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Critical Health Insurance

Recent advancements in medical technology has made the access we have to treatment is unprecedented, but that doesn’t mean this makes going through a critical illness any easier – emotionally or financially. If you’ve been diagnosed with an illness like cancer, or need to have a major surgery, the toll it will take on your family will be exhausting. In addition to emotional stress, there may be significant financial costs that can add a lot of strain to a family. Making sure you have the right insurance in place can give your family security in a time of deep uncertainty. Across the GTA, we are here to help you pick the right policy for you and your family, and make sure you have coverage needed for anything that might come your way.

How does Critical Illness Insurance differ from Medical Insurance?

You may have access to extended benefits through your employment, but sometimes those benefits only go so far. Instead of having to submit for reimbursement of costs, a critical illness insurance plan gives you a one-time, lump sum payout. It is up to you, and your family, how you spend this money and it doesn’t just have to be just for medical expenses. This insurance is to help make sure your family can continue to meet financial obligations if one of the sources of income is lost due to a critical illness or surgery. Most policies have a condition in place, known as the minimum survival period, where you must survive for a predetermined number of days after your official diagnosis to receive the benefit payout. After you have reached this number, the policy may be paid out and you can use to explore alternate treatments, pay bills, or even arrange for private medical care if you wish.Not sure if you qualify for this kind of insurance? Some of the conditions covered are heart attack, stroke, paralysis, cancer, kidney failure, coma, loss of limbs or sight or a major organ transplant. We can help with more information about other conditions covered, should you have any questions about your policy.

What Critical Illness Insurance covers?

While there may be some difference in what the actual coverage amount is, depending on the policy you choose, there are some commonalities across most policies. For all critical illness policies, should you need to make a claim you will be paid out in a one-time lump sum amount, after the minimum survival period has passed. The lump sum amount can be used in any way you would like, and can help alleviate some of the financial stress a critical illness brampton may bring to a family by way of replacing household income.

Requirements like the length of the minimum survival period can affect the premiums you pay. The longer the period of time, the lower your premiums will be. We can also offer you additional, optional coverage like increasing the policy amount by 20% on every second policy anniversary for the first 10 years the policy is in place. If you become disabled for more than 90 consecutive days, RBC will work with you to take over paying the premiums plus refund any premiums you paid during those first 90 days.

What happens if I don’t experience a critical illness, but I have this policy? Should you not experience a critical illness in your lifetime, you can select an option to return the premiums you paid which will be given to your family after death. We are here to help you pick the right critical illness policy for you and your family. Call us today to Know the best Critical illness insurance quote and to take a look at what your options are.

FAQ

If you surrender the policy at a later date, the cash value, if any, will be returned to you. If you stop making premium payments you can receive the cash value or use that cash value to provide a paid-up insurance benefit.

Your health condition at the time you purchase the policy determines the fixed premium you’ll pay your whole life. So if you are healthy now, it is not too early to purchase a Whole Life Insurance and enjoy lesser monthly payments.

The cash value can be withdrawn from the Insurance and will be non-taxed until it exceeds the amount you’ve actually paid in.

Whole Life Insurance grows until your demise. Thus it is a guaranteed assurance, of protecting your family from any financial difficulty.

You will be paying fixed premiums throughout your life. It may be high compared to Term Life Insurance with the same coverage, but are much less than the monthly payments of an extended Term Life Insurance for the whole life.

In case of Participating Whole Life Insurance, the insurer receives dividends which fluctuate according to the performance of the Insurance Company.

In Whole Life Insurance, a part of your premium builds a cash value which can be borrowed against the Insurance. It is a tax-deferred amount. The cash value also acts as a collateral to enable you to avail a loan from the third party.

Critical illness pay lumpsum payment while disability is the income payment, paid to you in case of injury & sickness. Whilst general insurance does cover a wide range of health issues, a condition such as cancer, stroke, kidney failure, and many life-threatening conditions are left out. Critical illness offers coverage for these conditions.

You get your premium back

No, critical illness is not taxable in Canada. You get a lump sum amount when you apply for it which you can spend on treatments or anything you want.

Anyone can apply for CF if 15 days old.

Yes, there is a waiting period of 90 or less. This means you have to wait after you have been diagnosed with the condition before you can submit your claim depend on the illness diagnosed.

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