CRITICAL Illness Insurance
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Critical Illness insurance is a smart way to protect your family’s financial well-being, and provide more options to help you recover from a critical illness. It is especially important for single people, self-employed individuals or business owners who may not be able to earn a living while they focus on getting better.
Critical illness insurance reduces stress and anxiety! It makes it possible for you to:
- Reduce debts (mortgage, credit cards, etc) and other expenses while you recover
- Make home or vehicle modifications if necessary
- Replace any reduced or lost income for you and your spouse to take a leave of absence
- Hire private nursing or domestic help
- Access medical treatments and medications not covered by private or government health insurance plans
The risk of developing a critical illness is high. Here are statistics on the three biggest ones:
- One in three Canadians will develop a life-threatening cancer.
- One in two heart attack victims are under 65 years old.
- Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75% will be left with a disability.
It is important to purchase a good quality product. Enlisting the services of an insurance broker is prudent for comparing policies – not just price, but likelihood of being covered for a claim.
At Ottawa Asset Management, we help you to decide which type(s) of insurance coverage is best for you.
Insurance rates vary from carrier to carrier. As an insurance broker, we work with all the major Canadian providers of Life Insurance to find you the best rates for your policy.
Call us today, or book an appointment online, for a free quote or consultation.
What is Critical Illness Insurance?
Critical Illness insurance pays a lump sum, one-time payment if you are diagnosed with one of the illnesses covered under your plan. The benefit is paid to you at the end of the required survival period (usually as short as 30 days). How you spend the money is entirely up to you. The benefit is tax-free and receiving this benefit doesn’t affect the amount of disability benefits you may also be receiving.
Critical illness insurance covers an individual against illnesses such as heart attack, stroke and cancer and is sold in terms of 10 years, 20 years, to the age of 75 or the age of 100. Policies can range from covering three medical conditions to as many as 24.
Return of Premium riders are available which return 100% of the premium (usually at age 65 or 75), if no claims have been made.
Our Insurance Partners:
Canada Life | BMO | Equitable Life | Ivari | RBC | SSQ | Empire | Life Sun Life | Manulife | Desjardins | Great West Life
Manulife’s Lifecheque Basic Critical Illness Insurance offers:
- Coverage for 5 major illnesses including cancer, heart disease, stroke, aeortic surgery and coronary artery bypass surgery.
- Lump sum payments of $25,000, $50,000 or $75,000 with a Return of Premium option.
- Coverage for applicants between the ages of 18 and 75.
Click here for more information on Lifecheque Basic Critical Illness insurance and to quote and apply on-line.