Critical Illness insurance is designed to provide important financial support to solve financial problems in a way that disability, life, and medical insurance can not. It pays the insured while they’re alive, from $10,000 up to a $2,000,000 maximum tax-free lump sum. The money is paid on the diagnosis of a critical illness or specified event, after surviving for 30 days or more, depending on the condition. It is not based on inability to work and full recovery can be made. It offers a unique customer benefit, as one can spend the money as one wishes. It covers from 3 to 22 critical illnesses or events. A return of premium option rider is available on certain plans.

In the past 30 years, thanks to medical technology and science, far more people are surviving for much longer from critical illnesses, that once made them a mortality statistic. For example:

• 50,000 Canadians suffer a stroke each year and 70% survive the initial event. Women suffer 60% of strokes
• More than 130,000 individuals will be diagnosed with cancer and over 60,000 will die from it
• Approximately 11,000 heart bypass surgeries are done each year
• 75,000 people suffer heart attacks, 55% survive one year and of these, 45% survive another 3 years

Critical Illness insurance provides you with a lump-sum payment to be used however you see fit. You can try alternative therapies, be treated outside of the country, hire someone to take care of you, hire a nanny to take care of your children, you choose how to spend your money.