Did you know that, on average, people are living longer? That’s great news but it also means that the chance of being diagnosed with a critical illness, and surviving it, is greater, too. In fact, living through the treatment process and surviving a critical illness can cause financial hardships for many people.
Do you need critical illness insurance?
You may be strong and healthy, and you may think that you can beat any critical illness that comes your way. And you may be right. In fact, illnesses that would have ended in death just a few years ago are now being treated and even cured. While that’s good news, living through a critical illness and surviving it can cause financial stress for many people.
Some of these financial stresses you may have already considered, like:
Loss of income
Out of pocket expenses
But some may come as a surprise, like:
Childcare, if the primary caregiver becomes ill
Travel expenses for medical treatments (including gas, hotels, car rental)
Homecare services (domestic and personal)
Flights for family and friends to visit
ivari has you covered
Would you be able to handle these extra expenses if you are diagnosed with a critical illness?
Critical illness insurance from ivari provides a tax-free,*(1) lump-sum Critical Illness Benefit when you are diagnosed with a covered condition as defined in your contract and you survive the 30-day survival period.
The money you receive can be used however you choose, without restriction.
You can purchase critical illness insurance from ivari with either 4-condition coverage or 25-condition coverage.
Your critical illness policy from ivari offers you the following benefits:
Critical Illness Protection Benefit
Provides a one-time, lump-sum payment if the life insured is diagnosed with one of the Critical Illness Covered Conditions and survives the 30-day survival period.
Early Detection Benefit
Provides a one-time, lump-sum payment per policy if you are diagnosed with one of the Early Detection Covered Conditions and survive the 30-day survival period.
Return of Premium on Death Benefit
Provides a one-time, lump-sum payment upon the death of the insured, however, it is not payable if the Critical Illness Benefit has been paid or is payable.
An extra service from ivari – Expert Medical Opinion Service (EMOS)†(2)
Provided by Advance Medical, EMOS provides you with the opportunity to have the world’s leading medical experts review your medical case and provide your treating physician with a report that includes diagnosis and recommendations.
Your family can access this service at no additional cost, too. This service can be accessed at any time for any medical condition without the diagnosis of a Critical Illness Covered Condition. There is no limit on the number of times this service can be accessed while you have critical illness coverage and for one year after that coverage has expired.
How much insurance do you really need?
Deciding how much insurance you need, and when you need it, can be complicated, especially since your needs may change throughout your life. My Insurance View from ivari is an easy-to-use interactive tool that will provide you with a personalized insurance solution that clearly addresses your needs at every stage of life.
There are two ways you can purchase critical illness insurance from ivari. How you purchase it depends on your specific needs. Your advisor can provide you with more details and help you decide the way that’s right for you.
Critical illness protection – as a rider
Adding a Critical Illness Protection Rider from ivari to your new or existing life insurance coverage offers more comprehensive protection than what you could get from life insurance alone.
Purchasing critical illness insurance as a rider means that it is attached to a life insurance policy and has to be purchased at the same time as life insurance coverage. This is called bundling, and there is no additional policy fee for the rider.
You can do this in one of two ways:
You can purchase a new life insurance policy from ivari and add a Critical Illness Protection Rider to it‡(3).
You can purchase additional life coverage for your current life insurance policy‡(3) and add a Critical Illness Protection Rider to it§(4).
Bundling saves you a bundle
Just like purchasing a combo meal at your favourite restaurant, combining, or bundling, your life insurance with your critical illness insurance can save you money. In fact, it can save you up to 15%||(5) over purchasing these products separately.
Critical illness protection – on its own
Purchased on its own#(6), Critical Illness Protection from ivari offers the same great features as our Critical Illness Protection Rider with the addition of the waivers that can help you protect your valuable policy.
Adding a waiver to your policy
Have you considered what would happen if you became disabled by a condition other than a Critical Illness Covered Condition and you were unable to pay your premiums? A waiver attached to your Critical Illness Protection policy would allow you to keep your valuable coverage in effect even if you became disabled.
Adding a waiver to your Critical Illness Protection policy will help ensure that your coverage continues if you become totally disabled from something other than a Critical Illness Covered Condition and you are unable to pay your premiums.
Waiver of Premium
This rider waives the premium if the person insured under this rider is considered totally disabled before age 65.
This rider, which is attached to a policy on the life of a child, waives the premium if the person responsible for paying the premiums dies or is considered totally disabled before age 65. Premiums will continue to be waived until the child is age 25.
*(1) Under the Income Tax Act (Canada) and at the date of publication, the receipt of Critical Illness Benefits is not currently taxable. ivari does not guarantee nor is it responsible for the tax treatment applicable to this policy feature. Please consult your legal or tax advisor for an opinion on this matter in relation to your particular circumstances. back
†(2) Available with the purchase of any Critical Illness Protection rider or standalone policy. back
‡(3) The Critical Illness Benefit cannot exceed the life insurance face amount of the life coverage purchased with the Rider. Inforce critical illness coverage from all sources cannot exceed a total of $2,000,000. Please ask your advisor for details. back