Critical Illness and Disability Insurance Tips

According to Canadian Worker's compensation statistics, approximately one million people are injured on the job and thousands more become sick or diseased by their work. Then there are those who are taken from the workforce by non-work-related injuries.
 
Depending on the definition of disability chosen by the insured, they may receive payments to recover their lost income due to total or partial disability and whether they are unable to work at their primary occupation before the injury or whether they can work at another secondary occupation. Obviously, it's more advantageous to receive payment regardless of whether you can still work at "any occupation." This is the Gold Standard of disability policies.
 
Critical illness insurance on the other hand, offers a lump sum payment to those diagnosed with qualifying critical illnesses, such as cancer, heart disease, stroke, multiple sclerosis and ALS. This payment can be used for treatment, to replace your income, a family vacation or anything else the insured may like. An apt solution, given that the diagnosis of a critical illness can reduce a person's income by at least $12,000.
 
The following are our best articles featuring critical illness and disability insurance:
 
 
 
  1. Group Critical Illness Insurance
    This article deals with group critical illness insurance, a combination of critical illness insurance and group benefit policies.

  2. Cost of Care in Ontario and the need for Long-Term Care Insurance
    The cost of care in Ontario is has risen dramatically in recent years. Consult our table to learn more about costs of care in Ontario.

  3. Long-Term Care - Basic Vocabulary and Definitions
    In this guide we’ll familiarize you with the basics of long-term care policies and the key vocabulary associated with them.

  4. What to look out for when buying critical illness insurance
    Canadians are more likely to experience critical illness than to die before age 75. So get the right insurance now while you're healthy.

  5. Critical Illness Insurance - What The Experts Own
    For our third financial experts round up, we find out what kind of critical illness insurance they own.

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If anybody is concerning purchasing personal insurance I would most definitely use LSM Insurance and ask for Andrew Burdi, because he really knows his stuff. (1 of 84)

59 Comments

  1. LSM Insurance 07/17/2011 at 1:31 pm

    Hi Tracy,

    We are happy to help. The premiums will depend on the date of birth, smoking status and your coverage amount and plan type. I will send you an email now. Thanks, Lorne

  2. Kelly 11/15/2011 at 11:47 am

    Hello. I’d like some info on disability insurance that would cover a pre-existing health condition. The policy would be for my husband who is 32 and extremely healthy but has a condition which affects his vision and required a cornea transplant in one eye 1.5 years ago.

  3. LSM Insurance 11/15/2011 at 12:34 pm

    Hi Kelly,

    Thanks for the note – we will send you an email shortly.

  4. Francisco 12/08/2011 at 4:00 pm

    Hi,
    I am interested in Critical Insurance, Short Term and Long Term disability insurance.
    Is there a tool that I can use to get quotes ?

  5. LSM Insurance 12/08/2011 at 5:04 pm

    Thanks for the note. Unfortunately there are too many variables tinvolved to give an instant quote. Things like the Benefit Amount, Elimination Period, Benefit Period and Occupation all impact the premium. We will send you a separate email now.

  6. Yoni 08/23/2013 at 5:44 pm

    How much more is disability insurance than Critical Illness. I’m 42 and in very good health but have some family history issues not sure what kind of impacvt thsi has on things

  7. LSM Insurance 08/23/2013 at 5:47 pm

    Thanks for the note Yoni. Disability Insurance and Critical Illness Insurance are two different types of insurance.

    So one is not necessarily more expensive than other. Critical Illness is often used to supplement disability insurance and Family History does play a fairly significant role in underwriting Critical Illness Insurance. We will send you a separate email to see if we can help further. Thanks,

  8. Gerry 02/23/2014 at 11:56 am

    What is the difference between return of premium on death and a living ROP benefit

  9. LSM Insurance 02/23/2014 at 12:00 pm

    Return of premium on death returns your premium to you beneficiary if you die. Return of premium on expiry returns your premium while your alive if you have not made a claim.

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