More Information about Critical Illness

Critical Illness Insurance

Critical Illness Insurance or CI, provides a lump sum benefit when you are diagnosed with cancer, heart attack or stroke, plus a number of other diseases and conditions. It is becoming increasingly popular here in Canada and its use is widespread in the UK. Started over 10 yrs go by heart specialist Dr. Marius Barnard, brother of Dr. Christiaan Barnard pioneer of heart transplant surgery in South Africa, the product was conceived because his patients were surviving heart surgery but were financially devastated by the cost of hospitalization and treatment and were therefore forced to return to work too early in their recovery. CI, was introduced to Canada by Canada Life several years ago and several top insurers have followed suit with excellent products. It can be purchased with a rider for Return of Premium if you haven't made a claim and with Best Doctors service, allowing you access to medical centres of excellence for a second opinion or to arrange treatment.

Group CI.

The benefit can be purchased as part of an employee benefit plan in amounts as low as $5000 and up to $25,000 per employee. The benefit is available in sums of $25,000 to $1 million and you use the funds as you wish; treatment outside Canada, vacation, pay off debt, retire early…. Don't be fooled by cheap imitations, CI is now being sold by some banks to only cover mortgages and has recently been spotted in my mailbox as an "exclusive for cardholders" from a major department store. These contracts have limitations and exclusions and typically cover only a few illnesses.