Your Source For


Critical Illness Insurance

Critical Illness Insurance is designed to complement disability insurance and provide a non-taxable, lump sum benefit should the insured be diagnosed with a critical illness. While disability insurance protects one's income, Critical Illness Insurance helps one to manage the extra costs associated with the illness and therefore allows one to rebuild or maintain his/her lifestyle after suffering the illness. The benefit could be put to a number of uses to assist in health care and allow one to cope financially with the adjustment needed to recover and live with the illness. For example, the Critical Illness benefit could be used for:

  • Out of Country health care;
  • Avoiding hospital waiting lists;
  • Covering non-insured health expenses;
  • Offset lost income;
  • Home renovations;
  • Debt elimination;
  • Long term care;
  • Supplemental monthly income.

Critical Illness Insurance can provide coverage for a variety of illnesses including the following:

  • Heart Attack
  • Lou Gehrig's Disease
  • Stroke
  • Parkinson's Disease
  • Life Threatening Cancer
  • Paralysis
  • Major Organ Transplant
  • Renal Failure
  • Coma
  • Major Burns
  • Coronary Artery Bypass Surgery
  • Loss of Speech
  • Multiple Sclerosis
  • Blindness
  • Alzheimer's Disease
  • Deafness

Unlike disability insurance, the insured does not have to be disabled to make a claim and can continue to work on a full-time basis. Also in contrast to disability insurance, Critical Illness Insurance can be purchased on a permanent basis. These policies can therefore continue to provide protection after one retires.