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5 Steps to Finding Critical Illness Insurance 

August 27, 2019

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Having a critical illness insurance policy in place can mean the difference between having time to recover or having to balance work with a serious illness.

For most Canadians, this coverage provides critical protection when they need it most.

That’s why, in today’s post, we’ll share how to get the best critical illness insurance in Canada. Let’s start with the most basic question:

What is critical illness insurance?

Critical illness insurance is what’s known as a living benefit.

You receive the lump sum cash benefit if you’re diagnosed with a covered illness. This coverage protects not only you but also your family and your finances so you can recover without having to worry about money during an already difficult time.

The critical illness insurance benefit is tax free because premiums are paid with after tax dollars.

You can use the money any way you need, including the cost of a bucket list trip, paying for medications not covered by your health plan, income replacement for you, a spouse, or someone taking time away from work to be with you or care for you.

This living benefit works well if you are matched with the critical illness insurance policy that truly meets your needs.

There are many policies on the market — it’s essential you have the right one for you.

Follow these 5 steps to help you do just that.

Step 1: Assess Your Risk

What are the greatest threats to your health?

Do you smoke or are you regularly exposed to carcinogens? Do you live in an older home that has asbestos?

In a word, “cancer” and numbers are scary – nearly 70% of all critical illness claims are for cancer. If there’s a history of cancer in your family your risk is even higher.

Consider these startling statistics:

  • One in three Canadians will develop a life threatening cancer.
  • One in two heart attack victims are under 65 years old.
  • 50,000 Canadians suffer a stroke Annually – 75% will be left with a disability.

While cancer can strike healthy individuals without exposure to these risk factors, you must also consider your predisposition to MS, mental health disorders, kidney disease, ALS, heart disease, or the likelihood that you will need a coronary bypass, will become paralysed, or will experience major organ failure.

If you’d like to learn more about guaranteed cancer insurance in Canada, visit this post.

Step 2: Review Several Policies

Once you identify your biggest health risks, look at more than one policy with an independent insurance broker.

Some policies cover only cancer, while others include up to 30 illnesses and there are a range of options in between. The broader policies typically require more underwriting questions and possibly lab samples, depending on the amount of coverage you want.

For those that qualify, Wawanesa Life has a very good Quick Issue Critical Illness policy. You can learn more about it here.

Step 3: Review the Carrier of Your Choice

Remember: not all policies are created equally.

That’s why it’s always advisable to review the offerings of several insurance carriers. This way you’ll be able to make an educated decision.

You’ll want to choose a carrier that’s prompt to respond, has a strong history of paying out properly processed claims, and provides excellent customer service.

You do not want the stress of a delayed claim or unanswered calls while also dealing with a devastating illness.

To help you get an idea of what a critical illness insurance policy could cost in Canada, click here.

Step 4: Use the Services of a Broker

Are you thinking, “Wow, this is all a bit confusing?”

Then here’s great news for you: A life insurance broker can get you the best critical illness insurance in Canada because it’s their job to present you with an array of options.

Brokers are trained to assess your needs, then match you with the best policy, and carrier, for your risk factors and lifestyle.

Additionally, broker services are free for you to use. They are compensated by the carriers when you purchase a policy.

You can simply pick up the phone, tell your broker you need a critical illness policy, answer your broker’s assessment questions, state your budget, and sit back knowing they are working on your behalf to bring you the best critical life insurance policy in Canada.

Step 5: The Most Important Step

Above all, the main consideration is to make sure you are properly insured.

The last thing you need or want is suddenly to be facing a critical illness without financial protection in place.

Things happen — it’s not a matter of if, it’s a matter of when.

Be proactive and manage your risks so when things do happen, you have the insurance in place to mitigate the financial part of it.

For a custom critical illness quote, call us directly at 1.888.498.5288

If you learned a lot from this post and you’re interested in exploring similar topics, please visit these posts:

3 Little-Known Benefits of Permanent Life Insurance

How Much Does Term Life Insurance Cost in Canada?

What is Shareholder Insurance and How Does it Work?

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