Critical Illness Insurance

Why ?     Plan Types     Optional Benifits

Why ?


Due to advances in medical treatment, an increasing number of individuals survive a life threatening critical illness. Critical Illness plans are designed to cover the additional costs you may incur if you suffer a severe injury or a serious illness such as cancer, heart attack or stroke.

The policy pays a tax free lump sum payment shortly after diagnosis of a covered condition, thus allowing you the freedom to make meaningful decisions about your physical and financial recovery. The funds allow you to concentrate on getting well and may be used in any manner you wish, such as:

  • out of country, non-OHIP or special treatments
  • private nursing or childcare
  • altering your home or auto to meet your needs
  • pay off mortgages/early or semi retirement

  • Plan Types


    Most plans cover over 20 illnesses, namely:

    Heart Attack
    Coronary Artery Bypass Surgery
    Multiple Sclerosis
    Major Organ Transplant Recipient
    Major Organ Transplant Waiting List
    Severe Burns
    Aortic Surgery
    Benign Brain Tumour
    Heart Valve Replacement
    Kidney Failure
    Loss of Limbs
    Loss of Speech
    Motor Neuron Disease (ALS or Lou Gehrig’s Disease)
    Occupational HIV Injury
    Functional Dependence

    Many insurers also offer a program that covers only heart attack, cancer and stroke. You also have a choice of plan types such as 10 Year Term or Level Term to age 65, 75 or 100. Premiums may be guaranteed, variable or increasing. Most plans provide reduced benefits for less serious cancers or angioplasties. “Best Doctors” confirmation of diagnosis and treatment plan, counseling or support services are common features. Optionally available are riders that return the premium you have paid if you die or your policy terminates at age 75 provided you have not suffered a critical illness prior. Plans providing benefits of $10,000 to $2,000,000 or more are available.

    Optional Benifits


    Waiver of Premium if disabled
    Payment for a second Critical Illness
    Scheduled Increase Benefit