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What is critical illness insurance?

Like life insurance, critical illness insurance is also available in term or permanent options. Term critical illness insurance covers you for a fixed period or “term” and permanent critical illness insurance covers you until death (though you can pay the monthly premium for the policy upfront, typically over a duration of 10 or 20 years).

 

The benefit payment is called a living benefit because it does not depend on whether you have recovered or not. It is paid out while you are living, once it is established you have contracted a covered illness or gone through certain health incidents.

 

Depending on the condition and the insurance provider, you may have to survive for a certain amount of time (known as the survival or waiting period) before you are eligible for the payout.

 

Coverage can vary according to the severity of the condition you are diagnosed with. For example, some non-life-threatening cancers may not be covered, but more serious cancers might be.

 

It is important to read your policy carefully. Be sure to ask an advisor to provide you with a complete explanation of your coverage.

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How does critical illness insurance work?

Critical illness insurance works by providing you with a financial cushion. In the unfortunate circumstance that you are diagnosed with one of the critical illnesses listed on the policy, you are given a lump sum cash payment.

 

You have the flexibility to use the cash any way you want to help you cope with the financial and emotional stress associated with a serious illness. In exchange, you pay a periodic sum of money to the insurance company, usually monthly, called a premium.

 

Critical illness insurance, sometimes called heart attack insurance, stroke insurance, or cancer insurance, can be purchased as a stand-alone policy, or as a rider on your existing life insurance policy.

Critical illness insurance can help with medical costs, which include:

  • Deductibles and co-pays
  • Prescription medicines
  • Upgraded medical facilities
  • Alternative treatment options

Critical illness insurance can also help with non-medical expenses like:

  • Replace lost income for self or spouse
  • Homecare / home modification
  • Debt repayments
  • Travel and transportation costs
  • Child care while you recover
 

Trusted by Families Across Canada

Priya R., Brampton

“I had no idea where to start with life insurance, but Money Freedom made the process simple and stress-free. They explained everything clearly and helped me find the right plan for my family.”

Samantha J., Markham

“Money Freedom’s customer service is excellent. They responded quickly to all my questions and guided me every step of the way. Highly recommend!”

Emily Chen

“From the first call to signing the policy, everything was smooth and professional. I’ve even recommended them to my friends and family.”

What is Return of Premium?

Return of Premium (ROP) insurance riders grant a refund of the premiums you paid and have three distinct types:

  • Return of Premium on Death: If the insured person dies before enacting their critical illness insurance coverage, the premiums are returned to a chosen beneficiary or their estate.
  • Return of Premium on Expiry: If one’s critical illness insurance term expires without being used, the premiums are returned.
  • Return of Premium on Cancellation/Surrender: After a certain number of years, a policyholder can surrender or cancel their coverage and receive a portion of their premiums back.