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 | Permanent Life Insurance | Term 100 - Permanent Life Insurance | Universal Life Insurance | Whole Life Insurance | Living Benefits Insurance | Disability Insurance
Your insurance policy must be based on your current and projected ability to pay the insurance premiums, your medical state, your age, future financial plans, as well as other factors. We make sure we understand all this in order to choose the right insurance policy for you. At Camlife Financial, we have access to all available insurance products and can recommend the best insurance coverage suited to your individual needs.