Critical Illness – LSM Insurance’s Andrew Burdi Examines Critical Illness Loophole

Posted on February 19, 2011 and updated May 22, 2019 in Critical Illness, Insurance Types, Life Insurance Canada News 2 min read
andrew burdi headshot
LSM’s Andrew Burdi knows
all the critical illness loopholes.

LSM Insurance advisor Andrew Burdi discussed three little known Critical Illness Insurance Loopholes.

Burdi says they are an increasing number of Critical Illness providers in Canada who offer guaranteed renewable Critical Illness coverage. These policies differ from non-cancelable policies because the premiums may be adjusted on a class line basis. Non-cancelable policies offer guaranteed premiums for the life of the policy.

 Secondly, Burdi cautions that many Critical Illness policies carry exclusions for past medical conditions. For example, if the insured has hearing issues, there may be an exclusion on a loss of hearing payout.

 Lastly, Burdi advises people  not to use Critical Illness Coverage instead of Disability Insurance. Both Disability and Critical Illness insurance cover separate needs and many disabilities, such as back or knee related injuries, which would be covered under a traditional disability insurance policy, would not be covered under a Critical Illness plan.

For more details on Critical Illness Loopholes in Canada, please contact us at 1-866-899-4849 or visit our Critical Illness Quotes Page.

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