Top critical illness insurance TIPS in Canada 2021Posted by Wooten Tillman on February 25th, 2021 With many misconceptions surrounding Critical illness (CI) insurance we put together a quick read to help you purchase CI with more confidence. life insurance quote know critical illness can be confusing and so our goal with this article is to give you a brief overview of critical illness insurance, why you should consider CI, how it works and which companies are best. So here we go! What is critical illness insurance? Critical illness insurance provides a lump-sum payment to you in the event you become diagnosed with a critical illness. Hopefully that sounds pretty straight forward. The specific critical illnesses differ from company to company, however the major illness covered are: • heart attack • strokes • coronary bypass surgery • Cancer • plus many other conditions depending on the insurance company Critical illness insurance works like many other coverages, you pay monthly a specific amount (known as your premium) which gives you a specific amount of coverage (known as the living benefit). In the event you are diagnosed with one of the conditions in your policy you will receive the living benefit tax free. For example: Kelly had a 0,000 critical illness policy he paid 121 dollars a month for. Kelly suffered a heart attack and even though she was expected to make a full recovery the insurance company paid him the 0,000 living benefit Tax-free. There is no restrictions on what you do with the living benefit. In the example above if Kelly ended up taking some time off work, and had some unforeseen medical expense, which cost her 0,000 total. She would still receive the full 0,000 having 0,000 left over. For this reason CI becomes very attractive to some clientele. Why should you get critical illness insurance? Critical illness insurance gives you the financial protection you and your family need should you suffer a severe health condition. With more and more Canadian every year become diagnosed with cancer, heart attack, and strokes, which means, CI is the protection you need. Cancer rates are now 1 in 2 for men and 1 and 3 for women (https://www.silverbook.org/fact/men-have-nearly-a-1-in-2-chance-of-developing-cancer-in-their-lifetime-for-women-the-risk-is-around-1-in-3/). And 9/10 Canadians have at least 1 risk factor for heart conditions, stroke or vascular cognitive impairment (https://www.empire.ca/sites/default/files/2020-04/INS-1296-CI-InsuranceClaims-Flyer-EN-web.pdf). The odds are you are more likely going to need it than not. This is why some people refer to CI as the lottery you don't want to win. With many companies in Canada offering CI we put a brief list together to help you know which companies are out there that offer Critical Illness insurance. Top insurance associations in 2021 • Assumption life • BMO Insurance • Canada Life • Desjardin • Empire Life • Equtiable Life • Foresters • Humania • IA • Ivari • Manulife • RBC insurance • SSQ • Sunlife As we conclude, CI is becoming very important. Rates of people who are diagnosed with critical illness increase every year, with that the survival rate increase as well. However, what most people are not ready for is the medical bills and the cost associated with Critical illnesses. Don’t wait get CI before it is too late.Like it? Share it! More by this author |