Critical Illness Insurance in Ontario – What is a Critical Illness Classified as in a Critical Illness Insurance Policy?

You may have heard friends, family or colleagues discussing critical illness insurance or you may have heard an advertisement from an insurance brokerage and wondered “what exactly is critical illness insurance?”.

Critical illness insurance in Ontario is not like life insurance (something that protects you if you pass away). Critical illness insurance protects you if you survive a critical illness. Critical illness insurance policy holders will receive a lump sum payment in the event that they suffer from a critical illness, provided they survive 30 days from the date that they suffered the critical illness.

So what is classified as a critical illness? The number of illnesses that are classified as critical illnesses would stun you.

Heart attack, stroke, cancer, dismemberment, severe burns, Parkinson’s Disease, Alzheimer’s Disease, major organ transplant, blindness, coma, Multiple Sclerosis, hearing loss, paralysis, loss of speech, kidney failure, bypass surgery, motor neuron disease (ALS), coronary bypass, major organ failure (on transplant waiting list), aortic surgery, benign brain tumour, heart valve replacement, kidney failure and occupational HIV infection are all classified as critical illnesses.

The Public Health Agency of Canada has reported that in 2009, about 315,000 (1.1%) of Canadians living in the community reported that they suffer from the effects of a stroke. Between one-third and two-thirds of stroke survivors will experience a loss of function in physical, cognitive or communication skills that require some form of rehabilitation.

The Canadian Cancer Society has posted that an estimated 177,800 new cases of cancer (excluding about 74,100 non-melanoma skin cancers) will occur in Canada in 2011.

Is this a harsh reality? Absolutely. Many folks view themselves as having lots of, or at least adequate insurance coverage and in many situations this is not the case. Sometimes, especially when there are many household financial obligations and so many insurance options, it may be challenging to determine which insurances and premiums fit within your budget and which are necessary.

Critical illness insurance really is a “win, win” insurance. The reason for this is, if you don’t make a claim during the first 15 years of your policy you will be eligible to receive 100% of your insurance premiums returned to you. This is only one reason that critical illness insurance is such an attractive insurance product.

Figuring out the right insurance coverage can feel overwhelming and it seems no matter where you turn (your bank, car insurance provider, mortgage provider, etc..) it seems that there is always someone selling something. Your best bet, if you want to find out what the right combination of insurance is for you, is to speak with a Life Insurance Agent. Life Insurance Agents also sell critical illness insurance, disability insurance, long term care insurance, mortgage insurance, financial products and more. A Life Insurance Agent will be able to tell you what insurance you should have and will quote all of the insurers (including the banks) to get you the best deal. For more information about critical illness insurance in Ontario and critical illness insurance policies please visit http://www.wecoveryou.ca/