Critical Illness Insurance

Critical Illness Insurance is a unique product which provides you with much needed funds upon surviving 30 days after occurrence of a covered critical illness. If you die while the Critical Illness Insurance policy is in effect and before you qualify to receive the Critical Illness Insurance lump sum payment, all the Critical Illness Insurance premium payments on regular rated policies are returned to your beneficiary.

How do you collect from the Critical Illness Insurance coverage? Let’s assume that you have a $500,000 Critical Illness Insurance policy and you experience a heart attack; you would receive a $500,000 lump sum payment upon survival of over 30 days and meeting the Critical Illness Insurance contractual obligations.

Critical Illness insurance is designed for the living. You may survive a Critical Illness Insurance covered condition, but there is certainly going to be a financial loss which is why Critical Illness insurance provides you with financial relief. This Critical Illness Insurance coverage is paid out to you regardless of your ability to work, which is different from a Disability Insurance policy.

Here are some of the ways that these Critical Illness Insurance funds will fill the financial void created by an illness:

  • Repayment of your debt
  • Private Nursing Care
  • Costs of medication that the provincial system does not provide
  • Alternative Treatment which can be costly but effective
  • Medical Treatment anywhere in the world
  • Ability to change jobs if you so choose
  • Second Opinion Service
  • Education for you, your spouse or children
  • Time away from work to properly recover
  • Nursing Home costs
  • Vacation with loved ones
  • Leave of Absence for you or your spouse
  • Make changes to your home or vehicle if required
  • Child Care
  • Open your own business

Business and Corporate Applications:

  • Shareholder Buy-Out
  • Key Person Coverage
  • Corporate Debt Repayment
  • Provide cash for family members to come into business.

Why Should You Consider Critical Illness Insurance?

Medical advancements have improved to the point that people are surviving conditions that previously resulted in certain death. Due to increased survival rates, the survivors of these illnesses require financial support to continue maintaining their standard of living.

Did you know that…

1 in 8.8 women will develop breast cancer during their lifetime
1 in 9 men will develop prostate cancer
1 in 12 men and 1 in 17 women will develop lung cancer
1 in 4 Canadians will develop heart disease
70,000 Canadians suffer a heart attack each year
40,000- 50,000 Canadians have a stroke each year
145,500 new cancer cases were estimated to occur in Canada in 2004
(this translates to an average of 2,798 new cancer cases every week)




Aorta Valve Replacement or other Cardiothoracic Procedures 134,954
Craniotomy for Multiple Significant trauma 101,370
Coronary Artery Bypass surgery 125,935
Cancer 127,391
Kidney Failure 190,148
Craniotomy (non-trauma related) 58,682
Heart Transplant 287,000
Total Mastectomy for Malignancy with complications 23,836
Kidney Transplant 130,000
Lymphoma and Leukemia with major O.R. procedures 44,539
Acute Leukemia without O.R. procedure, age 0-17 35,359
Bone Marrow Transplant 483,285
Liver Transplant 367,000
Chemotherapy with acute Leukemia as secondary diagnosis 51,461
Lung transplant 250,000

Source: American Re Health Care, Ingenix Database, 2007

We at TK Insurance are recognized leaders in providing Critical Illness Insurance product solutions from leading Critical Illness Insurance companies, and ensure that you obtain results for your specific need.

When you want to be certain of a premier design, competitive premium and best chance to get your Critical Illness Insurance policy issued on a preferred basic, call us.