Critical Illness cover – who needs it?

Let’s talk about Critical Illness Insurance(CI) cover

critical insurance manIf you are looking for a broader spectrum of coverage than just life insurance alone can offer, there’s Critical Illness insurance cover.
Today people are living longer and healthier lives. In fact, illnesses that would end in death for many people just a few years ago are now being treated and even cured. That’s good news.

However, surviving a critical illness can present some unique financial challenges. Being diagnosed with a critical illness can be the start of a long, exhausting journey that brings along with it financial stresses.

Some of these financial stresses you may have already considered, like:
•  Loss of income
•  Out-of-pocket medical expenses
But some other expenses may come as an unwelcome surprise:
• Childcare, if the primary caregiver becomes ill
• Travel expenses for treatment (gas, hotel, car rental)
• Homecare services (domestic and personal care)
• Flights for family to visit and lend moral support

To read my personal story about how I received $100,000 when I was personally diagnosed with cancer in 2013
click here to read my story about critical illness insurance

The healthier you are, the more you need CI protection

If you are in good health you may feel that you don’t need CI insurance. But studies show that the
healthier you are the more likely you are to actually survive a critical illness like cancer or a heart attack
than die from it.

In fact, according to the Heart and Stroke Foundation 2014 Report on the Health of
Canadians, more than 90% of Canadians who have a heart attack and more than 80% who have a
stroke and make it to hospital will now survive.
Critical Illness Protection from ivari provides a one-time, tax-free benefit payment that you can use
if you are diagnosed with a critical illness and survive the 30-day survival period. You can use the
money you receive to help replace your income while you recover, pay for additional care for your
children, help with unforeseen medical expenses or even take a much needed vacation to relax and
celebrate the end of your treatments. In fact, you can use the money you receive for anything you
want with no restrictions.

What’s covered under a CI Insurance policy?

Purchased as a rider or on its own, you have two choices when selecting a Critical Illness Protection
plan. Our 4-condition product offers a more cost-conscious option while still covering conditions that
generate approximately 85% of claims.
Our more comprehensive 25-condition product has the added
benefit of covering five childhood critical conditions until the child is age 24 plus an Early Detection
Benefit. (A complete list of covered conditions and definition of the Early Detection Benefit may be
found at
As with any insurance plan, there are some limitations and exclusions. Your advisor can explain these
to you.
*  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.
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,
the insured person is diagnosed with any cancer or benign brain tumour, or has signs or symptoms that lead to a diagnosis of
cancer or benign brain tumour at any time, they 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 they 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 the contract for a more detailed explanation of the moratorium period exclusion.
1. Canadian Cancer Society, Canadian Cancer Statistics, 2014.
2.   Under the Income Tax Act (Canada) and at the date of publication of this brochure, 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. We recommend that you consult
your legal or tax advisor for an opinion on this matter in relation to particular circumstances.

To read my personal story about how I received $100,000 when I was personally diagnosed with cancer in 2013
click here to read my story about critical illness insurance