Critical Illness Insurance

As with most insurance policies, you pay for your coverage just in case the unexpected happens. That said, there are some extended options you can choose to get some of your money back. One such benefit is the return of premium options. If you don’t get sick after 10-years or more, you may be able to have your premium returned.

No. It is your money to use on whatever you need during your recovery. If you need it to pay daily bills, medical expenses, or quit your job to stay at home with your family during this difficult period, your insurance coverage is there to help you do this without dipping into savings.

While Canadians have access to medical coverage through our provincial and federal governments, there are restrictions. There are also financial complications which may arise due to an illness which does not fall under your medical care. For example, if you miss work due to an illness, or require child care because of an operation which leaves you unable to physically care for your family, your insurance money can help cover these costs.

Determining the appropriate amount of coverage depends on various factors, including your financial obligations, such as mortgage payments, debts, and ongoing living expenses. It’s essential to assess your individual needs and consult with an insurance advisor to determine the appropriate coverage amount.

If you miss a premium payment, your policy may enter a grace period during which you can still make the payment without losing coverage. However, if the grace period expires without payment, your policy may lapse, and you could lose coverage. It’s crucial to contact your insurance provider as soon as possible if you’re unable to make a premium payment.

Critical illness insurance typically covers a range of serious illnesses, including cancer, heart attack, stroke, organ failure, and other life-threatening conditions. However, the specific illnesses covered may vary depending on the insurance policy. Review your policy documents carefully to understand the covered conditions.

Critical illness insurance premiums are generally not tax-deductible in Canada. However, any benefits received from the insurance policy are typically tax-free, providing financial support during a challenging time.

The requirements for medical exams may vary depending on the insurance provider and the coverage amount. While some policies may require medical underwriting and exams, others may offer simplified underwriting options that do not require extensive medical assessments.

Yes, you can typically cancel your critical illness insurance policy if you no longer need it. However, it’s essential to review the terms of your policy, including any cancellation fees or penalties, before making a decision. Additionally, consider whether alternative coverage options are available to meet your needs.

Generally, making a claim on your critical illness insurance policy should not directly result in an increase in premiums. However, insurance providers may adjust premiums for all policyholders based on factors such as overall claims experience and changes in the insurance market.