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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
Critical Illness Insurance
What is Critical Illness Insurance?
Critical Illnesses such as cancer, stroke, and heart diseases are unfortunately very common. However, with the significant improvement in medical technology in recent years, it has become possible for individuals affected with Critical Illnesses to recover from them. The survival rate has drastically increased.
Unfortunately, the cost of recovery and medicines may be a significant burden to both the affected individual and their loved ones. In such a scenario, Critical Illness Insurance can be very helpful. Sun Life provides a well-thought-out plan that can help cover costs associated with such illnesses.
How does critical insurance work?
If the insured individual has been diagnosed with a Critical Illness that is covered by the policy, they will receive a lump sum amount. This amount can be used to cover medical costs and can also be used as a replacement for lost income. The money can be used to cover any costs or debt, not just medical expenses.
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Types of Critical Insurance Plans
Sun Critical Illness Insurance Plan:
Comprehensive Critical Illness Coverage:
This plan provides comprehensive coverage. The coverage amount ranges from a minimum of $25,000 to a maximum of $2.5 million for adults. The plan offers a full payout for 26 Critical Illnesses and a partial payout for 8 minor illnesses. The Critical Illnesses list is inclusive of acquired brain injury and loss of dependent existence.
The benefits of the plan can be availed by children as well. The coverage amount for children ranges from $25,000 to $1 million. It covers all the illnesses mentioned in the adult plan and an additional 5 illnesses.
Sun Life also offers “Best Doctors” services. This can help you make informed decisions by obtaining clear advice on your illness and the available treatment options.
This plan is right for you if:
- You want to protect your finances and provide financial security to your family in the event of a Critical Illness.
- You are looking for a high coverage amount
- Your age is between 18 and 65
- You are looking for a plan that covers a large range of illnesses
- You want to provide your children or grandchildren against the financial burden of Critical Illnesses throughout their life.
Plan Details:
The Sun Critical Illness Insurance plan can be utilized for the illnesses mentioned in your policy. The coverage can be claimed if your illness meets the definition mentioned in the policy and the associated survival period.
Illnesses Covered:
Eligibility:
- Your age must be between 18 to 65 years
- If you want to cover a child, they must be between the ages of 30 days to 17 years. The plan will continue into adulthood and does not require a medical review.
Cost:
The premium will be determined after considering the following factors:
- Type of plan
- Payment period
- Gender
- Age
- Smoking status
- Medical history
- Miscellaneous factors as deemed fit by the company
Premium Guarantee:
The premiums will be guaranteed as per your policy.
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Get the best Insurance Quote from Tugo Insurance
Call 1 844-542-4678 to speak to our advisors.
Plans Available Under Sun Critical Illness Insurance:
Term 10 (T10)
- The term duration for this plan is 10 years. The plan will renew after the end of each term, that is every 10 years. The renewal premiums are guaranteed.
- The coverage is valid till the 75th birthday or a policy anniversary close to the 75th birthday of the insured
- The coverage will end earlier when:
- The full payout has been made for an illness
- The insured died
- The policy has been cancelled
Term 75 (T75)
- The plan provides coverage till the 75thbirthday or the policy anniversary closest to the 75th birthday of the insured
- The premium will stay the same during the payment period. There are two payment period options:
- Pay to age 75
- Pay for 15 years
- The coverage will end earlier when:
- The full payout has been made for an illness
- The insured died
- The policy has been cancelled
Lifetime (T100)
- This plan provides lifetime coverage. The term for this plan is 100 years.
- The coverage for this plan will continue even after 100 years
- The premium will stay the same during the payment period. There are three payment period options:
- Pay to age 100
- Pay for 15 years
- Pay for 10 years
- The coverage will end earlier when:
- The full payout has been made for an illness
- The insured died
- The policy has been cancelled
- There are two variations for the coverage amount
- Adult plan: $25,000 to $2.5 million
- Child plan: $25,000 to $1 million
Optional Benefits:
Sun Life provides additional benefits at an added cost which can be added to your plan.
Return of premium on death
If the policy is active when the insured passes away and no claim has been made, the beneficiaries can receive 100% of the returnable premiums.
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Return of premium on a cancellation or expiry benefit
- The T10 and T75 plans are eligible for both cancellation and expiry benefits.
- The T100 plan is eligible only for the cancellation benefit as they are lifetime plans that don’t expire.
- Special options for adult plans
- 15-year option:The T75 and T100 plans are eligible to receive returnable premiums if they are cancelled after the 15thanniversary of the policy.
- Age-65 option:If the policy is cancelled after the insured has reached 65 years of age or on a policy anniversary closest to their 65th birthday, they can receive returnable premiums. This benefit is not available for the pay for 10 or pay for 15 years options. On the expiry of the policy at age 75, you will be able to receive returnable premiums if no claim has been made for full payout illnesses.
- Age-75 option:The insured is eligible to receive returnable premiums if the policy is cancelled after they have reached 75 years of age or on the anniversary closest to their 75th birthday. This benefit is not available for the pay for 10 or pay for 15 years options. On the expiry of the policy at age 75, you will be able to receive returnable premiums if no claim has been made for full payout illnesses.
Special options for child plans
- Advanced return of premium:This is applicable when the policy payments have been made for more than the life of the policy. The insured is eligible to receive 75% of the returnable premiums after the 15thpolicy anniversary or the policy anniversary closest to the 25th birthday of the insured. Returnable premiums can also be received if the policy is cancelled on or after the 30th policy anniversary or on the policy anniversary closes to the insured’s 40th birthday.
- Age-35 option: You are eligible for this benefit if you have chosen the pay-for-10-years or pay-for-15-years option. The insured is eligible to receive returnable premiums if the policy is cancelled on or after the policy anniversary closest to the insured’s 35th birthday. If you have opted for the T10 or T75 plan and no claim has been made for a full-payout illness, then the insured can receive the returnable premiums when the policy ends.
What are returnable premiums?
- Returnable premium refers to the total premium paid after deducting the premiums paid for long-term care conversion option if it has been opted for in the policy.
- The unpaid premiums plus interest are also deducted from the total returnable premiums.
- If there has been any advance return of premium amount on a child policy, this will be further deducted from the returnable premiums.
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Total disability waiver
With this benefit, if the insured has become totally disabled, they will be exempt from paying premiums but will be able to receive coverage.
Owner waiver death benefit
In the situation that the policy owner has passed away, with this benefit, we will be obliged to make the payment of premiums along with optional benefits.
Owner waiver disability benefits
In the situation that the policy owner has become completely disabled, with this benefit, we will be obliged to make the payment of premiums along with optional benefits.
Owner waiver death and disability benefit
In the situation the policy owner passes away or becomes completely disabled, we will be obliged to pay the premiums along with optional benefits.
Long-term care conversion option
With this benefit, the policy owner can convert the Critical Illness policy they have selected to a long-term care insurance policy without having to undergo a medical review or provide new medical information.
To be eligible for this benefit, you need to be between the ages of 18 and 50 when you purchase the policy. The conversion can be made only on the policy anniversary nearest to your 60th or 65th birthday.
You will be offered an unlimited benefit period. This is an optional addition. The premiums will be based on your age and our rates at the time of application for conversion.
While calculating the weekly benefit amount, we will divide the Critical Illness Insurance amount remaining by 200. The maximum amount that can be converted for an insured individual is $250,000. This offers a weekly benefit of $1,250.
Sample Policies
If you would like to view a sample of how the policy may be termed, please use the below links. This document is only a sample, and the provisions mentioned here may or may not apply to your policy as well. The insurance policy that you choose is an agreement between you, as an individual, and us as a company.
- Term 10 (insured person: age nearest 18 - 65)
- Term 75 – limited pay (insured person: age nearest 18 - 65)
- Lifetime (insured person: age nearest 18 - 65)
- Term 75 (insured person: age nearest 30 days - 17 years)
- Lifetime - limited pay (insured person: age nearest 0 - 17)
- Sun Critical Illness Insurance optional benefits
- Express Critical Illness Insurance
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What is express Critical Illness Insurance?
This Critical Illness Insurance plan offers coverage without the need for bloodwork or a medical review. It provides coverage for 1 to 7 common Critical Illnesses and provides a tax-free lump-sum payment.
Express Critical Illness Insurance is right for you if:
- You want a small coverage amount
- You don’t want to answer medical questions for approval
- You want insurance you can try out before you purchase it
Policy Details:
Basic Plan:
This plan only covers one illness, that is Cancer. The coverage amount is $25,00, and you must be at least 18-65 years old at the time of purchase.
Enhanced Plan:
This plan covers 3 major illnesses.
- Cancer
- Heart Attack
- Stroke
It also has a coverage amount of $25,000 and requires you to be at least 18 to 65 years of age while purchasing the policy.
Comfort Plan:
This plan has the highest coverage both in terms of payout and illnesses.
It covers:
- Cancer
- Heart Attack
- Stroke
- Coronary artery bypass surgery
- Aortic surgery
- Major organ transplant
- Major organ failure and you are on a waiting list
The coverage amount for this plan is $50,000. You must be 18 to 65 years of age while purchasing this policy.
Additional Benefits for Comfort Plan:
- This plan offers a rate guarantee for the first five years
- It offers protection against inflation
- Best Doctor’s Service – With this benefit, you and your family members can approach expert doctors to address any medical questions. If you are diagnosed with a Critical Illness, you can utilize this benefit to receive a treatment plan or review your diagnosis. It is valid even after the claim is paid for up to 4 months.
- You can provide coverage of $5000 for up to 5 children at $2.50 per month
Payment Options:
The payment for this plan can be made via a pre-authorized credit card or cheque option.
When does my coverage start?
The coverage starts as soon as the application is approved by the company.
When does the coverage end?
The coverage will end if any of the following scenarios take place:
- A claim of any amount is paid
- The policy has been cancelled by the policy owner
- The policy expires. This will happen on the policy anniversary after the insured’s 70
- The insured has passed away
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The 30-day free look benefit:
With this benefit, you get to have a free look at the policy benefits. If it does not meet your needs, you have the right to cancel it within 30 days of receiving it or 60 days from the date it was issued. We will refund your money if this happens.
Exclusions and Limitations
This Critical Illness policy is subject to exclusions and limitations, as mentioned in the policy. Please read a sample policy before enrolling to fully understand the exclusions for each type of illness.
Cost:
The premium will be determined after considering the following factors:
- Type of plan
- Payment period
- Gender
- Age
- Smoking status
- Medical history
- Miscellaneous factors as deemed fit by the company
Claims
How to make a claim?
Step 1: Call us at the provided number, and we will send you a form to be filled out.
Step 2: Fill in the form and post it to the address mentioned in the form. Please ensure to include any requested information such as
- Proof showing you have the right to receive the benefit
- Proof that your Critical Illness has occurred during the life of the policy and it is covered
- A diagnosis from your doctor enlisting the conditions and cause of your illness
- Your medical records
What is the time limit for making a claim?
The claim must be made while the policy is in effect, and it should be within one year of receiving your diagnosis. If the claim is made after the time period is expired, we will not be liable to make any payments. If the claim is made correctly and meets the coverage requirements, we will send you the amount within 60 days of receiving the required proof.
Sample Policies
All provinces except Alberta and Québec
- Basic
- Enhanced
- Comfort (with child benefit)
- Comfort (without child benefit)
Alberta only
- Basic
- Enhanced
- Comfort (with child benefit)
- Comfort (without child benefit)
Québec only
- Basic
- Enhanced
- Comfort (with child benefit)
- Comfort (without child benefit)
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