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NO MEDICAL Critical Illness Insurance
Since Critical Illness Plans vary so much from company to company and from plan to plan, We suggest you have a broker give you a custom illustration including a complete list of covered conditions.
Subject: John Littleboy, Male, age 3 If John remains healthy for 20 years (to age 23), his parents have 2 options: Option 1: They may choose a refund of all premiums paid and collect a cheque for $6380 tax free!!! Option 2: They may choose to keep John’s coverage in force for the rest of his life and never pay another premium! For New Homeowners Richard has a family and is the primary breadwinner while his wife stays home to raise their 2 children. His annual salary is $60,000 and he carries a mortgage of $200,000. He has a limited budget for insurance howver, he wants to ensure his family will be okay if something should happen to him. Solution: A $200,000 T10 Life policy with 25% Critical Illness Advance Rider. Monthly Premium: $32.46 How the plan works: If Richard should pass away, the Plan will pay Richard's wife(his beneficiary) $200,000, enough to pay off the mortgage. If Richard suffers a serious critical illness (heart attck, stroke, cancer, etc...), We will collect a tax free benefit of $50,000 as an advance on his policy, leaaving $150,000 in life insurance remaining. This would be enough to cover the family's expenses for at least one full year, giving richard that time to recover without the financial stress he would feel otherwise.
Critical Illness Insurance
Critical Illness insurance is one of the newest and fastest growing types of insurance coverage worldwide. We are lucky in that Canadian insurers are among the only companies left in the world who continue to offer guaranteed premiums in their contracts.
Critical illness insurance is a form of health insurance that provides a tax-free lump-sum payment should you suffer a life threatening illness. Plans can be set up with such benefits as a return of premium rider will will refund all premiums paid if no claims are made.
Since covered conditions vary from company to company (although many companies now have Standard CI definitions) and plan to plan, it is important that you speak to an Independent Advisor, that represents multiple companies, who can provide a complete list of covered conditions. There are many ways to set up a critical illness plan. Some plans will return the premium or a portion of the premiums paid during the life of the policy if the policy matures and no claim has been paid. Below are some case studies to show ways in which Critical Illness insurance can work for you.
For Parents & Grandparents
Case Study 1: The Most Advanced Health Protection Plan for your Child
Plan Basics:
Coverage Amount: $50,000
Daily Premium: $0.87
Premium Duration: 20 years
How the plan works: John’s parents (or grandparents) pay $0.87 per day. Should John suffer a Critical Illness or pass away, John’s parents would receive a tax-free lump sum of $50,000 to use however they see fit.(take time off work, pay for immediate quality treatment abroad, take a healing family holiday, etc…)
The Solution: A Critical Illness Advance Rider on your Term Life Policy.
| LIFE INSURANCE | CRITICAL ILLNESS | RETIREMENT PLANNING | ESTATE PLANNING |
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| TRAVEL INSURANCE | MORTGAGE INSURANCE | CHILDREN'S INSURANCE | CLIENT TESTAMONIALS |
