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Get A Tax-Free Cash Lumpsum If You Survive A Critical Illness.

Critical illness insurance will help you recover financially while you recover from an unexpected illness.

Who do you know...

  • In your family that suffered a "dread disease" like cancer or a heart attack?
  • Who suffered financially and had to cash out their RRSPs whilst recovering from a critical illness? 
  • Had to depend on a GoFundMe campaign to raise funds for a procedure or transplant? 
  • Whose lifestyle has changed due to a critical illness? 
  • Did their spouse have to take time off work to help them recover? 
  • Was it sudden?  Was it unexpected? How did it make you feel? 


Critical illness insurance Toronto
Bank foreclosure critical illness

Who Needs A Critical Illness Insurance Policy?

Replace Your Income If You Get Cancer

Get a tax-free lumpsum to help you financially recover and help those loved ones who will help you recover.

You Are the Main Breadwinner

Do you have a stay at home spouse? If you're the breadwinner and they get ill how much time can you take off work?

Need to Make Adjustments to Home and Lifestyle

When a critical illness strikes life is disrupted. How do you adapt as you make changes to accommodate your new life.

How much do you think your friends and family will raise on your behalf if you suffer a critical illness?

Crowdfunding or GoFundMe campaigns happen in an instant overnight. This is because a major illness happens suddenly and unexpectedly and people realize the financial burden it will take to recover. 

Dr Marius Barnard critical illness insurance

Dr. Marius Barnard a doctor in South Africa invented critical illness insurance in 1983. He saw the financial burden faced by families when the patient survived after going through chemotherapy or other procedures and were now on the 2 year road to recovery.

Dr. Barnard said "I created critical illness insurance because with medical advances, I was able to heal my patients physically but the financial stress was killing them and working against everything I was trying to do as a doctor."

Gofundme critical illness insurance

Most Common Critical Illness Claims In Canada.

Can you imagine yourself going for a routine checkup then your doctor tells you you need to see a specialist. How would that make you feel? What would go through your mind? Would you be prepared if you were diagnosed with a critical illness? Here are some of the common critical illness insurance claims in Canada:

Diabetes and Critical Illness Insurance


Does critical illness insurance cover diabetes?

In today's society given our diets and adoption of a more sedentary lifestyle, it has become commonplace for people to get diagnosed and live with diabetes. This is because of innovations in medicine to not make diabetes as debilitating as it could be. 


Diabetes is defined as a chronic condition whereby the body is unable to effectively use or produce the hormone insulin that controls glucose (sugar) levels in the blood.


Mismanagement of diabetes can result in conditions such as high blood pressure, nerve damage, eye disease, kidney disease, stroke, or other complications. These symptoms and complications (pre-existing conditions) are an important determination regarding the cost and level of coverage if you apply for a policy if you currently have diabetes. These complications are what is covered if you are diagnosed with diabetes, not diabetes itself as many people are able to live with it without complications.

An important distinction is that critical illness insurance covers complications that come as a result of diabetes and not diabetes itself. Complications include such things like loss of a limb, kidney disease and other related complications listed below in the list provided.  


Diabetes is not considered life-threatening. The life-threatening complications as a result of diabetes diagnosis are what is covered by your critical insurance plan.

  • Alzheimer's
  • Kidney disease
  • Cardiovascular disease
  • Stroke
  • Loss of limbs


30+ Covered Critical Illnesses

Aortic Surgery

Surgery is needed to treat aortic disease for various reasons. A primary cause for surgery is when an artery wall in the aorta weakens and the wall abnormally expands or bulges as blood is pumped through it.

 

Aplastic Anemia

Sometimes considered an autoimmune disease, aplastic anemia is caused by the destruction of blood-forming stem cells in bone marrow.

 

Bacterial Meningitis

This is when bacteria enter your bloodstream and travel to the brain and spinal cord.

 

Benign Brain Tumour

Benign brain tumour are a group of similar cells that do not follow normal cell division and growth patterns and develop into a mass of cells that microscopically do not have the characteristic appearance of a cancer.

Blindness

A lack of seeing or vision or loss of vision that cannot be corrected with glasses or contact lenses.

 

Cancer (Life Threatening)

This is when it's diagnosed at a late stage, when metastases have spread into the lymph nodes or in distant organs, or because the cancer has an aggressive phenotype.

Cancer is defined as a definite diagnosis of a tumour, which must be characterized by the uncontrolled growth and spread of malignant cells and the invasion of tissue. Types of Cancer include carcinoma, melanoma, leukemia, lymphoma, and sarcoma. The diagnosis of Cancer must be made by a specialist. The following forms of cancer are excluded: Lesions described as benign, pre-malignant, uncertain, borderline, non-invasive, carcinoma in-situ (Tis) or tumours classified as Ta; Malignant melanoma skin cancer that is less than or equal to 1.0 mm in thickness, unless it is ulcerated or is accompanied by lymph node or distant metastasis; Any non-melanoma skin cancer, without lymph node or distant metastasis; Prostate cancer classified as T1a or T1b, without lymph node or distant metastasis; Papillary thyroid cancer or follicular thyroid cancer, or both, that is less than or equal to 2.0 cm in greatest diameter and classified as T1, without lymph node or distant metastasis; Chronic lymphocytic leukemia classified less than Rai stage 1; or Malignant gastrointestinal stromal tumours (GIST) and malignant carcinoid tumours, classified less than AJCC Stage 2.

 

Coma

A situation where you have a prolonged unconsciousness that can be caused by a variety of problems — traumatic head injury, stroke, brain tumor, drug or alcohol intoxication, or even an underlying illness, such as diabetes or an infection

Coronary Angioplasty

This is a situation when you open clogged heart arteries usually used during a heart attack scenario.

 

Coronary Artery Bypass Surgery

This is a type of surgical procedure to restore your normal blood flow to an obstructed coronary artery.

 

Deafness

This is partial inability to hear sounds or a hearing impairment.

 

Dementia including Alzheimer’s Disease

Loss of cognitive functioning like reasoning and thinking that it interferes with your daily life and normal activities.

 

Early Breast Cancer

This is cancer that has not spread beyond the breast or the axillary lymph nodes. This includes ductal carcinoma in situ and stage I, stage IIA, stage IIB, and stage IIIA.

 

Early Prostate Cancer

This is a slow forming cancer. The  cancer cells are found only in your prostate. Takes years before a prostate tumor is big enough to cause symptoms or for doctors to find it.

 

Early Skin Cancer

For early skin cancer the borders tend to be uneven and may have scalloped or notched edges, while common moles tend to have smoother, more even borders.

 

Early Stage Blood Cancer

This occurs when the body creates too many abnormal white blood cells and interferes with the bone marrow’s ability to make red blood cells and platelets.

Early Stage Intestinal Cancer

Begins in the cells lining the large intestine like colon cancer.

 

Early Thyroid Cancer

Mainly spotted due to neck lumps or nodules and some selling in that area.

 

Heart Attack

This is when part of your heart muscle doesn't fill out with blood. Sometimes called a myocardial infarction and results in heart damage if blood flow doesn't resume to the muscle in sufficient time.

 

Heart Valve Replacement or Repair

This is a procedure to treat heart valve disease. Heart valve disease involves at least one of the four heart valves not working properly. Heart valves keep blood flowing in the correct direction through your heart.

Kidney Failure

This occurs when your kidneys suddenly become unable to filter waste products from your blood. Signs include protein in your urine (pee) or physical damage to your kidneys.

 

Loss of Independent Existence

Inability to perform the daily functions of living like bathing, dressing yourself and feeding yourself.

Loss of Limbs

Typically through accidental death or dismemberment or through a procedure like diabetes that requires amputation.

Loss of Speech

Characterized by loss of language or the ability to communicate, typically due to brain damage. Mutism is a speech disorder characterized by the inability to speak.

Major Organ Failure on Waiting List

Involves a definite diagnosis of the irreversible failure of the heart, both lungs, liver, both kidneys or bone marrow, and transplantation must be medically necessary. To qualify under major organ failure on waiting list, the insured person must become enrolled as the recipient in a recognized transplant centre in Canada or the United States that performs the required form of transplant surgery.

Major Organ Transplant

  • Heart transplant. A healthy heart from a donor who has suffered brain death is used to replace a patient's damaged or diseased heart. 
  • Lung transplant.
  • Liver transplant. 
  • Pancreas transplant. 
  • Cornea transplant. 
  • Trachea transplant. 
  • Kidney transplant. 
  • Skin transplant.
  • Motor Neuron Disease

    This affects the brain and the nerves and causes weakness to your body that progresses over time.

     

    Multiple Sclerosis

    Multiple sclerosis is autoimmune disease in which the body's immune system attacks its own tissues.

    Occupational HIV Infection

    Usually affecting medical professionals like doctors and nurses and transmission includes blood, semen, vaginal discharge, or breast milk.

     

    Paralysis

    Loss of muscle function in a part of your body or parts. 

    Parkinson’s Disease and Specified Atypical Parkinsonian Disorders

    This is a progressive nervous system disorder that affects movement and occurs when nerve cells, or neurons, in an area of the brain that controls movement become impaired and/or die.

    Severe Burns

    Destroy all layers of your skin, as well as your bones, muscles, and tendons.

     

    Stroke

    A stroke happens when a blood vessel that carries oxygen and nutrients to the brain is either blocked by a clot or bursts (or ruptures). When that happens, part of the brain cannot get the blood (and oxygen) it needs, so it and brain cells die.

     

    Why critical illness insurance is important.

    Have you considered what a critical illness would do to your family life? Your lifestyle? Buy a new modified car or retrofit your home? Your spouse having to take time off work to help you recover? Will you depend on GoFundMe? Can you afford it?

    Are You A Business Owner Looking For Critical Illness?

    How is critical illness insurance different from disability insurance?

    critical illness covers only major illness and paid as a one-time lumpsum.


    disability insurance covers illnesses & injuries and paid as a monthly paycheque for as long as you can't work.

    Disability Insurance vs. Critical Illness Insurance

    Disability Insurance

    • Based on your income or salary. 
    • Need a job to qualify.
    • Can buy up to how much your income qualifies.
    • Paid as a monthly benefit taxable or tax-free.
    • Can claim multiple times.
    • Injury coverage mandatory, sickness optional.
    • Benefits paid from day one or after 90 days.

    Critical Illness

    • Not based on income.  
    • Don't need a job to qualify.
    • Can buy maximum of $2 million coverage
    • Paid as a one-time tax free lumpsum.
    • Can only claim once.
    • Covers only for covered illnesses usually 25.
    • Benefit usually paid after 30 days of survival.

    Conclusion:

    It comes down to what you can afford not to lose when you become sick or hurt. If you can't lose your income for the next 5-30 years, then disability insurance is likely the best option. If you're not worried about future income and would prefer a cash lumpsum to help you recover from a major illness, then critical illness is suitable. Keep in mind critical illness will only pay you once and doesn't cover injury or accidents.


    Ultimately, your budget will play a factor as well. You can buy unlimited amount of critical illness but with disability it will depend on what income you can justify and prove. Either way both are good options when you need them.

    Critical Insurance Companies We Work With

    We work with various critical insurance companies to give you options to qualify.

    You may be squeamish and not like needles. Or perhaps you've had health issues in the past or recently had a health issue. Either way, each company provides options for health or budget.

    Get a Critical Illness Insurance Quote. 

    • Get as little as $10,000 to as much as $2 million coverage.
    • Get $50,000 with no medical exam guaranteed.
    • Buy for a 10 year period, 25 year, to age 75 or for life.
    • Get rates from various life insurance companies with best features and guarantees.
    Best Toronto financial advisor
    Female
    Male
    Smoker
    Non-Smoker
    Are You A Business Owner?
    YES
    NO
    Need Life Insurance?
    • Need Life Insurance?
    • Yes
    • No

    Making a critical illness insurance claim.

    Survival Period:

    This is the number of days you must survive, following the diagnosis of a covered critical illness, before a benefit is payable. The minimum survival period for most covered conditions is 30 days, although some covered conditions require a longer period before benefits are payable.


    90 Day Waiting Period for Cancer:

    Once your policy is in effect (or reinstated) there is no coverage if you are diagnosed with cancer during the first 90 days. A diagnosis of cancer must be made 91 days or more after the effective date to be covered under some critical illness insurance policies.

    Critical illness insurance claim form

    Executive Health Savings Plan

    Critical Illness for Business Owners.

    Access the retained earnings from your company tax-free while providing your required health protection with critical illness insurance.

    Shared Ownership Critical Illness Insurance for Business Owners

    The Executive Health Savings Plan (EHSP) critical insurance policy is a tax-saving and health strategy that allows a business owner or key professional to leverage the advantages of critical illness insurance to financially manage catastrophic health risk, whilst providing risk-free return on investment to the business owner.

    If you are incorporated business and have retained earnings in your company or holding company and have a long-term outlook for your company, this is the go-to strategy to meet your tax-efficient savings needs. This strategy allows them to access retained earnings from their company in a tax-efficient manner while providing required health risk protection for the company. 

    Plan Highlights

    • You and your company purchase the critical illness insurance policy jointly. 
    • Your company pays for the cost of the critical illness policy and you pay for the return of premium benefit.
    • Once you and your business are protected, there are two possible outcomes:

    Critical Illness Claim

    In the event of illness or death (via return of premium) of you the owner, your company submits a claim and receive a fixed dollar amount as detailed in the policy.

    Retained Earnings Access

    In the event that you remain healthy you can access your retained earnings tax-free after a determined number of years. Your accountant will help with structuring this.

    Business owner critical illness insurance

    no medical exam critical illness insurance

    No Medical Exam Critical Illness Insurance

    • Get up to $50,000 coverage. 
    • Coverage even with pre-existing conditions.
    • Coverage for major illnesses e.g cancer, heart disease.
    • Get paid upon diagnosis with no 30-day waiting period.
    • Work with an experienced advisor to get you best critical illness rates.
    Female
    Male
    Smoker
    Non-Smoker
    Select Amount
    • Select Amount
    • $10,000
    • $15,000
    • $20,000
    • $25,000
    • $30,000
    • $40,000
    • $50,000
    Need Life Insurance?
    • Need Life Insurance?
    • Yes
    • No

    No Medical Examination Critical Illness Quote

    No medical exam critical illness quotes

    Get A Free Second Medical Opinion With Best Doctors.

    When you receive a treatment recommendation you may want the option of a second medical opinion. Your critical illness insurance policy gives you the benefit of access to  network of the best doctors and specialists in the world to give you assurance that you're making the right decision. It's free with your critical illness policy.