Critical Illness Insurance
If you are diagnosed with a critical illness that is covered by your policy, you will receive a tax-free lump sum payment to help you cover the costs of the illness and maintain your standard of living. You can use the money as you see fit, without having to justify how you spend it!
Life insured and family members are also available to receive the services from Best Doctors®, MediGuide®, or Health Service Navigator® to help you understand your medical condition and treatment options so you can make informed decisions about your healthcare.
All About Critical Illness
Unlike all other insurance products, which were created by insurance companies, Critical Illness Insurance was invented by Marius Barnard, who was a heart surgeon, in South Africa in 1983 along with the help of a South African insurance company Crusader Life.
Dr. Barnard recognized that his patients, although able to survive a heart disease, were unable to return to work in full capacity. The lingering effects of their illnesses, surgeries, medication, and recovery had an enormous impact on their ability to earn an income. There appeared to be an increasing need for a type of insurance that would pay a benefit to the owner if he suffered from a heart attack, in addition to the need for life insurance. After the creation of Critical Illness Insurance, people now had the option of transferring the financial risk associated with a Critical Illness to the insurance company.
The Critical Illness Insurance was landed in North America in 1997 through the US division of Canada Life. In Canada, the total premium of in force Critical Illness Insurance policies was $86 million 20 years ago. This number has skyrocketed to over $1 billion as of December 2017, and Critical Illness Insurance has evolved to cover more than 20 illnesses nowadays.
Why do you need a Critical Illness
- 115,800 Canadian men would be diagnosed with cancer and 44,100 men would die from cancer.
- 110,000 Canadian women would be diagnosed with cancer and 39,300 women would die from cancer.
- On average, 617 Canadians would be diagnosed with cancer every day. On average, 228 Canadians would die from cancer every day.
- Lung, breast, colorectal and prostate cancer are the most commonly diagnosed types of cancer in Canada (excluding non-melanoma skin cancer).
- These 4 cancers account for about half (48%) of all new cancer cases.
- Prostate cancer accounts for one-fifth (20%) of all new cancer cases in men.
- Lung cancer accounts for 14% of all new cases of cancer.
- Breast cancer accounts for one-quarter (25%) of all new cancer cases in women
- Colorectal cancer accounts for 12% of all new cancer cases.
*以上数据信息源于Canada Cancer Society
Myth vs. Reality: Critical illness statistics in Canada
| Myth | Reality |
|---|---|
| Cancer, heart attack and stroke won't happen to me | 2/5 of Canadians are expected to develop cancer in our lifetime |
| If I get cancer, I probably won’t live. My family can live off of my life insurance | 63% of Canadians are expected to survive for five years or more after a cancer diagnosis |
| If I get sick, my government health plan will pay for my medical expenses. | The government will cover some of your medical expenses – but may not cover all of them |
| I’m unlikely to get sick because I live a healthy lifestyle. | You may think your lifestyle is healthy, but statistics show Canadians aren’t as healthy as we think. |
| My personal or group disability insurance will cover all my income needs. | Disability insurance is a great solution to cover your income, but most disability plans have a waiting period of one to three months and a maximum percent of coverage. Critical illness insurance will cover your income in those instances, and the benefit can be used as you please. |
Medical Consultation
Best Doctors
Best Doctors is a global benefits provider that serves more than 40 million members in every major region of the world。
MediGuide®
MediGuide currently has an active membership base, on 4 continents, with millions of Members in over 40 countries and jurisdictions
Health Service Navigator®
Health Service Navigator is your trusted online and on-call resource for health information and health care navigation designed to help you navigate our Canadian health care system
Insurance Providers
Sun Life
Canada Life
Manulife
Critical Illness Insurance Inquiry
