The following article was made to help you understand how critical illness insurance works, how much $100,000 costs, and the best critical illness insurance out there.
How does Critical illness insurance work?
Probably at some point in your life you have asked or heard someone ask what is critical illness insurance and should I have it? Well the answer is probably yes! Most critical illness polices offer coverage on 24 covered conditions. With cancer, heart attack, and stroke being about 80% of claims.
CI is there to pay a lump sum amount when diagnosed with a covered illness. In this case it is $100,000. This sum is there to help you and your family deal with the hardship of going through whatever illness has affected you. So, you can focus on the recovery and not the financial hardship.
- CI can be on its own or a rider to a life insurance policy
- The benefit is a tax-free lump sum that can be used however you choose
Why is critical illness insurance important?
- 1 in 4 Canadians are diagnosed with cancer alone sometime throughout their lives.
- 1 in 2 heart attack victims are under 65 years old.
- 50,000 Canadians suffer a stroke annually
These stats can be a bit scary to see but having a good policy in place can help ease the mind a bit knowing you are covered.
Critical Illness cost Calculator?
Now that you have a basic idea of what CI is let’s take a look at how much it is going to cost you. There are a few different variables involved when it comes to pricing out a policy.
- Age – will always be a factor in calculating premiums, the younger you are the less you pay typically.
- Health – any pre-existing conditions you may have and smoking status will effect your premiums
*Below are monthly non-smoking fully underwritten rates.
|$100,000 - Female||Term 10||Term 20|
|Age 55||$134||$232|$100,000 - Male Term 10 Term 20
Age 25 $26 $32
Age 35 $36 $50
Age 45 $68 $105
Age 55 $172 $242
*All of these policies can be done through an electronic application so you can get the coverage without having to even leave your home!
What is the top critical illness in Canada?
the top CI insurance In Canada is the one you have in place when diagnosed with an illness.
Your probably already trying to better your health by going to the gym, eating healthier, and taking a few more deep breaths. Wouldn’t it ease your mind a little more to know your covered!
We make getting coverage quick and easy, we consult over the phone via shared screen and even over text message. We know that you are busy – so we work with your schedule.
As brokers we have the power to work with carriers right across the country. Which allows us to source out the best possible rates for you and your family.