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Critical Illness

Consider The Options

Considering critical illness insurance? Consider this.

More and more Canadians are discovering the value of critical illness insurance - how it can protect their hard-earned financial resources if they're diagnosed with a critical illness and allow them to focus on what matters most ... getting better.

While critical illness insurance is fairly new to the marketplace, a variety of products are available. Here are some things to consider when choosing a plan:

  • Make sure you choose a reputable company. Since critical illness insurance is relatively new, you'll want to deal with a company with a solid foundation.
  • One plan does not fit all. Most plans provide coverage for the "big four" conditions: heart attack, cancer, coronary artery disease requiring surgery and stroke. While this is often a less expensive alternative than a plan that covers more conditions, think ahead and assess your financial plan in its entirety, perhaps you'd feel more comfortable with a plan that covers more conditions and treatments.
  • The plan you choose today may not provide the coverage you'll want tomorrow. Is there flexibility to change your coverage after purchase?
  • Does the plan provide the option to purchase coverage for your children?
  • How solid is the protection offered for the conditions that matter most to you? For example, cancer presents a significant health risk for Canadians, one-third of the population will be diagnosed with some form of the disease.
    • How strong is the cancer coverage?
    • Does it cover the early stages of the most prevalent cancers (breast and prostate)?
    • Does your contract remain valid if you're diagnosed with cancer in the first 90 days?
  • Does the product offer coverage for treatments that might be recommended? For example, Coronary angioplasty is performed as often as bypass surgery for coronary artery disease. Does it cover both?
  • Will the product deliver when you need it?
    • What are the waiting periods (that's the period of time from diagnosis to payment of a claim)?
    • Do they always have to be satisfied?
  • Does the plan provide a premium refund if you die and have never claimed the benefit?
  • Does the plan provide an option for a premium refund at the coverage expiry date or cancellation, assuming you have not made a claim?

When investigating critical illness insurance plans, consider your current financial plan, the product's flexibility, the strength of the coverage offered for the conditions that matter most to you, its range of features and options, and the insurance company's reputation.

Your Barrons advisor will work closely with you to develop a personal solution that ensures you purchase a product that will provide the best value and security.

Arrange a personal consultation with Barrons today to learn more about Critical Illness insurance and how it can help you "Protect What Matters Most" now.