What is Critical Illness Insurance?

Critical Illness Insurance pays out a tax-free lump sum amount if one is diagnosed with a critical illness ranging from Cancer (half of Canadians will develop cancer in their lifetimes, according to a recent poll by TD Insurance) to a Stroke to Multiple Sclerosis to heart disease (something 1 in 2 men and 1 in 3 women in Canada will develop in their lifetimes, according to the same report from TD Insurance). Most insurance companies are offering coverage for 24-28 different illnesses.
Who is Critical Illness Insurance for?
- The question one must ask themselves when it comes to Critical Illness Insurance is, if I were diagnosed with an illness like Cancer, would I be able to afford to fight it?
- Once must consider that the government pays for some of the expenses in helping to fight these illnesses and diseases, but not always will they have the best technology and doctors, not will the treatment be as timely as going to the USA and paying for it.
- Critical Illness Insurance is for everyone. No matter if they have expenses or are still living at home with their parents. The question remains, no matter what one’s financial liabilities or age, would I be able to afford to fight Cancer or a similar critical illness?
- For those who are concerned with the cost of Critical Illness Insurance, there is something called a Return of Premium rider where the insured can elect to receive their premiums back after a set period of time, if they have not made a claim. Usually after at least 15 years.

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