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Critical Illness

Critical Illness Insurance pays a lump sum benefit to you when you are diagnosed with a covered condition.

Critical illness insurance has gained popularity for 3 reasons:

  1. The incidences of cancer, heart attack and stroke are rising but we are more likely to survive the initial diagnosis. The financial implications of being unable to work because of the disease and the recovery
    period make this insurance important to include in your portfolio.
  2. As a business owner, a CI policy can be a way of boosting your Income Replacement as the coverage is
    not tied to earnings. You pick the amount of coverage, it does not have to be justified by T-4 or salary.
  3. A popular rider is the Refund of Premium rider which can pay out on death, surrender of the policy or age
    75 when the coverage ends. Many people like the option to have their premiums returned if they have not
    made a claim. Your policy covers you if you have a covered condition but pays you back if you don’t, the
    only cost is the opportunity cost of your money.

We represent a number of insurers that offer Critical Illness contracts and although they are all similar, some have early detection features, additional conditions and a clause for Lack of Independence.

The lump sum benefit is paid out after a standard 30 day survival clause and can be used for anything the owner chooses. Many people use the funds to seek a 2nd opinion out of the country, pay for alternative treatments to aid recovery, eliminate debt, fund a renovation or take a family holiday.

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