Critical Illness

Disability insurance6 Critical Illness Insurance is a relatively new product, which was introduced in the 1980s by Dr. Marius Barnard( a heart surgeon) in South Africa. It pays a benefit to the insured in the event the individual is diagnosed with any of a specified list of critical illnesses such as cancer, heart attack or stroke and survives a waiting period that is usually 30 days. Some Critical Illness Insurance plans may cover as few as three or four illnesses while others cover in excess of twenty. Whereas Disability Insurance usually pays a monthly benefit equal to a percentage of your salary in the event you are unable to work, Critical Illness Insurance pays a lump-sum, tax-free benefit shortly after diagnosis, regardless of the ability to work. This can help pay for items related to the illness, such as medical expenses that are not covered by a health plan, mortgage payment, or a much-needed vacation. These plans also come with rent, lease and own options, similar to the life product descriptions. According to statistic Canada the probability of surviving a critical illness before age 65 is almost twice as great as dying. In fact, statistics* show that:

  • Mortality rates from heart disease and stroke have decreased by 70% since 1952.
  • While women have a 1 in 9 chance of developing breast cancer, they only have a 1 in 27 chance of dying from it.
  • While men have a 1 in 7 chance of developing prostate cancer, and only a 1 in 26 chance of dying from it.

In this video you can see why Dr. Barnard asks the insurance company to create Critical  Illness Insurance.  

Manulife's Lifecheque Basic Critical Illness Insurance offers:

– Coverage for 5 major illnesses including cancer, heart disease, stroke, aortic surgery

and coronary artery bypass surgery.

– Lump sum payments of $25,000, $50,000 or $75,000 with a Return of Premium option.

– Coverage for applicants between the ages of 18 and 75.

Click here for more information on Lifecheque Basic Critical Illness insurance and to

quote and apply on-line.


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