Critical Illness Insurance Vancouver, BC
Critical illness insurance pays out a lump sum of tax free cash 30 days after diagnosis of a serious life threatening illness. More than one quarter of people will suffer a critical illness before age 65. There are a host of covered conditions with the vast majority of claims being for cancer, heart attack or stroke. The funds can be used to take time off work to focus on recovery or to seek private medical treatment.
Critical illness underwriting is more difficult than life insurance underwriting. This is because the insurer is much more likely to have to pay out a claim as far more people get sick and survive then actually die.
Many of the same factors for life insurance play into critical illness underwriting. However, something that may be acceptable for life insurance may result in a refusal to insure for critical illness. For example, while diabetes, high blood pressure, or even a history of cancer may be OK for life insurance, for critical illness any of these conditions will usually mean a decline. That being said, please feel free to ask us as there are also non-medical critical illness policies that you may qualify for.
Family history is more important with critical illness than with life insurance, especially with hereditary cancers. Family history of breast cancer (for female applicants only), or colon cancer will often lead to a rating or even a decline to insure.
There are no preferred rates with critical illness insurance. Standard is the best possible outcome. Critical illness insurance is more expensive than the life insurance because as noted above, far more people get sick and survive than die. More claims simply means higher premiums.
Non-medical critical illness insurance
There are non-medical policies available for people who are harder to insure. IA Excellence’s Cancer Guard being the leading provider in this market. We have placed many polices for people who could not get coverage elsewhere by going the non-medical route.
Other Insurance Services we offer: Life Insurance | Term Life Insurance | Creditor (Mortgage) Insurance | Life Insurance for New Immigrants | Non-medical Life Insurance | Manulife Vitality | Permanent Life Insurance | Term 100 - Permanent Life Insurance | Universal Life Insurance | Whole Life Insurance | Living Benefits Insurance | Disability Insurance | Life Insurance For Business Owners | Corporately Owned Life Insurance | Saving money on life insurance
Who needs life insurance?
Ask yourself this question: Would anyone you care about suffer financially in the event of your premature death? If you have dependant children, the answer is yes. If you have a spouse, the answer is probably.
Who does not need life insurance?
If you are single you probably do not need life insurance. Usually the death of a single/childless person does not leave anyone worse off financially. A single person with a mortgage may still NOT need life insurance as their family would still inherit equity in their property. Single people need to prioritize critical illness and disability insurance.
How much life insurance do I need?
The primary purpose of life insurance is to pay off debts (especially a mortgage) and replace income for dependants of the deceased. We do a needs analysis to determine how much money your family would need to maintain their standard of living in the event of your premature demise. A commonly used guideline for someone in their 30s is 20 times after-tax annual earnings.