Critical Illness
Critical illness coverage is a elatively new type of Living Benefits coverage has been designed to fill the gap that up until recently existed. Today there is an 80% chance you will suffer a Critical illness, survive and live longer than ever before because of advances in medical science. This product just makes sense for most people. It has been specifically designed to pay out in the event you should suffer a serious life-threatening illness. Unlike Disability Income or Group LTD coverage that pays you a monthly income if disabled, this is designed to cover the gap between Life insurance and Disability insurance where you are financially exposed.
This type of plan provides a lump sum payment in the event of a specified critical illness, the most common of which are cancer, heart attack, coronary artery bypass surgery, stroke, kidney failure, and major organ transplant. In addition, there are a number of other major illnesses that are covered under an enhanced coverage option.
Why Critical illness? Canadians are afflicted by serious medical problems more frequently than anyone might think, and unfortunately, many are unprepared for the financial burden which can be significant, and may not be covered by provincial medical funding or employer group benefits.
Critical Illness coverage is all about providing money while you are still alive.
- This equates to choices.
- It’s all about control, freedom and stress reduction
- Having the cash flow allows you the freedom to continue living, not just existing.
Health care spending is increasing, with over one quarter being funded by the private sector. In a survey conducted in 1999, 61% of baby boomers were concerned that it would be financially difficult to deal with a major illness. With a critical needs lump sum benefit, you can use the lump sum to help cover some of the extraordinary costs associated with a critical illness, to pay off debts, to obtain out-of-country treatment, recuperation, enhance retirement assets, and even fund special events such as weddings. In short, you use the proceeds for whatever you see fit.
The Critical illness planning process
We place a great deal of importance on the planning process which enables us to custom-tailor the proposed new coverages to not only suit your own unique circumstances, but also to provide effective risk management. Once the planning process has been completed and we mutually agree on an overall design, our job is to shop the marketplace and utilize our expertise to find the BEST products to meet your requirements and criteria.
While cost is most certainly an important factor in the selection process, we also take into account contract wordings (which will determine whether or not your claim will qualify), plan features and options, and the reputation of the carrier.
Once the plan and carrier have been selected, we then begin the underwriting process. This is the method that the insurer uses to determine whether or not you qualify for the proposed new coverages. Some of the important factors that are considered are your income levels and your health. We work with you throughout this process to ensure that you receive the very best rates the carrier can offer you.
Our commitment doesn’t end there. After your new coverages are inforce, we continue to monitor them to assist you to exercise any optional benefits you have purchased such as the right to increase your coverage without having to be re-underwritten, and to ensure that your plans continue to deliver exceptional value to you. We continually monitor the marketplace to keep you advised of new products and ideas as they emerge and apply to you.
At claim time, you can rest assured that we will be there to assist you in filing your claim and getting it paid.