Let’s talk about… critical illness insurance

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.

You may have considered these financial stresses:

  • 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 Protection 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.

What’s Covered?

You can purchase Critical Illness Protection from ivari with either 4-condition coverage or 25-condition coverage.

Benefits

Your Critical Illness Protection policy from ivari offers you the following benefits:

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 extends 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.

Two ways to buy Critical Illness Protection

There are two ways you can purchase Critical Illness Protection 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 Protection as a rider means it is a coverage that is attached to a life insurance policy or critical illness standalone policy. 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 it3.
  • You can add a Critical Illness Protection Rider to your existing inforce life insurance policy or Critical Illness Protection standalone policy3, 4, 5.

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%6 over purchasing these products separately.

Critical Illness Protection – on its own

Purchased on its own7, 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.

Payor Waiver of Premium8

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.

Critical Illness Protection Claims

When it comes time to make a claim, we’re here to help make the process as quick and easy as possible.

The first thing to do is contact us, by phone at 1-800-846-5970 or email at claimsdepartment@ivari.ca, with the required information so we can begin the claims process.

Please refer to the specific type of insurance product you have to ensure that the proper steps are taken and your claim can be processed quickly.

You may also call our toll-free number 1-800-846-5970 or email us at claimsdepartment@ivari.ca if you require any assistance.

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 total life insurance face amount, per life insured, on an existing life insurance policy. Inforce critical illness coverage from all sources cannot exceed a total of $2,000,000. Please ask your advisor for details. back

4 Available on select plans only. back

5 Different Critical Illness Protection coverage types may be added to an existing inforce life insurance policy or Critical Illness Protection standalone policy. back

6 Based on a 25-condition policy with an average Critical Illness Benefit amount of $80,000. back

7 Policy fee applies. back

8 Available on select plans only. Ask your advisor for details as to whether this option is available for you. back