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:
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 -
Virtual Healthcare by Maple
When managing a chronic condition, or dealing with an acute medical issue, you want to ensure you’re getting the best care possible, as soon as an issue arises. That’s why we provide persons insured under critical illness policies with free access to Virtual Healthcare by Maple.
Maple allows you to get quick medical advice and treatment from a qualified medical professional without having to meet in-person.
Persons insured under critical illness policies
are able to:
1) Receive immediate medical care from a Canadian-licensed doctor online in under five minutes, accessible up to four times per year (per each insured). This free, easy-to-use service is available to the persons insured under CI policies and can be shared with their eligible dependents*; and
2) Connect with specialist providers for expert medical opinions for a specified list of covered conditions.
Benefits of Virtual Healthcare by Maple:
- Connect with a doctor in under five minutes
- Get care around the clock, 24/7/365
- Communicate via text, video, or audio
- Receive advice, prescriptions, labs, and more
- Manage and store your medical records
- Obtain expert medical opinions from specialty providers
For more information on how to access Virtual Healthcare by Maple, please visit their website at www.getmaple.ca/ivari
Virtual Healthcare by Maple is a non-contractual benefit and is subject to program availability.
*Eligible dependents are anyone for whom the person insured is legally authorized to make healthcare decisions (e.g., a partner, a child under 18, or an elderly dependent). Read Maple's Privacy Policy for more details. “Partner” means a person with whom the Insured is (a) legally married, (b) in a civil union, (c) in common law relationship, (d) live together in domestic partnership, or in an adult interdependent relationship and either have lived together for at least one (1) year or are together the parents of a child.
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.
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