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Critical Illness Insurance
You've worked hard to achieve your personal and financial goals. You've built up investments through registered or non-registered savings for your retirement and for plans that are important to you. What happens to these savings if you have a heart attack, stroke, or are diagnosed with cancer? A critical illness can disrupt your plans and take a toll on your physical and mental health, as well as your financial well-being.
You may need to under go treatments, receive on going care or take medication that could impact your financial well-being. In this scenario critical illness insurance plays an important role.
What is a critical illness insurance?
Critical Illness insurance is a policy wherein it provides a lump sum benefit up on diagnosis of a covered critical illness, allowing you to take care of your self without having to worry about money. Helping you to focus on what matters most: your recovery. This coverage provides you with financial freedom so you can make decisions about your health while maintaining your lifestyle and reduce the negative impact on your hard-earned savings.
This provides coverage for all types of cancers along with 25 other illnesses, including temporary or permanent loss of independence.
The insurance benefit is received as a non-tax able payment upon diagnosis of a covered conditions Allowing you to use the funds as you see fit.
HOW DOES IT WORK?
If you suffer a covered critical illness (at the age of diagnosis)
Should you receive a diagnosis of one of the 26 covered critical illnesses, Health Priorities pays you a non-taxable lump-sum benefit that can be used as you see fit.
Note: The full benefit amount is shown for illustrative purposes. It may vary depending on the stage of the illness for which a full or partial benefit is to be paid.
If you die prematurely (death at the age of diagnosis)
Your beneficiary will receive the higher of the following amounts (if this option was chosen):
100% of the premiums paid or
25% of the insurance amount
Note: the death benefit amount depends on when the insured dies.
If you remain in good health (payment at retirement age)
If this option is chosen, you can receive a reimbursement of premiums paid upon termination of coverage.
The percentage of the premiums reimbursed can equal 100% of premiums paid after a certain period of time.
Note: This option is not available with Health Priorities Term 10 and Term 20 coverages. The amount indicated is for illustration purposes only and represents the amount that can be paid at the assumed retirement age. The amount of the refund of premiums depends on when the policyholder applies for it.
CRITICAL ILLNESSES AND SURGERIES
If you are diagnosed with one of these covered critical illnesses or undergo one of the surgeries listed, you will receive the chosen amount of insurance, minus any amount paid in advance, without a waiting period.
- Acquired brain injury
- Aortic surgery
- Aplastic anemia
- Bacterial meningitis
- Benign brain tumour
- Blindness
- Cancer (life-threatening)
- Coma
- Coronary artery bypass surgery
- Deafness
- Dementia (including Alzheimer’s disease)
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Loss of limbs
- Loss of speech
- Major organ failure on waiting list
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Paralysis
- Parkinson’s disease and specified atypical parkinsonian disorders
- Severe burns
- Stroke (cerebrovascular accident)
CRITICAL ILLNESS INSURANCE V/S DISABILITY INSURANCE.
Critical illness and disability insurance have some similarities that may help you and your family through turbulent times due to health problems, but they function differently and offer solutions for different financial needs.
Disability insurance provides monthly payments that replace part of your income if you are unable to work due to injury or illness. This insurance covers your living expenses and allows you to maintain your standard of living while you are disabled or for the period you choose with your insurance.
Acute illness can lead to unexpected expenses that are not covered by disability insurance. Critical illness insurance provides an immediate lump sum in case of diagnosis of one of the critical illness conditions covered by the insurance policy. A lump sum payment can be used at your convenience, such as medical expenses for illness or nursing care for family members.
Many ill people can continue to work but are not eligible for disability insurance benefits.
