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Critical Illness |
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Being struck by critical illness can be a devastating event for you, your spouse, your family, and even your business partners. |
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A critical illness often requires you to leave your job to focus on getting well. While your income is reduced, your expenses and loans still have to be paid, as well as a number of additional costs that often accompany a critical illness (medication, special treatments, specialized equipment, home renovations, etc.). The financial burden can be overwhelming, especially if you don't have any other source of income during your recovery period.
it could happen to you
- 159,000 new cancer cases are estimated to occur in Canada in 2007.
- It is estimated there are over 70,000 heart attacks in Canada each year.
- There are 40,000 - 50,000 strokes in Canada each year.
The good news is
Survival rates for most major cancers are increasing (with the exception of lung cancer in women). Over 80% of hospitalized heart attack patients survive. The percentage is higher for those with their first heart attack, and lower for those with recurrent heart attacks.
There are about 300,000 stroke survivors in Canada.
Sources: National Cancer Institute of Canada: Canadian Cancer Statistics 2007 Heart and Stroke Foundation, 2008
With today's advances in medical science, your chances of survival are greater than ever.
 But will your finances survive?
Critical Illness
Research conducted by Manulife Financial reveals that many consumers remain unfamiliar with Critical Illness Insurance.
Critical Illness usually pays a one-time lump sum benefit to an insured individual suffering from one of many critical illnesses covered under the policy. These illnesses typically include cancer, heart attack, stroke, Alzheimer's, Parkinson's, multiple sclerosis. Before benefits will be paid, a doctor's diagnosis must confirm the condition, and the insured individual must complete the survival period, usually 30 days from the incident diagnosis. No disability, permanent or otherwise, is required to qualify for a Critical Illness benefit.
The advantage of a CI insurance policy is that it provides cash up front, to be used for anything that the insured individual chooses. These uses can range from paying for the many indirect expenses of coping with the illness, to pursuing treatments and therapies, beyond the scope of our over-burdened provincial health care system. |
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Coverage for Small Business
Protect The Investment Of Your Life
YOUR COMPANY
Critical Illness Insurance is also designed to protect business owners. In the event of critical illness, your business will receive the tax-free cash it needs to
- Recover lost income caused by your absence
- Ensure the payment of key employee salaries
- Provide you with an income during your recovery
- Pay for non-covered medical fees, private care, etc.
- Alleviate the concerns of lending institutions, creditors, suppliers, etc.
A critical illness often requires you to leave your job to focus on getting well. While your income is reduced, your expenses and loans still have to be paid, as well as a number of additional costs that often accompany a critical illness (medication, special treatments, specialized equipment, home renovations, etc.). The financial burden can be overwhelming, especially if you don't have any other source of income during your recovery period.
Whatever the situation, a benefit will be paid…
Critical Illness Benefit: ensures the payment of a lump-sum of up to $2,000,000, 30 days* after the diagnosis of one of the illnesses or medical conditions covered by the contract.
Return of Premiums Benefit: provides for the refund of all premiums paid since the coverage was issued, if the insured person decides to terminate their coverage, according to the option selected.
Return of Premiums Upon Death Benefit: pays the beneficiary a refund of all premiums paid since the coverage was issued, should the insured die while the coverage is still in force.
* Some conditions apply |
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Critical illness coverage
Critical illness insurance provides you with lump sum cash benefit when you are diagnosed with one of 25+ critical illness. It allows you to focus your energy on recovery and not have to worry about your finances.Some plans even offer all premium refund at maturity if there were no claims made.
Critical illness guarantees the payment of a lump sum benefit, ranging from $10,000 to $2,000,000, 30 days* following the diagnosis of one of the critical illnesses or medical conditions listed below.
The 25+ critical illnesses and medical conditions covered by Critical illness insurance:
| Alzheimer's Disease |
Aortic Surgery |
Aplastic Anemia |
| Benign Brain Tumour |
Bacterial Meningitis |
Blindness
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| Coma |
Coronary Artery Bypass |
Cancer (life-threatening) |
| Deafness |
Heart Attack (myocardial infarction) |
Heart Valve Replacement |
| Kidney Failure |
Loss of Independent Existence |
Loss of Limbs (dismemberment) |
| Loss of Speech (muteness) |
Major Organ Failure on Waiting List |
Major Organ Transplant |
| Motor Neuron Disease |
Multiple Sclerosis |
Occupational Injury-HIV |
| Paralysis |
Parkinson's Disease |
Severe Burns |
| Stroke (CVA) |
Surgery |
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Guaranteed Illness Coverage
The primary goal of Simplified Issue is to allow you the easiest access to critical illness coverage, and thus give you the financial means to make a quick recovery.
This simplified issue protection proposes simple and easy enrolment in coverage for 10 years or age 75. If you answers “no” to the nine questions on the form, then you are automatically insured for critical illness protection that covers the four main illnesses:
- Stroke (CVA)
- Cancer
- Coronary Artery Bypass Surgery
- Heart Attack (myocardial infarctus)
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Statistics of CRITICAL ILLNESS...
Whether it’s cancer, heart disease, multiple sclerosis or stroke, it’s difficult to predict who will be affected by these diseases. Statistics, however, have a lot to say about those who fall ill and can be a cause for concern.
- In 2007, 2,933 cancer cases were diagnosed each week
- 70% of cancer-related expenses result from indirect costs
- In Canada, one woman in nine will be stricken by breast cancer during their lifetime
- One in four Canadians will suffer heart disease during their lifetime
- One person in 20 will be the victim of a stroke
- 60% of strokes cause long-term disability
Luckily, statistics also show that medical advances and improved lifestyles are contributing to patient recovery from these and other illnesses
in addition to helping people live longer lives.
- 55%* of people afflicted with cancer will recover
- 82% of people will survive their first heart attack
- 75% of people will survive their first stroke
* Statistics can be higher or lower depending on age, sex, and the type of cancer. Sources: Canadian Cancer Society, Heart and Stroke Foundation of Canada |
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