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Critical Illness Insurance

You decide how to use it.

What is critical illness insurance?

Our Caring Options® critical illness insurance provides a lump sum cash benefit following the diagnosis of any of the 19 critical illnesses, such as cancer, heart attack and stroke. It is a living benefit that can help you pay costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment - you decide how to use it.  It is not intended to replace your life insurance or other insurance coverage.

Why do I need critical illness insurance?

Critical illnesses happen more frequently than you might think. On average:

  • Nine in 10 Canadians have at least one risk factor for heart disease (obesity, smoking etc.)
  • Women have a nearly 40% chance of developing cancer, and almost 50% of men will develop cancer in their lifetime
  • There are over 50,000 strokes in Canada each year. That's one stroke every 10 minutes

What illnesses are covered?

Our Caring Options® critical illness insurance covers 19 different illnesses:

  •  Heart attack
  • Cancer
  • Stroke
  • Major burns
  • Renal (kidney) failure
  • Occupational HIV infection
  • Multiple sclerosis
  • Coma
  • Paralysis
  •  Alzheimer's disease
  • Parkinson's disease
  • Motor neuron disease
  • Major organ transplant
  • Blindness
  • Deafness
  • Loss of speech
  • Benign brain tumour
  • Loss of limbs
  • Coronary artery bypass surgery

A major illness can result in significant costs

Unforunately, many people are unprepared for living life after a critical illness. A serious illness has financial consequences: absence from work (which can mean loss of income), medical costs not covered by health plans, expensive personal care costs, renovations to make your home wheelchair accessible, and possible taking early retirement, and dipping into your retirement savings.

Your financial options

Your other insurance plans, such as disability insurance, group health benefits and/or long-term care insurance, are not designed to meet the financial burdens associated with a serious illness. They may have benefit limitations, long waiting periods and maximum coverages. To support your family while you have a critical illness, you could:

  • Use personal and retirement savings - but this money has a purpose other than the cost of recovering from a serious illness.
  • Downsize your home to provide much needed cash - but you may end up moving away from friends and neighbours who provide important emotional support.
  • Take a loan - however, this is not a good time to take on additional debt.
  • Ask relatives for help. They may be able to provide financial support - but for how long?

How much is enough?

To determine how much Citical Ilness insurance you need, it's important to analyze your personal situation including financial obligations. You'll have to consider the number of dependants you have, your age, your income and your desire for financial security. There are other considerations as well:

  • How confident are you in Canada's health care system?
  • How much disability income coverage do you have?
  • Do you have a mortgage and other debts?

Benefits of membership

When you purchase a Critical Illness plan you also recieve the benefits of membership - people who care, information to help throughout life and a means for you to be of help to others. Talk to your FaithLife Financial Representative today or contact our Head Office for more information.

Your FaithLife Financial Representative can help you determine your needs and recommend a Critical Illness plan that is right for you and your family. With critical illness coverage, you'll have the cash you need to help you through this challenging time. Critical Illness insurance gives you options!