Medical advancements have significantly improved an individual’s ability to survive a wide range of life-threatening diseases. Critical Illness insurance provides you with a lump sum, non-taxable cash payment in the event of certain common illnesses. The premium is deductible to the employer and is taxable to the employee when employer paid. The benefit is non-taxable in the event of a claim.
Each carrier has specific illnesses that they cover. We have listed the most common illnesses below:
- Heart attack
- Major organ failure
- Coronary artery bypass surgery
- Coronary artery disease
- Cancer – life threatening
With this coverage you can use the policy’s proceeds as you wish.
When diagnosed with a serious illness, members are faced with additional expenses such as:
- Home-care or house-keeping assistance
- Out of country medical care (e.g. access U.S. health care system)
- Purchase of medical apparatus
- Home, cottage renovations or vehicle alterations
- Vacation during recovery
- Training towards a new career