CRITICAL ILLNESS

The Good News

Medical advances have greatly increased our ability to survive many life-threatening illnesses. However, few of us are prepared for the financial burdens that can threaten our lifestyle and security. Costs such as private nursing, home or vehicle modification, and childcare are additional strains during a difficult time.

Critical Illness is designed to provide financial security when illness puts assets and savings at risk so you can focus on what's important - recovering your health.

What are the chances of incurring a critical illness? Statistics show that:

Heart disease

  • One in four Canadians will contract heart disease.
  • 75,000 individuals suffer heart attacks each year.

Stroke

  • One in thirty-three 45 year olds has a stroke prior to age 65.

Multiple Sclerosis

  • Canada has one of the highest rates of multiple sclerosis in the world, especially amongst young people.

Restoring Peace of Mind

Many expenses are associated with a critical illness, many of which are not covered by existing private and public health care plans. These costs can impact your financial health and deplete your savings and assets. Critical Illness enables you to maintain your lifestyle and financial independence if you are stricken by a critical illness. For example:

  • Private Nursing Many people want to recover from a critical illness in the comfort of their own home. The Critical Illness benefit can be used to hire nursing or other personal staff.
  • Medical Care More Canadians are choosing to seek out their own medical care, whether in the US or elsewhere. This benefit can provide you with the funds you require for treatment.
  • Lifestyle Adaptation Certain critical illnesses, such as stroke or blindness, can cause permanent physical limitations. This benefit can be used to pay for modifications to your home or the purchase of specially-equipped vehicles for transportation.
  • Child Care During a critical illness, the needs of children cannot be forgotten. The lump sum benefit can assist in providing assistance with child care to ensure that your children receive the attention they require.

The Coverage you need....

Critical Illness covers the four most common critical illnesses; heart attack, stroke, life threatening coronary artery bypass surgery, and cancer; plus eleven other conditions: Multiple Sclerosis, loss of speech, severe burns, deafness, coma, kidney failure, major organ transplants, Parkinson's, Alzheimer's, paralysis and blindness.

Eligibility

Members of the Institutes of CA's of BC, Alberta, Saskatchewan and Manitoba, and their spouses are eligible to apply. All applicants must be resident in Canada or the United States and less than 65 years old. Insurance will take effect on the date the completed application is approved by Great-West Life.

Benefit

The Critical Illness lump sum benefit will be paid to you following a survival period of 30 days after the diagnosis of a covered critical illness. Benefits for multiple sclerosis and paralysis will be paid after a survival period of 180 days.

Coverage for life-threatening cancer will not begin until 90 days after the effective date of coverage.

Click here for a detailed description of covered illnesses.

Amount of Coverage and Premiums

Coverage is available in units of $10,000, up to a maximum of $200,000.

Monthly Premium per Unit of $10,000

 

Non-Smoker

Smoker

Age at April 1

Male

Female

Male

Female
Under 29
$ 1.20
$ 1.20
$ 1.50
$ 1.50
30 - 34
1.30
1.70
1.90
2.30
35 - 39
1.70
2.00
2.80
3.40
40 - 44
2.40
2.80
5.60
5.80
45 - 49
4.20
4.10
11.00
9.30
50 - 54
6.30
5.70
18.20
14.40
55 - 59
9.70
7.00
29.30
19.10
60 - 64
15.80
11.60
46.30
31.20

Non-smoker rates apply to individuals who have not used tobacco products in the last 12 months.

Termination of Coverage

Coverage will terminate under the following circumstances:

  • On April 1 coincident with or immediately following your 65th birthday.
  • On the death of the insured.
  • On payment of the critical illness benefit.
  • Lapse of the policy.
  • If you are no longer a member of one of the participating Institutes, or are no longer the spouse of a member.

Critical Illness Fills the Gap

You already have life, disability and health insurance. These benefits offer a wide range of coverage. What does Critical Illness provide that other coverage do not?

Life insurance coverage has been designed to protect family members by providing benefits upon your death. However, what happens if you become seriously ill and survive?

Disability coverage provides a percentage of income during a disability period. However, will this amount be enough to maintain your family's standard of living, including extra costs such as private nursing and home modifications?

Health plans may cover drugs and certain medical supplies. However, what happens if you require additional service such as specialized appliances and home modifications that may assist in maintaining your quality of life?

If you are diagnosed with one of the insured conditions you can use the Critical Illness lump sum benefit to address many of the items that may not be covered by conventional benefit plans. This flexibility provides financial protection, independence and peace of mind during a difficult time.

This summary is for information purposes only. Benefits will be provided in accordance with the terms of the master contract. This contract may be amended by the mutual agreement between the Insurer and CAIPW.

This benefit is underwritten by Great-West Life, policy number 335722.