Is disability insurance the same as critical illness insurance?

No, there are several differences between disability insurance and critical illness insurance.

For one, disability insurance, also known as “income replacement” insurance, provides a monthly income replacement benefit if you become disabled and are no longer able to perform the normal duties of your work. Generally speaking, the disability benefit is limited to a percentage of your regular income and you stop receiving it once you earn an income or if you no longer meet the definition of disability in the contract. For instance, if your illness is cured before the waiting period, no payment is made.  Disability insurance is only in effect as long as you are an employee. Also, if you switch jobs, the policy may not be portable.

With critical illness insurance, on the other hand, your benefits are not dependent on your income. Instead, you receive the level of coverage that you want which may range from $25,000 to $2 million, depending on the plan that you sign up for.  

Also, unlike disability benefits, critical illness benefits are not affected by other income you receive or by your full recovery from the illness. You also don't have to be an employee to reap the benefits of this insurance. You could be a homemaker, seasonal worker, entrepreneur, self-employed. With critical illness benefits, the insurance company cannot take the policy away from you, unless of course you choose to cancel it.  

With critical illness insurance, a tax-free lump-sum benefit payment will be made to you typically 30 days after the claim had been approved.  There are also no restrictions to how you use the money and you are entitled to collect the entire benefit even if you make a full recovery.

We are happy to answer any questions that you may have about the differences between disability and critical illness insurance and which coverage is more suitable for you and your family when coping with an illness. Please call us today at  1.888.223.1011 or send us an email at info@critical-illness-insurance.ca

Who said: "I can repair a man physically, but only insurers can repair a patient's finances"?

Marius Barnard, a South African cardiac surgeon.

Bernard along with his brother Christiann Barnard, where among the surgeons who performed the world's first human-to-human heart transplantation in 1967.

When Barnard repeatedly saw his patients suffer financial hardships after he had treated their critical illnesses, he convinced insurance companies to develop a new type of insurance to cover critical illnesses. The first critical illness insurance policy was launched on August 6,1983.

Check out a video about why Marius Bernard invented Critical Illness Insurance here.

To learn more about this coverage and how critical illness insurance could help you and your family cope with a critical illness, call us today at 1.888.223.1011 or send us an email at info@critical-illness-insurance.ca

Why is Critical Illness Insurance Important and What Can it be Used For?

Why is critical illness insurance important?

Critical illness insurance helps cover the unexpected costs and potential loss of income associated with a serious illness. From the costs of medicine and treatment, to travel, specialist and home accommodations, treating and recovering from an illness can have a devastating financial impact. Plus, if you’re unable to work during your recovery, the impact is even greater.

What can this insurance be used for?

With critical illness insurance, if you become sick with one of the covered conditions covered by your policy and survive the waiting period, you receive a cash benefit. Benefit amounts available: $25,000, $50,000, $75,000. It provides one lump sum, tax-free cash benefit to the insured if a covered condition is diagnosed.

You can then use the funds as you wish!

What conditions are covered?

Covers 5 critical illnesses: Cancer (life-threatening), Heart Attack, Stroke (Cerebrovascular Accident), Coronary Artery Bypass Surgery, and Aortic Surgery. 

How do I apply to for this Insurance?

With the Lifecheque^® Basic critical illness plan, you don’t have to complete a medical questionnaire; all that’s needed is a declaration of your good health. Best of all, once covered, you can keep Lifecheque Basic for up to age 75, regardless of any changes in your health or occupation. 

Contact your advisor for more information

Who is Lifecheque Basic ideal for?

• individuals looking for a simple application process with no medical checks
• mortgage or debt protection
• supplementing gaps in disability insurance protection
• for small businesses, available guaranteed issue solution for employers looking to enhance an existing employee benefits package. Minimum of 25 lives. Policy is portable should an employee leave the employer.

View brochure here 

view a contract here

1.888.223.1011

Canada's best kept insurance secret to preparing for your future...revealed!

Cancer, heart attacks and strokes are the three most common critical illnesses in Canada, occurring across all ages.  The unfortunate truth is that you or someone that you know will most likely become a victim of one of these life-threatening illness or conditions¹. Thankfully, due to medical advances the odds of surviving a critical illness are better than ever. 

Canada's best kept insurance secret to preparing for your future...revealed!

Surviving a critical illness can be financially challenging and emotionally draining. The great news is Canada has a simple, affordable and accessible product called Lifecheque® Basic critical illness insurance which could help you have fewer financial worries and enable you to focus on what really matters - making a full and speedy recovery.

What are the benefits of this product?

·         You will receive a one time lump sum benefit, paid directly to you, 30 days following a diagnosis of cancer, heart attack or stroke, or coronary bypass or aortic surgery.

·         You could spend the money anyway you wish! For example, you could spend the money on health care services, special drugs and supplements, home care expenses that are not covered by your provincial health care insurance or group, alleviate debt, modify your home or vehicle, travel, etc...

·         There are three levels of coverage that you may choose from - $25,000, $50,000, and $75,000.

·         At no extra cost, you and your eligible family members will quickly and easily get access to support and services and  answers to pressing questions.  One simple call to a toll-free number and you will be connected to Health Service Navigator where you can receive information, medical coordination services and resources on how to navigate the Canadian health care system. Also, if you want a second opinion from a world-class hospital, Health Service Navigator will help you get it.

·         If you are between 18 and 55 years of age, you can add the Return of Premium Option to your policy and Manulife Financial will provide a full refund of all premiums paid – up to 100% of your benefit amount – when you reach your 75^th birthday and if no claim has been made.  This means that you could receive up to $25,000, $50,000, or $75,000 depending on the coverage you select.

Am I a eligible?
- Resident of Canada
-Termination age: 75 years
-Coverage amounts: $25,000 issue ages 18-65, $50,000 issue ages 18-60, and $75,000 issue ages 18-
55.

How do I apply?
-Applying for coverage is easy
-Approval for coverage for cancer, stroke, heart attack, coronary bypass surgery and aortic surgery 
is subject to signed/confirmed declaration of good health and providing Manulife Financial with
payment information.

-No medical questionnaire is required and no family history
-For more information, please contact your advisor or call 1-888-223-1011 and one of our friendly and
helpful advisors will be happy to assist you.

Important Notice
This is not a contract. Actual terms and conditions are detailed in the policy issued 
by Manulife Financial upon final application approval. It contains important details concerning exclusions,
conditions and limitations. Please review it carefully upon receipt.

¹ Source: Canadian Cancer Society, 2007

Do you know someone who has been diagnosed with a critical illness?

Most likely so. Approximately one out of every two men and one out of every three women in Canada have been diagnosed with a heart attack, stroke or cancer. The incidence of life threatening illnesses is increasing each year.

The good news is, advances in medical technology and science have helped people survive life threatening illnesses like never before. Studies have shown that approximately 80% of all stroke and heart attack victims will survive and cancer victims are living longer than before.

What will happen if you become a victim of cancer, stroke or a heart attack? This is an important question to think about. When you survive a critical illness, you may not be able to go back to work immediately. In fact, your expenses could increase significantly as you deal with challenges that critical illnesses may bring such as seeking the best medical treatments and care, meeting day to day responsibilities (such as caring for your family), paying for your mortgage and coping with anxiety and stress. Furthermore, expenses such as private nursing or modifications to your vehicle or home to improve to your functioning are not covered under Ontario Health Insurance Policy (OHIP) and may not be covered by a typical employer group benefits package.

How will you cope with the potentially high cost of recovering from a critical illness?

Research has shown that more and more survivors of critical illnesses are depending on insurance benefits to help them buffer the potentially high cost of recovery. Critical Illness Insurance is a great solution. It provides a lump-sum payment to help support you financially as you focus on what is most important - recovering from your life threatening illness and you could spend this money any way you want. 

To learn more about this product, speak to your financial consultant or contact us and we will be happy to assist you. 

Call Now 1.888.223.1011