Critical Illness

A tax-free lump sum of money when you are diagnosed with one of the covered conditions.  We represent many insurers who offer Critical Illness plans and can find the right plan for your needs and budget.

Contact us to find coverage that fits your needs!

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 your reported income to CRA. You pick the amount of coverage, it does not have to be justified by your 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!

We represent a number of insurers that offer Critical Illness contracts and although they are all similar, some have early detection features, additional conditions, cover a second event and may include a clause for Lack of Independence.  Some insurers also offer a Simplified Issue CI product which does not cover pre-existing conditions BUT which covers the uninsurable!

The tax-free lump sum benefit  can be used for anything the policy owner chooses. Many people use the funds to seek a 2nd opinion out of the country, pay for alternative treatments to aid recovery, eliminate their debt, fund a renovation or take a family holiday.

For business purposes, a Critical Illness policy can be structure with the business as the owner and the beneficiary.  In this way, the business is protected if the owner is diagnosed and can hire a replacement to manage the business and pay the bills while the business owner recovers.  A Return of Premium Rider on a business owned policy can also be a strategy for retirement!

Critical Illness Insurance in Ontario

What is Critical Illness Insurance?

While some forms of insurance, such as funeral insurance, might fail to cover everything, critical illness insurance is a vital form of insurance coverage. It aims to safeguard individuals in Ontario from the financial burdens that often accompany a diagnosis of a critical illness. When you purchase critical illness insurance, you essentially provide yourself with financial protection, in the event that you develop a serious illness. The Benefits Edge Insurance recognizes the significance of comprehensive coverage. Our critical illness insurance policies in Ontario take into account the underwriting in insurance, being meticulously designed to provide unparalleled financial security and peace of mind during challenging times.

With our Critical Illness Insurance policies, we offer customizable coverage options that can be tailored to your unique needs and circumstances. We understand that different individuals have varying priorities and concerns when it comes to critical illnesses. That’s why our policies encompass a wide critical illness list, including but not limited to heart disease, stroke, and cancer insurance to ensure that you receive the appropriate protection against the specific ailments that concern you.

By securing Critical Illness Insurance from The Benefits Edge, you can have confidence that you are prepared for the unexpected. In the event of a critical injury or covered critical illness diagnosis, our policies provide a lump sum payment that can be used at your discretion. This lump sum payment serves as a financial safety net, allowing you to cover medical expenses not covered by health insurance, seek specialized treatments, access innovative therapies, and make necessary lifestyle adjustments to accommodate the challenges of your condition.

Our goal is to alleviate the additional stress of financial strain with critical illness benefits. With our comprehensive coverage and personalized service, we are committed to helping you navigate the complexities of critical illness insurance in Ontario, ensuring that you have the support you need when it matters most.

How Does Critical Illness Insurance Work in Ontario?

Critical Illness Insurance is designed to provide a financial safety net for individuals in Ontario who are in some form of critical condition. The policyholder pays regular premiums to maintain the coverage, ensuring that they are protected in the event of a critical illness diagnosis. If the policyholder is diagnosed with a critical illness that is specified in the policy’s list of covered conditions, they become eligible to receive a lump sum benefit.

The lump sum benefit received from such forms of critical insurance can be utilized in various ways, depending on the policyholder’s needs and priorities. One of the primary uses of the funds is to cover medical expenses that are not covered by critical health insurance. Critical illnesses often require specialized treatments, medications, and therapies, which can be costly. The lump sum benefit can be used to cover these expenses and ensure that the policyholder receives the necessary medical care without the burden of financial strain.

Additionally, the funds can be used to explore alternative treatments or seek second opinions from medical experts. Some critical illnesses may have non-traditional or experimental treatment options that are not covered by conventional health insurance. The lump sum benefit provides the flexibility to pursue these alternative avenues, giving the policyholder access to potentially life-saving treatments that may not be otherwise affordable.

During a period of illness, maintaining financial stability is crucial. The lump sum benefit can be used to replace lost income, cover ongoing living expenses, and ensure that the policyholder’s financial obligations are met. It provides a source of income during a time when the individual may be unable to work or face reduced earning capacity due to a critical illness.

Moreover, the lump sum critical care benefit offers the policyholder the freedom to make necessary lifestyle adjustments. Critical illnesses often require significant changes to one’s daily routine, living environment, and overall lifestyle. The funds from critical illness insurance coverage can be used to modify the home to accommodate special needs, hire home healthcare services, or even pursue vocational rehabilitation and career retraining if required.

How The Benefits Edge Insurance Helps with Ontario Critical Illness Insurance

When you choose The Benefits Edge Insurance for your Ontario Critical Illness Insurance, you benefit from our expertise and personalized service. We guide you through the process, explaining the critical illness insurance coverage specific to Ontario and ensuring that you have a clear understanding of the policy terms, conditions, and benefits.

We take the time to assess your unique circumstances, taking into account factors such as your age, health history, and specific needs. This allows us to recommend the most suitable critical illness cover options that align with your budget and provide the necessary protection against critical illnesses.

With The Benefits Edge Insurance, you can rest assured knowing that you have a trusted partner on your side. We are dedicated to helping you secure the critical illness insurance coverage you need in Ontario, providing financial peace of mind and protection for you and your loved ones. Regardless of the rates for life insurance, getting covered for a critical illness pays a lump sum benefit to you when you are diagnosed with a covered condition.

Reasons Why Critical Illness Insurance is Popular in Ontario

Evolution of Medicine

The incidence of critical illnesses, including cancer, heart attacks, and strokes, is indeed increasing. While medical advancements have improved survival rates, the financial consequences of these illnesses can be overwhelming. That’s where sickness insurance plays a crucial role in protecting your financial well-being.

Critical illness insurance in Ontario is designed to provide financial support when you are diagnosed with a covered critical illness. Unlike other types of insurance that focus on medical expenses or disability income, critical illness insurance offers a lump sum benefit that can be used at your discretion. This lump sum payment can help cover various costs associated with your illness, such as medical treatments, specialized care, rehabilitation, or even day-to-day living expenses.

The lump sum benefit from critical illness insurance can be used in any way you see fit. It can help bridge the gap between your regular income and the increased expenses during your illness, cover medical costs not covered by your health insurance, or allow you to explore alternative treatments or seek second opinions. Furthermore, it can help you maintain your financial stability, pay off debts, or make necessary lifestyle adjustments while focusing on your recovery.

We work closely with individuals in Ontario to ensure they have the right coverage to protect themselves and their loved ones. Our experienced team will guide you through the process, help you understand the coverage options available, and tailor a policy that aligns with your needs and budget.

Boost Income Replacement

For business owners in Ontario, Canada, different kinds of insurance can serve as a valuable addition to Income Replacement coverage. Unlike traditional income replacement plans that are tied to reported income for tax purposes, critical illness insurance allows you to choose the coverage amount without the need to justify it based on your T-4 or salary. This flexibility gives business owners the opportunity to enhance their income replacement strategy and ensure financial stability during critical times.

Critical illness insurance provides an additional layer of protection by offering a lump sum benefit upon the diagnosis of a covered critical illness. The lump sum benefit received from the policy can be used to bridge the income gap while you focus on your recovery. It can help cover business expenses, hire temporary replacements, or invest in alternative treatments or specialized care to aid in your rehabilitation.

Moreover, critical illness insurance allows business owners to plan for the future and mitigate potential risks. By structuring the policy with the business as the owner and beneficiary, the business itself is protected if the owner is diagnosed with a critical illness. In such cases, the business can use the lump sum benefit to hire a replacement, manage ongoing operations, and ensure the continuity of business activities.

Additionally, business owners have the option to include a Return of Premium Rider in their Critical Illness Insurance policy. This rider provides an attractive strategy for retirement planning as it offers the possibility of receiving a refund of premiums if no claims have been made during the policy term. This can serve as a valuable asset for business owners looking to secure their financial future while still maintaining protection against critical illnesses.

Refund of Premium

The Refund of Premium for life insurance riders provides the option to receive a payout in the event of death, surrender of the policy, or reaching the age of 75 when the coverage ends. This feature is appealing to many individuals who appreciate the opportunity to have their premiums returned if they have not made a claim. With this rider, the policy covers you if you experience a covered condition, but you also have the potential to receive a refund if you remain healthy.

We work with multiple insurance providers in Ontario that offer critical illness insurance contracts. While the basic coverage across insurers is similar, there can be variations in the policy features. Some insurers may include early detection benefits, coverage for additional conditions, protection for a second critical event, or a clause for Lack of Independence. Furthermore, some insurers offer a Simplified Issue of Critical Illness Insurance, which does not cover pre-existing conditions but provides coverage for those who may be deemed uninsurable by traditional standards.

For business purposes, critical illness insurance can be structured with the business as the policy owner and beneficiary. This arrangement provides protection for the business in the event that the owner is diagnosed with a critical illness. The policy proceeds can be used to hire a replacement to manage the business and cover ongoing expenses while the owner focuses on recovery. Additionally, a Return of Premium Rider on a business-owned policy can serve as a retirement strategy, providing a potential payout of premiums if the owner remains healthy and does not make a claim.

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Critical Illness solutions are available for Individuals,  Business Owners and can be made available as part of a Group Benefit Plan.  Contact us for options!

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