It may seem strange to think about needing insurance when you’re young and healthy, but that’s exactly what critical illness insurance is for.
Common sense will tell you that if you are young and healthy, your chances of surviving a critical illness like a heart attack or cancer is much greater than if you are older and not in good health. Also, thanks to medical advances, many people today can survive illnesses that were fatal just a few decades ago. But survival does come with a price.
The cost of surviving a critical illness
Survivors will tell you that recovering from a critical illness and managing their life during and after treatment wasn’t easy. In addition to physical challenges and family stress, a critical illness can also take a financial toll. Along with lost wages, there may be unexpected medical costs such as private nursing or the need for home modifications and mobility devices like a wheelchair.
How Critical Illness Protection can help
Critical Illness Protection from ivari pays out a one-time, tax-free,1 lump-sum benefit if you are diagnosed with one of the conditions covered. You can use the money however you wish. Some people choose to use it towards unforeseen expenses, some use it to replace a spouse or caregiver’s income during their recovery and some use it to celebrate good news from their medical team with a well-deserved and relaxing vacation.
Available in two different coverage options, Critical Illness Protection from ivari can be purchased on its own, or it can be layered, as a rider, onto your new ivari Universal policy.
ivari policyholders have access to Maple—a fully integrated care program that supports your health from every angle. Connect with Canadian-licensed doctors and nurse practitioners on demand, 24/7/365. Access confidential counselling, cognitive behavioural therapy and wellness coaching through Maple’s Member Assistance Program. Get practical support for life’s everyday challenges—legal, financial and work-life resources—all in one place.2
Critical Illness policyholders also have access to Expert Medical Opinions—specialist reviews for those who’ve already received a complex diagnosis, giving you the clarity and confidence to make informed decisions about your health.
- 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.
- Virtual Services by Maple is a non-contractual benefit and is subject to program availability. Products or services offered may be subject to change. Maple Corporation is the provider of the virtual care services available with ivari policies. The Member Assistance Program (MAP) is a third-party offering delivered by ComPsych Corporation (“ComPsych”) through the Maple platform. Maple does not own or control ComPsych’s MAP services, and use of the MAP is subject to ComPsych’s Terms and Conditions and Privacy Policy. Professional certifications and / or qualifications may vary. ivari and its affiliates are not liable for the quality or availability of the products or services offered by Maple Corporation, ComPsych Corporation, or any of their respective affiliates. Maple Corporation and ComPsych Corporation are not agents or brokers of ivari.
Disclaimer
This article is intended for general information purposes only and should not be considered specific or personal investment, insurance, estate planning, legal or tax advice or a solicitation to purchase insurance. Nor should any medical information provided in this article be considered medical or health advice and should not be considered a substitute for advice from a qualified medical professional. While reasonable efforts have been made to ensure that the contents of this article have been derived from sources believed to be reliable and accurate at the time of publication, ivari does not warrant the accuracy or completeness of the information contained herein.
For your convenience, this article may provide links to third-party sites, ivari makes no representations about these sites and access by you is at your own risk.
References to any products or services by trade name, trademark or otherwise, does not constitute or imply endorsement, recommendation or validation by ivari.
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- Health and wellness
- Life insurance