Critical illness insurance provides a lump sum payment in the event a critical illness is experienced.
We all know someone who has suffered a heart attack, had a stroke, needed a coronary by-pass or has been diagnosed with cancer. These events cause financial stress because of added health care costs or needed lifestyle changes.
Financial needs include money to replace an income, pay debts and personal loans.
Health care costs include alternate treatment options and needed medical equipment not supplied by the provincial health care system.
Lifestyle changes can include everything from home renovations to transportation changes.
A male non-smoker age 35 - $250,000 of critical illness will have a premium of $81.02 per month (term 10 coverage)
A female non-smoker age 35 - $250,000 of critical illness will have a premium of $78.87 per month (term 10 coverage)
(these rates are correct as of April 9, 2020)
Critical illness insurance is not a replacement for life insurance or disability insurance. When considering critical illness insurance, it is important to look at your total insurance strategy and how the critical illness insurance will fit in to your plan and support you.