Critical Illness - GTA


Recent statistics suggest that Canadians are more likely to experience a life changing critical illness than they are to die before the age of 75. That means that chances are you will go through at least one serious illness in your lifetime before you pass away.

For most people in GTA and throughout Canada, the medical diagnosis of a critical illness is simply the beginning of a long road.

Click here to watch video about the creator of Critical Illness Insurance Dr. Marius Barnard.

If you become ill, your emphasis should be on regaining your health and well-being.

Critical illness insurance in GTA provides a single payment benefit (certain terms apply) as the result of the diagnosis of one of the covered illnesses. It offers the policy holder choices for your recovery, and allows you to recover the way you see fit.

With a critical illness policy, your benefit may permit you to:

  • Not have to withdraw money from an RRSP or other savings or investments. This helps keep your future secure.
  • Continue to make payments on debts such as your mortgage or loans to ensure you don’t suffer financial hardship.
  • select medication and treatments not normally covered by group, personal or government insurance plans. This helps ensure you get the best treatment, regardless of your current medical insurance coverage.
  • help you to replace lost income so you have more choices – for instance, your partner can take time off work to help you.
  • If you are self employed, then you may be able to preserve your business by hiring someone to operate it until you are able to return to work.

As with most insurance policies, not all GTA critical illness policies are the same.

That is why we always recommend that before you chose any critical illness insurance policy, it is important for you to seek out and consult a critical illness insurance professional and get proper advice and guidance. This will help to ensure that you select the policy best suited for your current condition and needs.

Contact our office for more information about Critical Illness Insurance.

This is a quick overview of our Critical Illness products, including key features, benefits, value and target markets.

This is what a typical critical illness contract looks like.
Product Overview Provides a cash benefit if a covered condition is diagnosed. This benefit can provide financial options to help with recovery.
Target Markets Individuals with diverse needs such as:
  • mortgage or debt protection
  • supplementing gaps in disability insurance protection
  • asset preservation
Premium Structure
  • Primary - level to age 65
  • 10 or 20-year Renewable to age 75
  • Level to age 75
  • Permanent - level to age 100, or level for 15 years
  • Premiums are fully guaranteed.

Issue Ages (age nearest)
  • Primary: 18 - 55
  • 10-year Renewable: 18 - 60
  • 20-year Renewable: 18 - 54
  • Level: 18 - 60
  • Permanent (pay until age 100): 18 - 60
  • Permanent (pay for 15 years): 18 - 55
  • Special quote available for ages 61 - 65 on 10-year Renewable and Permanent (pay until age 100), and for ages 61 - 64 on Level.

What Triggers Payment of Benefits? Diagnosis of any one of the following covered conditions, subject to survival of a waiting period:
  • Primary: heart attack, cancer (most malignant types), stroke, coronary bypass
  • All other plans: heart attack, cancer (most malignant types), stroke coronary bypass, Alzheimer's disease, aortic surgery, aplastic anemia, bacterial meningitis, benign brain tumour, blindness, coma, deafness, heart valve replacement, kidney failure, loss of limbs, loss of speech, major organ transplant (recipient or on waiting list), motor neuron disease, multiple sclerosis, occupational HIV, parDiagnosis of any one of the following covered conditions, subject to survival of a waiting period.
When Does Payment Begin? After survival of a waiting period is completed - usually 30 days following diagnosis (longer for some conditions).
How are Benefits Paid? One-time cash benefit.
Benefit Maximum Coverage bands:
  • $25,000 - $99,999
  • $100,000 - $249,999
  • $250,000 - $499,999
  • $500,000 +
Standard Benefits
  • Early Intervention Benefit of 25% of coverage to a maximum of $50,000 for early prostate cancer, ductal carcinoma in situ of the breast and coronary angioplasty
  • Recovery Benefit provides advance of up to 10% of coverage to a maximum of $10,000 to allow more rapid access to funds
  • Multi-life and Mult-coverage - one policy can cover several insureds and each insured may have more than one Lifecheque coverage (e.g. Permanent and 10-year Renewable)
  • 10 or 20-year Renewable coverage may be switched to a Level or Permanent coverage at attained age rates, guaranteed rate scale for first 5 years
  • Recovery Care Program - Best Doctors® service at time of claim (non-contractual)
Optional Riders (age restrictions may apply)
  • Return of Premium on Death (ROPD) provides return of premiums if death occurs before benefits are payable
  • Return of Premium with early surrender options (ROPS) available on Level and Permanent plans, provides refund of 100% of eligible premiums on surrender after 15 years
  • Return of Premium at Expiry (ROPX) available on Primary and Level plans, provides refund of 100% of eligible premiums at expiry
  • Waiver of Premiums on Disability
  • Children's Lifecheque Rider (CLR) covers each eligible child of the insured for 13 juvenile conditions