Critical illness insurance will pay a lump sum should the insured survive a covered critical illness. The insured must survive a diagnosis of critical illness for a period of 30 days (sometimes referred to as a survival period).
Each carrier has specific conditions they insure. Please refer to each carrier’s contract for an exact wording of which conditions are covered.
Coverage can include:
- Heart Attack
- Coronary Artery Bypass Surgery
- Kidney Failure
- Major Organ Transplant (surgery or waiting list)
- Alzheimer’s Disease
- Loss of Speech
- Severe Burns
- Parkinson’s Disease
- Motor Neuron Disease
- Loss of Limbs
- Benign Brain Tumour
- Occupational HIV Infection
- Heart Valve Replacement
- Loss of Independence
- Aortic Surgery
- Bacterial Meningitis
- Aplastic Anaemia
Some carriers and policies offer riders that that can include:
- Return of Premium on Death – If the life insured does not survive the waiting period or dies as a result of other causes the premiums advanced will be returned.
- Return of Premium on Surrender – Policy will return a percentage of all premiums paid including riders upon surrender of the policy as long as the policy has been maintained for a set number of years (carrier options range from 70% to 100%).
Products are offered with guaranteed rates for terms of:
- 10 years
- 20 years
- Until age 75
- Until age 100
I recommend Canadian Term Insurance. I was offered a solution which allowed me to find coverage for both the immediate and long term with a mix of both 10 and 20 year term insurance.
Canadian Term Insurance helped to decide upon the correct amount of coverage to protect our family. Jeff recommended a program which provides 20 years of term coverage for my wife at preferred rates, and 10 years of term insurance for me at a higher death benefit.
Jeff Comiskey assisted my wife and I in identifying a need for insurance, and presented us with a variety of choices. We chose universal life insurance because of the permanent protection it offered and rates that remain the same for our entire lives.