ivari can help you and your family keep the “quality” in quality of life should you be diagnosed with a critical illness. Critical illness insurance from ivari provides a tax-free,*(1) lump-sum benefit upon diagnosis of a covered condition as defined in your contract. You can use the benefit payment however you choose, without restriction.
If you’re like most people, you understand the need for life insurance to help protect your family and provide for them after you are gone. But what about helping to provide for your family if you are still with them but suffering from 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 survive the 30-day survival period. The money you receive can be used however you choose, without restriction. Sounds good? Let’s take a closer look at critical illness insurance to see if it’s right for you.
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 for many people just a few years ago are now being treated and even cured. That’s good news. However, living through the treatment process and surviving a critical illness can cause financial hardship for many people.
Even if you have disability insurance or long-term care insurance, privately or through your employer, adding critical illness insurance can top up the coverage of your other plans so you can focus on your recovery without added financial stress.
Critical illness insurance from ivari can help you manage these extra expenses if you are diagnosed with a critical illness.
You can purchase critical illness insurance from ivari with either 4-condition coverage or 25-condition coverage.
The 4-condition policy offers you a more cost-conscious option while still covering conditions that generate 85%†(2) of claims.
The more comprehensive 25-condition coverage has the added benefit of covering five childhood conditions until the child is 24 years old. Plus, it offers some other benefits, as well.
Please note that a more detailed description and definition of each of these conditions and their associated exclusions, limitations and the 30-day survival period is set out in the policy contract. Any illness, disorder or surgery not specifically defined in the contract is not covered.
Your critical illness policy from ivari offers you the following additional benefits:
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.
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.
Provides a one-time, lump-sum payment upon the death of the life insured however it is not payable if the Critical Illness Benefit has been paid or is payable.
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.
The 90-day exclusion period refers to the first 90 days the contract is in force or the first 90 days after reinstatement. If, within this period, you, as the insured person are diagnosed with any cancer or benign brain tumour, or have signs or symptoms that lead to a diagnosis of cancer or benign brain tumour at any time, you will not be eligible to receive the Critical Illness Benefit or Early Detection Benefit for the diagnosis of cancer or benign brain tumour or a covered condition directly resulting from or the treatment from any cancer or benign brain tumour while the policy is in force.
In this exclusion, the term “any cancer” includes all cancers and benign brain tumour, even if you would not have been covered under the definitions of cancer for a Critical Illness Covered Condition or an Early Detection Covered Condition.
The information about signs, symptoms, investigations and diagnosis as described above must be provided to us in writing within six (6) months of the date of diagnosis. If the information is not provided during this period, we have the right to deny any claim for a Critical Illness Benefit or an Early Detection Benefit for any cancer or any Critical Illness Covered Condition or Early Detection Covered Condition caused by any cancer, benign brain tumour or its treatment. Please refer to your contract for a more detailed explanation of the moratorium period exclusion.
There are a variety of ways you can add the extra layer of protection that critical illness coverage from ivari provides.
|Coverage Type||Term 10||Term 20||Term to age 65|
|Coverage description||Renewable and convertible Term 10 critical illness coverage with premiums that are scheduled to change every 10 years.||Renewable and convertible Term 20 critical illness coverage with premiums that are scheduled to change every 20 years.||Convertible Term to age 65 critical illness coverage with level premiums to age 65.|
|Renewability options||Renewable with guaranteed premiums that increase every 10 years.||Renewable with guaranteed premiums that increase every 20 years.||None|
|Coverage option||Available as single life and multiple life plans.||Available as single life and multiple life plans.||Available as single life and multiple life plans.|
How you purchase it really depends on your specific needs. Your advisor can provide you with more details and help you decide the way that’s right for you.
Let’s take a look at the two options offered by ivari.
Adding a Critical Illness Protection Rider to your new or existing life insurance coverage is one way to get more comprehensive protection than what you could get from life insurance alone. Let’s take a look at how this product can help you.
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’s no additional policy fee. You can do this in one of two ways:
You can purchase your life insurance and critical illness protection separately but that may not be the most cost efficient option. 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%#(6) over purchasing these products separately.
Plus, after two years, if your situation changes and you no longer need your life insurance coverage, but want to keep your critical illness insurance, one of the options available to you is to split the Critical Illness Protection Rider from the life policy and continue the protection as a standalone critical illness insurance policy.
Find out if adding a Critical Illness Protection Rider to your life insurance is right for you. Your independent financial advisor can help explain all the many features and benefits, as well as the limitations and exclusions of a Critical Illness Protection Rider from ivari.
If you have enough life insurance for your needs, another way to add an extra layer of protection is to purchase Critical Illness Protection on its own.**(7)
Purchasing Critical Illness Protection from ivari offer, the same great features as our Critical Illness Protection Rider with the addition of the waivers that you can purchase to truly customize your protection plan.
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.
Along with the lump-sum payment you will receive if you are diagnosed with a critical illness, you can also ensure that your coverage will continue if you become totally disabled from something other than a Critical Illness Covered Condition and you are unable to pay your premiums.
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.
Find out if Critical Illness Protection from ivari is right for you. Your independent financial advisor can help explain all the many features and benefits, as well as the limitations and exclusions of a Critical Illness Protection policy from ivari.
*(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.
†(2) The 4-condition product includes coverage for cancer, heart attack, stroke and coronary bypass. This figure is based on incidence rates and industry claim statistics.
‡(3) Loss of independent existence does not apply until the age of 18 for a child coverage at which time it is automatically available.
§(4) Available on select plans only.
||(5) 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.
#(6) Based on a 25-condition policy with an average Critical Illness Benefit amount of $80,000.
**(7) Policy fee applies.
††(8) Available on select plans only. Ask your advisor for details as to whether this option is available for you.
™ ivari and the ivari logos are trademarks of ivari Canada ULC. ivari is licensed to use such marks.