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Top 40 Under 40

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Top 40 Under 40

By Candian LIC, April 21, 2021, 4 Minutes

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This new age and young corporation is poised to set new standards of customer service, compliance, and team recognition through product knowledge, technology and sustainability. The Top 100 Magazine recently had the pleasure of speaking with this talented and dynamic couple. The conversation was both exhilarating and visionary.

What brought about the formation of the Company?

Since Harpreet had been in the business since 2010, and my Canadian education and skills were directed towards technology platforms and business modelling, we decided it was time to set off on our own.

Consequently, Canadian L.I.C. was founded in 2018 and deals with some of the biggest names in the business such as Manulife, BMO, RBC, IA Financial Group, Equitable, and Foresters, to name a few. The brokerage provides financial advice and insurance as well as investments and asset management solutions for individuals, families, and businesses. Solutions offered by the brokerage use individual insurance and investment products in addition to combinations of them to secure and grow clients’ portfolios as well as to protect their livelihoods.

Elaborate on your company’s current portfolio of clients?

The company’s visionary approach to clients intricately engages with them over their life cycle and phases of needs. Often commencing with young married couples, the company facilitates setting up their mortgage protection plans.  Then, once they have children, needs analysis and solutions extend to education plans and life insurance policies. Further on in the life cycle, the focus shifts to retirement and assisting the couple with both long-term and short-term goals and what is needed to achieve them. A client’s business environment not only encompasses estate planning by the brokerage, but the team of experts also work with client’s attorneys on buy-sell agreements and other similar matters. Whether individuals, families, or businesses, Canadian L.I.C. clients are guided every step of the way.

What motivated you as founders?

The combination of skills between Harpreet and I, firmly lead us to believe that setting up a Brokerage was the right step. Whereas I had skills in business modelling, leadership, strategy, technology, team building and scalability; Harpreet had exemplary Industry product knowledge, related skills in sales and advisory services, and an award-winning performance and recognition background spanning ten years. Together, it was the right mix to commence a new age Corporation through innovative business models.

Tell us more about your work life balance

Both of us had a comfortable partnership in business and our personal environments, taking it in turns to give the required family time to our children while pursuing our advanced Canadian education and certifications. We excelled in our individual career tracks before finally deciding that the time was right to consolidate our skills and commence the Brokerage.

What is your Winning Edge?

Harpreet’s recognition in the industry kept her on the competitive edge of awards such as Million Dollar Round Table (MDRT), while my leadership and visionary talents have the company already competing for the Top 6 Producers in Ontario with a current ranking of #5* despite being a young brokerage founded only two years ago.

We both know that product knowledge and needs analysis with consultative selling is the key to team success with technology being a critical enabler for quality, consistency, and scalability. Much of our resources are deployed in making this happen in the organization’s daily work environment.We both know that product knowledge and needs analysis with consultative selling is the key to team success with technology being a critical enabler for quality, consistency, and scalability. Much of our resources are deployed in making this happen in the organization’s daily work environment.

In furtherance, we have enhanced our motivational and life goal aspirations by becoming a LICENSEE to Grant Cardone’s repository of infinite tips to a successful career.  Motivational and directional speakers such as Grant Cardone are one of the many methodologies that Canadian L.I.C. embodies in their work culture. This and the strong will to excel sets Canadian L.I.C. apart from other brokerages. The company’s DNA is built around putting all the moving parts together in an innovative people and technology package with product knowledge and motivation as the nucleus. A compelling business outlook indeed!

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What are your future Plans?

The company intends to obtain licenses for other provinces and extend its footprints across Canada. COVID slowed down these plans in the short term, but the next few years will see the Brokerage progress on a national scale.

*Data provided by MGA, one of the contests run by a leading insurance company

Contact:

Pushpinder Puri, CEO │Harpreet Puri, CEO, FA

Canadian Leading Insurance Company, Inc.

2969 Bovaird Drive E., Unit 2

Brampton, ON L6S 0C6

Website

www.canadianlic.com

www.pushpinderpuri.com

www.harpreetpuri.com

Facebook:  www.facebook.com/CanadianLICinc

LinkedIn: www.linkedin.com/in/candianlicinc/

LinkedIn: www.linkedin.com/in/harpreetpuricanadianlic/

YouTube: https://www.youtube.com/channel/UC3-Pe7_cA73lhVkFKThksLg   

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The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

What is Disability Insurance?

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What is Disability Insurance?

By Candian LIC, April 16, 2021, 8 Minutes

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When you are the one who provides for a family, you probably wonder what would happen if you ever were injured and unable to work. This could be the insurance policy you are looking for. Disability Insurance can be very helpful if you need financial security during times of injury and healing.

What is Disability Insurance?

Disability insurance is an insurance policy, also known as Disability Income Insurance or Income Protection Insurance. Disability Insurance is designed to assist you and your family in being financially secure if you are ever injured or disabled. Disability insurance provides income replacement until you are healed enough to go back to work. It replaces a portion of your paycheque using a percentage of your usual income. The disability can be caused by either accident or illness. You and your loved ones will get assistance from the insurance payments until you can work again, or until the coverage term ends. You can work your policy so your payments come weekly or monthly.

Why Get Disability Insurance?

Anyone who is the sole provider of income, or If you have a regular income, you should consider getting disability insurance. Almost everyone has rent or mortgage to pay or support immediate or extended family members. You need to have coverage if you sustain an injury or get an illness that prevents you from working.

Several factors affect the cost of Disability Insurance. Benefits and premiums are affected by the following factors: gender, age, family health history, physical condition, and occupation. If you have other coverage, Disability Insurance payments may be reduced to offset the other benefits.

What Does Disability Insurance Cover?

There are many reasons to have disability insurance, accident, or illness.

Four Types of Disability Insurance

  • Own occupation means you are unable to perform duties of your own job
  • Any occupation is set up so benefits can only be paid if you are unable to do any part of the job for which you are trained and qualified.
  • Short-term disability insurance gives coverage for up to two years or for temporary issues and injuries. This is the type of insurance you should get when you recover and go back to work.
  • Long Term is where the insurance provides benefits and coverage for long-standing issues or injuries that will last months to years, or until you reach 65 years of age.

This insurance will make sure you will not lose income due to your inability to work, allowing you the time you need to get back on your feet. You will be able to pay bills, buy food, and cover household expenses.

Take care of your finances with disability insurance

If an accident has temporarily or permanently kept you from working, you can receive a tax-free monthly benefit if you have disability insurance coverage. This plan helps pay your monthly expenses. You also have the freedom to personalize your disability insurance coverage by adding extra benefits at a cost.

How does disability insurance coverage work?

Now that we know what disability insurance coverage is let us understand how this insurance policy works. In the unfortunate event, you become disabled; you must file a disability claim. After the filing is complete, you have to wait for the claim to be approved. Once approved, there is a waiting period; the waiting period is the start date of the benefit, including the number of days from the date you became disabled. This waiting period can be anywhere from 30 days to a year. Your monthly benefit would begin after the waiting period has been achieved.

Types of disability insurance:

  • Short-term disability insurance If you are suffering from an illness or injury, the coverage is provided for up to six months. Additionally, the waiting period is typically shorter than long-term disability.
  • Long-term disability insurance Sometimes life does not go according to plan; a severe injury or illness can prevent you from working for a prolonged period or permanently. A long-term disability plan protects you and your loved ones financially.

Reasons to purchase disability insurance:

  • Tax-free benefit If your company provides disability insurance, you usually don’t pay for it. The amount that you receive is tax-free, as you have already paid taxes on it.
  • Regular option coverage and occupation option coverage Disability insurance often comes with two types of coverage, regular coverage and occupation coverage. When you opt for occupation coverage, you are covered if you can no longer perform the job, you were doing when you got sick or injured. If you believe you can do any job for a regular occupation, you will not need much help with your bills.

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Significant impact on your finances

Have you considered what would happen to you and your family if you became sick or had a workplace accident? This is where disability Insurance comes into the picture. This type of coverage can get you some amount to help you and your family cover expenses in the event of your inability to work. Many individuals do not understand what a disability insurance policy offers; before purchasing a disability insurance coverage, you must:

  • Identify if you need short-term or long-term disability coverage.
  • Find out how much of my salary the disability insurance coverage covers.
  • Know if the insurance is covering my job.

Are you the sole income earner for your family? Do your parents depend on your income? If the answer is yes, you need to purchase a disability insurance policy. The unpredictability of life is petrifying, as one unfortunate event can leave you and your loved ones financially unstable. If you cannot work due to a severe injury or illness, owning disability insurance can help pay for expenses like utilities, school tuition, mortgage, food, and car payments. This insurance plan replaces a portion of your income if you are unable to carry out your work. Back injuries, heart diseases, and cancer are the majority of long-term disability claims.

Contact our expert insurance advisors today!

Don`t take a chance on life and own disability insurance coverage today. At Canadian LIC, our professional insurance advisors are experienced and have the patience to explain thoroughly why disability insurance is essential. To find out more details or to schedule a consultation, call us at 416 543 9000 today. We will be more than happy to address your queries.

Things To Know About Disability Insurance

If you have ever found yourself wondering what you would do if you became injured and unable to work, you may want to take a look at Disability Insurance. This is a great policy if you want to have peace of mind for your and your family’s future.

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Call 1 844-542-4678 to speak to our advisors.

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What is Disability Insurance?

Disability Insurance is a policy for you and your loved ones to be protected financially if you are disabled. Disability can be from illness or injury. The insurance provides income replacement until you are able to go back to work, if possible. It supplements your paycheque by using a percentage of your income.

Why should I get it?

If you have a family or other financial obligations like a mortgage or rent, you will want to have financial security if you are suddenly unable to work due to illness or injury.

Factors that Affect the Cost of Disability Insurance

  • Smoking: This is often the cause of paying higher premiums for disability insurance. If you don’t smoke, you have more chances to get affordable premiums and other health benefits.
  • Age: This is a major cost-determining factor. The younger you are the more you get the policy, the less costly it will be. There is less of a chance of becoming disabled while you are young.
  • Occupation: A skilled tradesman or manual labourer will have a higher cost for disability insurance than a person with a desk job having a high income.
  • Health: If you are healthy, with no critical illness, you will pay a low cost for disability insurance.

Types of Disability Insurance

Own Occupation: Benefits paid if you can’t perform complete duties of your own position at your job full time.

Any Occupation: Benefits paid if you are not able to do any part of the position or job for which you qualified.

Long Term: Benefits paid for disability issues that will last anywhere from a month to years, or the policyholder is 65-years-old.

Short Term: Benefits paid for temporary issues or those that last for up to two years. These are issues you will recover from and will be able to go back to work.

Having Disability Insurance is just another way of taking care of your family. Ask your insurance broker for more information on Disability Insurance today.

Do I really need a disability insurance?

Our team at Canadian LIC can help with the paperwork, all you have to do is apply. We will provide you with all details and you can choose a suitable plan. Contact us and schedule an appointment today. We look forward to seeing you.

Generally, if your employer has group employee disability insurance, then you won’t have to worry about applying for a new one. You can reap the benefits. (We advise you to check the benefits for the existing plan that you’re part of). If you want to shop around, you should know a bit about disability insurance.

There are two types; the first is short-term disability insurance, here the coverage is up to 6 months when you’re sick or injured. It is the general type of disability insurance that employers offer but depending on the employer it can be different. If are not a part of a short term disability insurance then you may be eligible for Employment Insurance (EI) sickness benefits with the requirements being:

  • When you have used all of your sick leaves
  • You have worked enough hours

The second type of disability insurance is long-term disability insurance which offers coverage of up to 2 years. It also replaces 60-70% of your normal income. It should be noted that the benefits of short-term disability insurance are not included in this type of plan.

How does disability insurance work?

Here’s a summary of how disability insurance works. It will give you a better idea of the entire process. Please have a look:

  • Choose the amount you want. You can also add optional benefits to customize your coverage policy
  • Pay your monthly insurance premiums
  • If you have become disabled, then file a claim
  • Once the formalities are completed, you will receive your monthly payments (once the waiting period ends). The waiting period can be explained as the number of days from the date you’re disabled until the benefits start date.
  • Your monthly payments stop when you return to work or your benefit period ends

Your monthly benefit would be approximately 2/3 rd of your income (this is with respect to your gross employment). The waiting period is for 10 days and the benefits that you get are completely tax-free. We can customize your insurance plan to meet your requirements. Call Canadian LIC today and speak with our team members, we will be glad to assist you.

Eligibility for the Canada Education Savings Grant

  • In order to be eligible for the grant, parents or grandparents must contribute to a child’s RESP prior to the end of the calendar year in which the child turns 15 years
  • The child must be a Canadian resident
  • It is important the child must have a valid Social Insurance Number
  • There must be a RESP account in the child’s name
  • It is important that you request the government for the matching contributions

The Government of Canada helps and contributes towards your effort to save. It deposits substantial grants directly into your RESP.

How Disability insurance can help you out during unemployment?

Benefits of opting for disability insurance

  • Disability insurance will help you provide your family with financial security if you are unable to work due to an accident or illness.
  • Disability insurance will help you cover most of your expenses
  • It replaces a part of your income when you are unable to work
  • It also reduces your burden and also helps you save on taxes

Providing you the financial security when you need it the most
Accidents and illness are unfortunate and can happen to any of us. It is always best to stay financially secure and safe at all times by investing in the right disability insurance. You can choose from a range of disability insurance. Most of the disability insurances provides cover for senses and speech issues, such as vision and hearing loss, asthma, neurological disorders, mental disorders, depression and anxiety. For more information about how disability insurance can help you or to invest in a disability plan, please get in touch with us now. Our team is here to help you with all your requirements.

Long-term disability insurance
Long-term disability insurance provides cover in the event of an accident or a fall. It does not provide insurance for work-related accidents that are covered by workers’ compensation insurance. Long-term disability insurance ensures that an employee receives a part of their income if they cannot work due to a disabling injury.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

What is Permanent Life Insurance?

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What is Permanent Life Insurance?

By Candian LIC, April 16, 2021, 3 Minutes

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If you are looking for a life insurance policy that will protect your family financially, even if your life to long, it may be time to think about Permanent Life Insurance.

What is Permanent Life Insurance?

Permanent Life insurance does just what its name says, it provides lifelong, permanent insurance coverage. It is a policy that protects the policyholder until death. It is a great insurance policy to cover long-term or lifelong needs such as care for a dependant or disabled child, funeral expenses, liquidity for business or tax liabilities of the estate.

How does permanent life insurance work?

If you pass away, your beneficiaries will receive a tax-free payment amount, just like other life insurance policies. As with most types of life insurance, permanent life policies have a savings component. The savings, or investment, part is in addition to the lifetime coverage. Some of the premiums are put towards investments and accumulate. They are tax-deferred, generating a cash value that the policyholder can use if required. If used as savings by the policyholder, the cash value can be used as retirement funds, being withdrawn partially or fully. This is done by using the cash value as collateral and taking out a loan.

Two Types of Permanent Life Insurance

Participating: Participating Life Insurance has guaranteed insurance payouts and cash values. Although you also get dividends each year, your premiums will stay the same.

Universal: Universal Life Insurance guarantees cash values on selected policies, and you can choose your own investment options. It is usually less expensive than a Participating policy and has more premium payment flexibility.

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Advantages of Permanent Life Insurance

  • There is no set term for this type of insurance. You pay and get covered until you pass away or surrender the policy. Permanent Life Insurance has lifelong coverage, as long as the premiums are paid. Some permanent policies state an age, such as 100 0r 121. If you live up to those ages, you don’t have to worry about premiums. The death benefit will still be given when you pass away. Some insurance policies will pay out the benefit if the policyholder lives to a certain age.
  • Permanent insurance policies allow you growth on savings, as tax-deferred cash. If you end up having to surrender the policy, you will get that amount (or most) back.
  • Another advantage is cash value can be borrowed from this policy, like a loan. This advantage is in addition to the death benefit. Any loan, however, will reduce the death benefit and cash value by the amount you borrow.

If you have any questions, don’t hesitate to contact us to discuss Permanent Life Insurance further. Let us help you have peace of mind for your family.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

What is Critical Illness Insurance?

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What is Critical Illness Insurance?

By Candian LIC, April 16, 2021, 4 Minutes

Common questions

  • Life Insurance can protect your family from any financial crisis
  • You leave a completely tax-free inheritance to your dear ones or beneficiaries
  • Life Insurance can pay for your funeral expenses
  • You can clear your debts and loans with Life Insurance

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When you are looking for insurance think of Critical Illness Insurance. It is really a living benefit that helps you and your loved ones during some difficult times of Critical Illness like Heart attack, stroke, and cancer, etc.

What is Critical Illness Insurance?

Critical Illness Insurance is an insurance policy designed to provide financial security in the case of a sudden or serious medical issue, emergency, or illness. It is set up to help the family and the policyholder, It provides lump sum benefit incase you diagnose with some Critical Illness.

Several factors are taken into consideration when developing a Critical Illness policy since everyone has a special situation. Your insurance broker will look at your family’s medical history, personal health, sex, and age. The broker will also look at the extent of coverage you want.

What is Covered?

Some illnesses or medical conditions covered under a Critical Illness Insurance policy are cancer, heart attacks, heart surgeries, stroke, and organ transplants. Some companies provide up to 32 Critical Illness coverage.

It is important to read over your Critical Illness Insurance policy to see what you have covered. The more illnesses you add to your policy, the more premiums you will need to pay. Not all cancers or chronic illnesses are covered, and if you have a reoccurring illness, it may not be covered either. In some policies, there is a requirement for a “minimum survival period.” The insured person needs to survive for a certain number of days after being diagnosed before funds are available.

With Critical Illness Insurance, medical treatments not covered by OHIP, and services not often available, are now accessible to you. Although many employers offer decent policies, they only cover so much.

How Critical Illness Insurance Can Be Used

Critical Illness Insurance allows you to use the funds however you wish or need, it’s a very flexible policy. The funds are released in a lump sum to help you manage any serious financial obligations right away. This takes away any worry if you become unable to work or seriously ill.

The Critical Illness policy assists with costs of daily living so those who are ill can just work on getting better. Making vehicles accessible, transportation to and from treatments or appointments, installing rails or chair lifts in the home, are all covered.

When dealing with a serious, or even terminal, illness, you can also use the funds to spend more time at home, with family, or take much-needed vacations. Child care can also pay under the critical illness insurance policy.

Critical Illness Insurance is a unique policy that can be adjusted to suit your and your family’s specific needs. Don’t hesitate to contact us if you have any questions regarding Critical Illness Insurance.

Critical Illness Insurance – Why It’s Needed?

When thinking about insurance, many people don’t know the difference between the different types. They think regular Life Insurance is enough, but don’t know enough about the benefits of Critical Illness Insuranace. Let’s take a look at a special type of insurance you can have along with your regular life insurance. It’s called Critical Illness Insurance.

What is Critical Illness Insurance?

Critical Illness Insurance is unique insurance easily adjusted to suit individual requirements and was designed to provide financial security in the case of a serious emergency, illness, or medical issues. It helps both the policyholder and family and is usually low cost.

Your family medical history, your health, age, sex, and extent of coverage, are taken into consideration when the insurance broker assists you in finding the right policy.

Critical Illness Insurance is a flexible policy because you can use the funds however you wish. The funds come in a lump sum, allowing financial situations to be handled right away. This insurance helps when you get ill and can’t work, eliminating the financial stress.

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What Does Critical Illness Insurance Cover?

Critical Illness Insurance allows medical treatments and services not usually covered by other policies to be available. It covers the everyday living costs for those who are sick or healing so he or she can concentrate on getting better. This type of insurance also covers equipping vehicles to make them accessible, installing chair lifts in homes, and transportation costs to and from treatments and appointments. If childcare is needed, Critical Illness Insurance will cover that too.

In a Critical Illness Insurance policy, heart surgeries, organ transplants, heart attacks, and cancer are covered. However, you must look at your policy to see which cancers and chronic illnesses are included. Not all illnesses and cancers are included or covered. You can add to the policy, often costing a little more, but worth the coverage.

Often, there is a “minimum survival” clause that says a policyholder must live for a certain number of days after being diagnosed before the funds can be released.

Critical Illness Insurance allows the policyholder to be able to spend more time at home with family or take a much-needed vacation, which is important to those dealing with a terminal illness. If you are interested in getting Critical Illness Insurance alone or added to your current policy, contact your insurance broker today. You shouldn’t have to worry about anything but getting better when faced with an illness or medical issue.

Critical Illness Insurance Uses

Critical Illness Insurance isn’t just your ordinary insurance policy. This special type of insurance provides security financially for serious medical emergencies. As you know, everyone is different, living in unique situations, and each policy is different so it can benefit the policy holder. To get Critical Illness Insurance you need to know several factors which will be taken into consideration. Your family’s medical history, the health of policy holder, your sex and age, as well as the extent of the policy’s coverage are all part of creating a one-of-a-kind Critical Illness Insurance policy. Those factors are common for many other policies, so don’t worry. Let’s look into Critical Illness Insurance and see if it is for you.

With Critical Illness Insurance, medical treatments that aren’t covered by OHIP, and services that aren’t usually available, are accessible. Most employment policies are helpful, but they only go so far.

This insurance helps with everyday living costs so those who are ill can concentrate on healing and getting better, Transportation to and from treatments, installing chair lifts, and making vehicles more accessible is also covered. People with Critical Illness Insurance can use the funds to take much needed vacations, or spend more time at home with family. The coverage is helpful when dealing with a terminal illness. Child care is also covered with Critical Illness Insurance.

This policy is flexible, so you can use funds in whatever way you wish. You won’t have to worry if you get seriously sick and become unable to work. The funds are available in a lump sum which helps manage any serious financial responsibilities immediately.

What Is Covered?
Some examples of what Critical Illness Insurance covers:

  • Cancer
  • Heart Attack, Heart Surgeries
  • Organ Transplants

Note: Read over your policy to see what is covered in your situation. Although this type of policy is low cost, it does have limitations. For some policies, not all cancers or chronic illnesses are covered. If you have a returning illness, it may not be covered.

The more illnesses you add to your coverage, the more premiums you will pay. Some policies have a “minimum survival period,” where the policy holder need to survive for a stated number of days after being diagnosed with the illness, before the funds are made available.

It’s always a good practice to look over all your options and the details of your insurance policy. If you decide a Critical Illness Insurance policy is right for you, but can’t make up your mind if it should be a lone policy, keep in mind you can add Critical Illness Insurance to any existing policy. It can save you money. Discuss Critical Illness Insurance with your broker, who will be able to guide you to the right policy choice.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

All That You Need to Know About Critical Illness Insurance

Posted on by canadianlic

All That You Need to Know About Critical Illness Insurance

By Candian LIC,  January 20, 2021, 3 Minutes

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While researching different Insurance Policies and wondering which one is best for you, you may have come across one called Critical illness insurance. This particular type of insurance provides financial security for serious medical issues and emergencies. Since everyone is different, with unique situations, each policy will be different as it is arranged to benefit the policyholder. There are several factors taken into consideration. Family medical history, Health of policyholder, Sex and Age, as well as the extent of the policy’s coverage are all part of creating a unique Critical Insurance Policy. Don’t let those factors scare you, let’s see what else this type of insurance can do.

Critical Illness Insurance Uses

With Critical Illness Insurance, medical treatments that aren’t covered by the usual policies, and services that aren’t commonly available, are accessible. Most policies from employment are helpful, but they only go so far. So those who are ill can concentrate on healing and getting better, this insurance assists with everyday living costs. Even transportation to and from treatments, installing chair lifts, and making vehicles more accessible. Those with Critical Illness Insurance can use the funds to take vacations or spend more time at home with family. This is extremely helpful when dealing with a terminal illness. With Critical Illness Insurance, child care is also covered. This policy tends to be flexible, so you can use the funds in whatever way you choose or need. You won’t have to worry if you get seriously sick and become unable to work. The funds are usually available in a lump sum, which helps manage financial obligations right away.

What Is Covered?

Cancer, Heart Attack, Heart Surgeries and Organ Transplants are just examples of what can be covered under Critical Illness Insurance. As with any policy, you would have to read over your insurance to see what is covered in your case. Although usually low cost, this type of policy may have limitations. For example, not all cancers could be covered, or certain chronic illnesses. If an Illness returns, it may not be covered if you will pay more premiums the more illnesses you add to a policy. Some Critical Illness Insurance Policies have something called a “minimum survival period,” where the policy holder has to live for a certain number of days after being diagnosed, before the funds are available.

 It’s best to know all the options and details of any policy. If you feel a Critical Illness Insurance Policy is right for you, but you don’t know if you should have it as a lone policy, remember adding Critical Illness Insurance to any existing policy can save you money. Discuss it with a Canadian LIC insurance broker who will be able to guide you to the right choice.

Critical illness insurance can help people get back to the living

If you are lucky, you will not need to ever use critical illness insurance.

If you are ever diagnosed with cancer, heart attack or any such severe medical conditions, critical illness insurance may be one of the only things protecting you and your family from financial ruin.

This insurance plan provides coverage for severe or critical medical emergencies. Since these emergencies tend to incur greater than usual medical costs, this policy can pay out the overruns that traditional insurance cannot cover.

This way you can focus on your recovery knowing that your expenses are covered.

How can critical illness insurance help?

  • Lump-sum payout – With this insurance policy, you receive a lump sum payment that can be used to cover your medical costs, including medical care, travel expenses or wages of a family member leaving work to help. This insurance plan pays you cash benefits when you are diagnosed with a specified covered illness, which in turn can help alleviate some of the stress that you are already facing.
  • Tax-free payout – You will receive a one-time benefit payment that you can use for any expenses that needs to be covered.
  • Low cost – These insurance policies are generally less expensive than traditional insurance plans. However, please note that each plan may cover only certain specified illnesses. So it is important that you review the terms, conditions, exclusions and limitations carefully.
  • Peace of mind – With this insurance policy, you can focus on your recovery without the added stress of financial instability. You no longer have the dilemma of choosing between what’s best for your family and what’s best for you.
  • Additional support – In addition to covering the costs for your treatment, you can even use the benefits to help and support your family. The plan can cover counselling services, family support services, child care services, legal consultations and nutritional advice.
  • Protect your savings – You need not dip into your retirement or personal savings to cover for your medical expenses with this policy.

What does critical illness insurance cover?

There are around 26 illnesses listed by the Canadian Life and Health Insurance Association. Depending on the policy and insurance provider, the plan can cover anywhere between one major illness to all 26 medical conditions. Some plans even offer coverage for other medical conditions.

It is advisable that you go through the policies carefully to find one most suitable for you. Feel free to contact us for more information or for assistance. You can rest assured that we will be there for you.

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The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

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