Having a critical illness can already put enough stress on your life without the worries of the financial burdens it can bring. BrokerUnion is here to provide affordable coverage to help cope with critical illnesses.

What is Critical Illness Insurance?

Critical illness insurance pays a “living benefit” to those who are dealing with critical illnesses to compensate for lost income and other expenses. Coverage can vary based on the severity of the illness itself, conditions associated with it, treatment available, and more. Coverage cannot be purchased for a pre-existing condition or illness.

Get A Quote

Types of Critical Illness

If you are diagnosed with a serious illness. Depending on the contract it would generally cover:

  • Heart Attack
  • Coronary Bypass Surgery
  • Prostate Cancer
  • Stroke
  • Breast Cancer
  • Other life-threatening cancer
  • Enhanced coverage can be requested for other critical illnesses, some including Multiple Sclerosis, Coma, Alzheimer’s Disease, Parkinson’s Disease, Loss of Speech/ Hearing/ Vision, HIV, severe burns, and more…
  •  

Why do I need Critical Illness Insurance?

Almost everyone has a friend or relative who has suffered from some sort of a critical injury. Don’t take any risks, protect yourself and your family.

The numbers speak for themselves:

  • 10 Healthy Male Adults, 3 will have critical illness before age 65.
  • 10 Healthy Female Adults, 2.7 will have a critical illness before age 65.

 

Heart Attack

  • 1 in 4 Canadians will contract some form of heart disease.
  • 75,000 Canadians suffer heart attacks each year.
  • Heart disease costs the Canadian economy approximately $19 billion every year in medical services, hospitalization expenses, loss of income and loss of productivity.
  • The rate of death among patients hospitalized for heart attacks has been decreased by half, from 16 per cent to 8 per cent.
  • 1 in 2 heart attack victims are under the age of 65.

 

Stroke

  • 50,000 Canadians suffer a stroke each year.
  • 75% survive the initial event.
  • Strokes are the leading cause of neurological disability.
  • 1/3 of stroke victims are under the age of 65.
  • 60% of stroke victims will be left with a disability.

 

Cancer

  • More than 130,000 Canadians will be diagnosed with cancer this year.
  • Over 60,000 people in Canada will die this year from the disease.
  • 1 in 3 Canadians will develop cancer in their lifetime.
  • 1 in 9 women will develop breast cancer.
  • 1 in 3 women and 1 in 2.5 men will develop cancer in their lifetime.

 

Multiple Sclerosis

  • More than 50,000 Canadians have Multiple Sclerosis.
  • MS is the most common neurological disease among young Canadians.
  • Canadians have one of the highest rates of MS in the world.
  • Women are twice as likely to develop MS as men.

 

Parkinson’s

  • 30% of all Parkinson’s patients are under 50.
  • 20% of all Parkinson’s patients are under 40.
  • There are approximately 80,000 – 100,000 Canadians suffering from Parkinson’s.

 

Paralysis

  • An estimated 900 Canadians who sustain a spinal cord injury each year.
  • More than 30,000 Canadians suffer from paralysis of 2 or more limbs.
  • Most who suffer spinal cord injury are between 16 and 30 years of age.
  • The most common causes of spinal cord injury are car collisions and falls.

 

Alzheimer’s disease

  • Alzheimer Disease is the fourth leading cause of death in Canada.
  • Every year approximately 10,000 Canadians die from Alzheimer’s.
  • Approximately 1 in 100 Canadians suffer from Alzheimer’s disease.
  • There are approximately 22,000 people in Metro Toronto with Alzheimer’s.
  • The disease occurs in 8% of the general population over 60.

 

Kidney Failure

  • Kidney disease ranks sixth among diseases causing death in Canada.
  • Each day, an average of 8 Canadians learn that their kidneys have failed.
  • Approximately 2000 Canadians are on a waiting list for kidney transplant.
  • 1 in 10 will develop kidney stones at some point in their lives.

Options and Riders

Lump Sum Payment

For this illness insurance, you would get a lump sum loan payment 30 days after the diagnosis of a covered illness. These funds can then be used to help cover payments for treatments or wherever else you would like to use them.

Return of Premium

Upon death, most policies will return premiums to the named beneficiary at no additional cost.

Payback of Premium Rider

Many policies offer this option on the policies that have a level premium to age 65, 70, or 75. For an extra premium, if you do not decide to claim, you will get all your premiums back at the end of the policy ending age 65, 70 or 75, depending on the policy purchased.

Children’s Rider

Children’s Rider coverage protects children age 2-17, and in some cases starting at birth. The policy will pay a lump sum of usually $25,000 on the diagnosis of a critical illness.

There are some things in life you should never take a chance on; health being one of them.