Many life insurance companies have life insurance policies available with the critical illness rider, which is crucial given that nearly half of all Canadians will be diagnosed with cancer and 1.6 million Canadians will suffer a heart attack or stroke. However, the only real cost advantage to the insured with a combo plan is they’re saving on the policy fee.
The life insurance and critical illness insurance or both underwritten separately, but dealt with simultaneously, at the time of application and each are priced based on its own individual underwriting criteria.
If you’re still interested in critical illness insurance, an alternative to this type of policy with a rider is life insurance with a Critical Illness Advance. This type of coverage would be much less expensive than life insurance combined with critical illness and would save you much more than the policy fee.
Desjardins Financial has a life insurance policy with a critical advance that is fairly straightforward. Any critical illness claim reduces the life insurance benefit by the amount of the claim. There is no survivorship waiting period, which is usually 30 days for the critical benefit. This is in part due to the fact that the insurance company would have to pay out the death benefit anyway if the insured passes away. The plan has 25 illnesses and you should be aware that cancer is only covered after the insured has been on the plan for 90 days. The cost of the critical illness advance is approximately 30% above a regular life insurance stand-alone policy.
For more details on the life insurance and critical this insurance in Canada, please contact us at 1-866-899-4849. We are also happy to provide you with a quote at our Whole Life Insurance Quote Page or our Critical Illness Insurance Quote Page. Click on those links and we can give you a ballpark figure on the cost right away.
