up to $50,000.
Return of Premium at Death
If the policy owner dies without receiving a benefit, the premium will be refunded.
Defined Conditions Covered under these Critical Illnesses Policies
1. Live Well:
- Life-threatening cancer
- Coronary artery bypass surgery
- Heart attack
- Stroke
2. Live Well Plus
Illnesses covered under the Live Well Plus policy:
- Aortic surgery
- Aplastic anemia
- Bacterial meningitis
- Benign brain tumor
- Blindness
- Coma
- Deafness
- Dementia, including Alzheimer's disease
- Heart valve replacement or repair
- Kidney failure
- Loss of independent existence
- Loss of limbs
- Loss of speech
- Major organ failure on the waiting list
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Paralysis
- Parkinson's disease
- Severe burns
Exchange Privilege:
- During the exchange period, Live Well Term ten years or Live Well Term 20 years may be exchanged for Live Well term up to age 80.
- During the exchange period, Live Well Plus term ten or Live Well plus term 20 may be exchanged for Live Well Plus term up to age 80.
Expert Medical Program Opinion:
Owners of the Live Well and Live Well Plus policy and their family members may be qualified to access Advance Medical’s Expert Medical Opinion Program for no additional premium. This program offers an authoritative second opinion on medical issues from some of the world’s leading medical experts.
Riders:
Return of Premium on Surrender or Expiry
If you have not claimed policy expiry, you may surrender the policy and receive a return of premiums equalling the period from the rider date to the policy expiry date, minus any payments made for the Juvenile Critical Illness Insurance Rider as defined.
Juvenile Critical Illness Insurance Rider
This insurance rider provides critical illness coverage to children up to the age of 17. The conditions covered in this insurance rider are:
- Cerebral Palsy
- Congenital Heart Disease
- Cystic Fibrosis
- Muscular Dystrophy
- Type 1 Diabetes Mellitus
The rider is convertible without providing any additional evidence to any critical illness product offered by Foresters at that time for conversion. The rider may be converted after the insured child’s 18th birthday but no later than the insured child’s 25th birthday.
Disability Waiver of Premium
Your monthly premiums will be waived if you have been disabled for at least six months. As long as the policy exists, the rider will remain in effect until the insured becomes 65 years old.
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Call 1 844-542-4678 to speak to our advisors.