Critical Illness Insurance

By: Mylife Canada  09-12-2011
Keywords: Critical Illness Insurance, Mortgage Insurance, Insurance Policies

Critical Illness Insurance

Key Facts

  1. Advances in medical science and increasing life expectencies mean you have a better chance of surviving critical illness.
  2. 86% of hospitalized heart attack patients survive.
  3. Not worrying about finances helps you recover faster and helps ease some of the strain.

myLIFE CANADA ~ Mr. Dempsey

A Critical Illness Insurance plan from myLIFE CANADA is insurance protection that guarantees the payment of a tax-free lump-sum benefit when a critical illness is diagnosed. Although certain illness-related expenses may be covered by provincial and/or private health plans, these programs do not cover many medical costs.

Unlike other forms of insurance, Critical Illness Insurance can provide a lump sum payment and allows people to use the funds in many ways, including:

  • Enabling your spouse to take a leave of absence without pay
  • Hiring a caregiver
  • Paying for specialized medical treatments
  • Paying for the best possible care
  • Reducing family obligations
  • Helping towards your mortgage payments
  • Helping pay for childcare
  • Funding a trip to assist recovery

When you take out a Critical Illness policy from myLIFE CANADA, there are no restrictions when you are diagnosed with a covered illness.

Here are some of the features available when you start your policy:

  • Your plan will also assist you in finding the best medical professionals for your particular situation.
  • Most Critical Illness Insurance plans include a full refund of premiums to the family should death occur before the maturity of the plan (usually age 75) without reporting a claim.
  • Many plans offer a return of premium -- at plan maturity, if no claim or only a partial claim has been made, you receive your premiums back.
  • Hospital and testing centres wait lists getting longer – a Critical Illness Insurance plan will give you the opportunity to take care of yourself more quickly and more efficiently.

The most common types of protection are:

  • 10-year term protection (renewable and convertible)
  • Term protection to age 75
  • Term protection to age 100
  • Many life, disability and mortgage insurance policies now offer critical illness insurance as a rider to your policy.

Keywords: Critical Illness Insurance, Insurance Policies, Mortgage Insurance, Mortgage Insurance Policies

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Other products and services from Mylife Canada


Mortgage Insurance

This gives your family the flexibility of using the money to pay off debts, or, if they can still carry the mortgage payments, they can use it for investing and securing a future income. Whether you're buying a home for the first time, or refinancing an existing mortgage, someone has probably suggested you purchase mortgage life insurance.


Universal Life Insurance

To address the need for insurance products more responsive to the changing economy, insurance companies began marketing a new generation of insurance products including the Universal Life policy. Any amount of the premium that is over and above the cost of insurance and any fees are designated to your policy's cash value account. Universal Life Insurance from myLIFE CANADA offers flexibilty and lifetime coverage to meet your varied life needs.


Whole Life Insurance

Charitable giving -- leaving the proceeds of the policy to charity to provide a large tax deduction for the final tax return. Whole Life Insurance has a level cost of insurance where the premiums stay the same for the life of the policy. You can add Child or Spousal Riders -- additional insurance coverage for a child or spouse on the same policy.


Term Life Insurance

However, the policy does not provide any returns beyond the stated benefit, unlike permanent life insurance policies, which have a savings component that can be used for wealth accumulation. Once the policy is expired, it is up to the policy owner to decide whether to renew the Term Life Insurance policy or to let the coverage end.