for ease of use, click on the questions below:

What is Critical Illness Insurance?
Why do I need Critical Illness Insurance?
What is a Pre-Existing Condition?
Are FutureSafe benefits taxed?
Are there any Exclusions that would Void the Policy?
What are some of the statistics and costs relating to serious illnesses?
What happens if I fully recover after I receive benefits?
What is the Care Navigator?

What is Critical Illness Insurance?
Critical Illness Insurance pays a lump-sum benefit for those diagnosed with and survive, a serious, life-threatening illness specified in the plan.
Since the Insured can spend the funds as they choose, it bridges the gap between life and disability insurance by providing a predetermined lump-sum payment to help them through a difficult time.
Critical Illness Insurance is a living benefit, relieving survivors and their families from some of the financial burden associated with an illness.



Why do I need Critical Illness Insurance?
Improvements in medical technology have resulted in recovery rates rising after a serious illness.
Surviving a serious illness is often more common than dieing from it. Although this is good news, the cost along with surviving such an illness will not be cheap. In fact, the same technology that may save your life could destroy your financial well-being in the process as recovery is often lengthy and expensive.

Here are just two examples of increased survival rates:
  • The survival rate for cancer has doubled in the last 30 years to 55%

  • The death rate from heart attacks has been cut in half to 8%

    (Heart and Stroke Foundation)

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    What is a Pre-Existing Condition?
    "Pre-existing Condition" means:
    a) the existence of symptoms which would cause an ordinarily prudent person to seek diagnosis, care or treatment within a twenty-four (24) month period preceding the Insured Person’s effective date of coverage, or
    b) an illness or condition for which the Insured Person, during twenty-four (24) months prior to the effective date of his coverage incurred medical expenses, received medical treatment, took prescribed drugs or medicine or consulted a physician.



    Are FutureSafe benefits taxed?
    No, the benefits received are tax free



    Are there any Exclusions that would Void the Policy?
    The Principal Sum will not be paid if a Critical Illness results directly or indirectly from any one or more of the following causes:
    1) Within ninety (90) days following the effective date of coverage of the Insured Person
    a) Diagnosis of Cancer is made, or
    b) any symptoms or medical problems commenced and initiated investigations leading to the subsequent Diagnosis of Cancer.
    2) An intentionally self-inflicted injury or sickness, whether the Insured Person is sane or insane.
    3) The use of illicit drugs other than as prescribed and administered by or in accordance with the instruction of a legally licensed medical practitioner.
    4) From a Pre-existing Condition except if such Critical Illness is Diagnosed twenty-four (24) months after the Insured Person’s effective date of coverage.



    What are some of the statistics and costs relating to serious illnesses?
    Critical Illness Statistics
  • 3 out of 10 healthy males will have a critical illness before 65
  • 50,000 Canadians suffer a stroke each year
  • 75% survive the initial event
  • 1/3 of stroke victims are under the age of 65
  • 60% of stroke victims will be left with a disability
  • After age 55, the risk of stroke doubles every 10 years. (Heart and Stroke Foundation)

  • Costs

  • Strokes cost the Canadian economy $2.7 billion a year.
  • The average acute care costs is about $27,500 per stroke
  • Canadians spend a total of 3 million days in hospital because of strokes. (Heart and Stroke Foundation)

    Cancer

  • More than 130,000 Canadians will be diagnosed with cancer this year
  • you have 1 in 3 chance in your lifetime of developing some form of cancer
  • the cancer survival rate has doubled in the last 30 years to 55%
  • On average, 2579 Canadians will be diagnosed with cancer every week (Canadian Cancer Society Sept 2001)

    Alzheimer`s Disease

  • Approximately 1 in 100 Canadians suffer from Alzheimer`s Disease.
  • There are approximately 22,000 people in Metro Toronto with Alzheimer`s Disease.
  • The disease occurs in 8% of the general population over 60

    Sources: Statistics Canada, 1999; Heart and Stroke Foundation, 2003;Canadian Cancer Society, 2004.




    • What happens if I fully recover after I receive benefits?
    Benefits are paid even if you make a full recovery. As long as you are diagnosed with one of the illnesses stated in the policy and survive the waiting period, you are entitled to benefits. The insurance is designed to help you through recovery process.



    What is the Care Navigator?
    When someone is diagnosed with a Critical Illness, most people have no idea what doctor to see or the best treatment they can get. The Care Navigator is a service that provides assistance with the healthcare system. It provides you with a Care Coordinator to assist you in finding the best possible care for your condition; including the best doctor and treatment options. *See Care Navigator for more details


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