Illness insurance has become the fastest growing health insurance product since its release in the early two-thousands. There are many extra costs associated with fighting an illness, including alternative treatments not covered by MSP. This can have a serious impact on your savings and retirement plans.
Given that this is the case, it’s important to have the financial help you need so you can take time off work and make a full recovery without worrying about bills. Give us a shout if you think you would suffer financial hardship in the event of a serious illness.
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Aaron explains how the risk of a critical illness can be mitigated with a plan that repays your premiums if you never make a claim.
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Yes. Whey applying for Critical Illness coverage, applicants have the option of adding what is called a “return of premium” to the policy. If you are healthy and never get the benefit paid out, you can get a refund of all the premiums paid into the policy. Common choices for a return of premium is 15 years after the policy is issued, or when the insured turns age 65.
Yes. It is possible for an individual to own and pay for Critical Illness Insurance on the life of someone close to them, as long as they can show they have an insurable need.
In recent years, new products have come to the market that will allow people with pre-existing conditions to get Critical Illness coverage. Usually, the applicant has to be symptom-free for a minimum of 2 years before they will be considered for coverage.
Yes. If the owner of a Critical Illness policy chooses to cancel their coverage, they can do so at any point in time.
No. Critical Illness premiums are considered personal coverage and are not tax-deductible in Canada.
Critical Illness benefits are paid out tax-free in one lump sum to the beneficiary.
All Critical Illness policies will cover 3-5 built-in illnesses. Cancer, heart attack, stroke, and coronary bypass are the most common.
Depending on your insurer, you will usually have the option of adding another 20 or more illnesses to your coverage. Some of the most common examples being multiple sclerosis, kidney failure, and dementia.
Critical Illness Insurance is a valuable coverage to have at any age. Critical Illness policies for children are becoming more popular as parents buy policies for their child several weeks after being born. It is worth noting that coverage becomes more expensive as you get older, so it’s worth locking in a lower rate whilst you can.
Historically Critical Illness policies come with a 30- day waiting period where a lump-sum tax-free benefit is paid out 30 days after the covered’s diagnosis. However, it is possible to find insurers that offer policies that do not require a 30 day waiting period.
Financial hardship for individuals and families is often triggered by some form of critical illness. The loss of income, large medical expenses and incurred debt associated with a critical illness can often be crippling to the affected’s financial situation.
Ask yourself the question “How would a critical illness affect me now and in the future”? Then decide if it is something you can fit into your budget.
