critical Illness insurance department
Get coverage that is not complicated, regardless of your current health or family history with illness. Unexpected health issues can happen to anyone, don’t get caught with large hospital and treatment bills by getting your custom critical illness plan today. Critical Illness pays a lump sum amount on diagnoses not disability, therefore, you don’t need to be disabled to collect.
The issue when a critical illness occurs is the income stops and the bills rise. Stress is huge and CI can be there to help.
Critical Illness coverage can include:
- Aorta Surgery
- Coma
- Loss of Independence
- Occupational HIV Infection
- Alzheimer’s Disease
- Deafness
- Loss of Speech
- Paralysis
- Benign Brain Tumor
- Dismemberment
- Major Organ Failure or Transplant
- Parkinson’s Disease
- Blindness
- Heart Attack
- Severe Burns
- Cancer
- Heart Value Replacement
- Motor Neuron Disease
- Stroke
- Cancer Recurrence
- Lou Gehrig’s Disease (ALS)
- Multiple Sclerosis
Critical Illness insurance with Lifecheque
Lifecheque with LivingCare Benefit
- → Have you thought about how you will manage if you become seriously ill and have to stop working?
- → What if you need help taking care of yourself?
A critical illness can be emotionally and physically devastating. It can also lead to significant and unexpected costs that may not be covered by your provincial or employee health plans.
What is the LivingCare Benefit?
It’s long term care insurance that provides a monthly payment, called a Care Benefit, if you become functionally dependent and satisfy the waiting period (90 days).
To be functionally dependent means you require substantial assistance with at least two of the six Activities of Daily Living (bathing, eating, dressing, toileting, transferring, maintaining continence) or substantial supervision because of cognitive impairment, such as Alzheimer’s disease.
The LivingCare Benefit helps cover the cost of your long term care, so you don’t have to deplete your savings or burden your family. Best of all, it’s build right into the premiums you pay for your Lifecheque coverage which are guaranteed for the life of your policy.
Lifecheque offers a Continuation Option
If you have permanent Lifecheque coverage, the Continuation Option lets you cancel your Lifechque insurance and switch your LivingCare Benefit (after the 20th coverage anniversary) to a separate, comparable long-term care insurance policy with limited evidence of insurability.
Critical illness – the risk is REAL
The risk of suffering from a critical illness is greater than dying prematurely. Yet, in general, purchasing insurance to protect oneself from a critical illness is far less common than purchasing life insurance. Why? Education is lacking.
Why critical illness protection makes sense:
While many Canadians have heard of critical illness insurance, they may not fully understand the importance it plays as part of a sound financial plan. And chances are your clients know someone that has had cancer, or suffered a stroke or heart attack. The physical, emotional and financial impact to an individual and their family can be devastating. The good news is that with advances in technology and medicine, many will recover and continue to lead healthy and productive lives, but at what financial cost?
Hidden and out-of-pocket costs may include:
- Medication and treatment options not covered by government and employee health plans.
- Increase expenses related to day care, hospital visits (including parking and food).
- Home care assistance and home renovations to accommodate illnesses.
- Covering losses of income (for both the insured and caregiver).
- Travel costs.
- Mental pain and treatment.
Developing a critical illness can be a reality
Almost 1/2 of Canadians will develop Cancer in their lifetime.
89% of Canadians who develop Cancer are over age 50.
1/2 of Cancer drugs are not covered by the publicly funded health system.
70,000 Heart Attacks occur each year that send Canadians to emergency rooms across the country.
1.6 million Canadians are living with Heart Disease or the effects of a Stroke.
9 in 10 Canadians surveyed have at least one risk factor for Heart Disease or Stroke.
Critical illness survival rates and costs:
63% is the likelihood, in Canada, of surviving at least five years after a cancer diagnosis compared to the survival rate of 25% in the 1940’s.
More than 90% of Canadians who experience a heart attack and more than 80% who experience a stroke will survive after hospitalization.
13,000 is the annual out-of-pocket costs for newer cancer drugs.