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More and more people are hearing about this important new type of health insurance. Critical Illness (CI) coverage provides a lump sum benefit upon diagnosis and survival of many types of conditions. The claim money can be used as you wish - for mortgage payments, medical care, travel costs, hiring a nanny, or keeping your business running while you recover.
Most major Canadian insurers offer a version of this product, which can vary significantly. Below is some information to help you make an informed decision about whether this insurance is right for you and what to look for.
Pricing: Premiums are dependent on several factors, including your age, gender, whether you smoke, the amount of coverage and the structure of the plan. CI protection costs more than life insurance, as at young ages you are more likely to make a CI claim.
Coverage: Having an expert advisor is key when purchasing CI insurance, because there are so many factors to consider when selecting your plan. The number of covered conditions is a prime factor. Several bank plans cover only three (!), whereas many individual plans cover 20+ conditions. Cancer, heart attack, and stroke should be covered.
Also available in the market, coverage for: Parkinson's, Alzheimer's, Cystic fibrosis, Brain tumor, Multiple sclerosis, Kidney failure, Coronary artery bypass, Severe burns, Occupational HIV infection, Paralysis, Serious head injury, Coma, Aortic surgery, Blindness, Deafness, Heart valve replacement, Loss of limbs, Loss of speech, Major organ transplant.
Satisfying a claim: Each contract has specific and measurable criteria for making a claim for each type of illness. These criteria are now regulated by the Canadian Life and Health Insurance Association (CLHIA) so that they do not vary between insurers on new policies. Sample contract provisions can be read ahead of applying for a policy.
Plan Structure: CI insurance is offered in term and permanent form, in amounts varying from $25,000 to several million dollars. The most cost effective coverage is Term 10, where rates are guaranteed in 10 year intervals. Permanent insurance is available to age 75 or 100, and while the premiums are higher intially rates are guaranteed and level for the duration of the plan. Permanent plans offer the added perk of selecting Return of Premiums (ROP). This is a rider that will entitle the policyholder to a return of their money after a minimum period with no claims. ROP provisions can vary widely, so if this is of interest it is important to have a knowledgeable advisor.
Sample Monthly Premium Costs:
- 30 year old non-smoker $100,000 Term 10 CI $30
- 45 year old non-smoker $100,000 Term 10 CI - $70
- 30 year old smoker $100,000 Term 10 CI - $40
- 45 year old smoker $100,000 Term 10 CI - $145
Benefits Plans
True Benefits can help you find the best employee benefits plan.
We have access to over 25 insurers, including the Chamber of Commerce Group Benefits Plan.
Life Insurance Rates
Here are monthly Term 10 Life Insurance rates for a healthy, non-smoker as of March 2012:
| Women | |||
| $250,000 | $500,000 | $750,000 | |
| Age 25 | $12 | $18 | $24 |
| Age 35 | $14 | $22 | $30 |
| Age 45 | $22 | $35 | $51 |
| Age 55 | $52 | $88 | $130 |
| Men | |||
| $250,000 | $500,000 | $750,000 | |
| Age 25 | $18 | $28 | $39 |
| Age 35 | $19 | $29 | $42 |
| Age 45 | $30 | $53 | $78 |
| Age 55 | $72 | $135 | $201 |
For a free personalized insurance quote, click here.
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