Critical Illness Insurance provides a tax free cash payout upon the diagnosis of specific diseases listed below. In general, one must survive 30 days from the date of diagnosis in order to collect.
Medical technology is such that most people can survive a critical illness today. Critical Illness insurance was specifically designed to help you cope with the devastating financial consequences related to treatment and recovery. The use of the proceeds is solely at the policy owner's discretion.
The following is a list of illnesses that the insurance industry in Canada views as critical. These vary somewhat from carrier to carrier. However, the first four illnesses (life-threatening cancer, heart attack, stroke, and coronary artery bypass surgery) are considered basic.
- Life-threatening Cancer
- Heart Attack
- Stroke
- Coronary Artery Bypass Surgery
- Heart Valve Replacement
- Aortic Surgery
- Multiple Sclerosis
- Kidney Failure
- Parkinson’s Disease
- Alzheimer’s Disease
- Organ Transplants
- Major Organ Failure on Waiting List
- Paralysis
- Motor Neuron Disease
- Blindness
- Benign Brain Tumor
- Coma
- Deafness
- Loss of Limbs
- Occupational HIV Infection
- Loss of Speech
- Severe Burns
- Aplastic Anemia
- Bacterial Meningitis
- Loss of Independent Existence – commands its own policy because financial implications can be potentially overwhelming..
The following are generally associated with partial payouts:
- West Nile Virus
- Lyme Disease
- E. Coli Infection
- Necrotizing Facciitis (flesh eating disease)
Besides illnesses 1-25 above, the following illnesses are associated with children:
- Cerebral Palsy
- Congenital Heart Disease
- Cystic Fibrosis
- Muscular Dystrophy
- Type 1 Diabetes Mellitus
- Autism
- Rett’s Syndrome
As the list of illnesses grow we will keep you informed.