Critical Illness Insurance

Protect yourself from the high costs associated with life-altering illnesses with a critical Illness insurance policy from GTA Wealth Management Inc.

Critical Illness Insurance

Protect yourself from the high costs associated with life-altering illnesses with a critical Illness insurance policy from GTA Wealth Management Inc.

Critical illness (CI)is a new product designed to manage the risk of contracting certain diseases. Mortality rates are falling; however, the number of people with illnesses such as, cancer, heart disease, stroke etc. has risen. Getting sick is not something we think about, but it does happen. Treating and coping with illness can mean significant and often unexpected costs. Critical illness insurance provides a cash benefit if you are diagnosed with one of the conditions described in the contract and you survive the waiting period of usually 30 days.

The money is yours to use any way you want:

  1. Find the best health care
  2. Hire a nurse
  3. Take a vacation
  4. Pay down your mortgage or other debts
  5. Make structural adjustments to your home
  6. Provide an income

Quick Facts on Critical Illness Insurance coverage and Statistics

  • The critical illness insurance coverage provides a lump sum payment to the beneficiary contracting one of the covered illnesses. Illnesses can include cancer, heart attack, stroke, etc.
  • The critical illness insurance coverage can range from $25,000 to $2 million depending on your needs.
  • The lump coverage payment can be used to help you pay medical bills or other bills.
  • According to the Canadian Cancer Society, one in three Canadians will develop cancer in their lifetime.
  • Over 60,000 Canadians will die from cancer this year.
  • One in four Canadians will suffer from some form of heart disease.
  • Approximately 75,000 Canadians suffer heart attacks each year.

The critical illness insurance policy differs from life insurance in that the benefit is paid directly to the insured, as opposed to life insurance where the benefit is paid to the beneficiary. Unlike disability insurance, the critical illness insurance benefit payment is not based on the insured’s inability to work. Critical illness is available to those between age 18 and 65, although some policies will extend to age 75. You will receive the the critical illness benefit if you contract an illness that is covered under the policy.

There may be an effective date, in addition to the elimination period, up to 90 days from the date the critical illness insurance policy is issued. What if you don’t ever contract an illness? You can also have your critical illness insurance premiums returned in some situations if you do not contract an illness in your contract; the critical illness insurance premiums can be returned after holding the policy for a certain number of years, or on your death.

This is an attractive option. Some of the illnesses that are covered in a Critical illness policy are as follows: cancer, heart attack, stroke, coronary artery bypass surgery, Alzheimer’s disease, brain tumour, blindness, deafness, kidney failure, loss of speech, major organ transplant, Multiple Sclerosis, paralysis, Parkinson’s disease, severe burns, etc.

Key Benefits of GTA Wealth Critical Illness Insurance

  • Independent advice: GTA Wealth can access multiple insurance companies to ensure you receive the best solution for your needs. Our financial advisors do not work for an insurance company; therefore, there is no requirement to patronize only one company.
  • Low cost: Your GTA Wealth financial advisor will search for the best value to meet your insurance needs. Multiple insurance company’s solutions can be reviewed so you get the best value.
  • Flexible: If you are denied coverage from by one insurance company, your GTA Wealth financial advisor can apply to another insurance company.

GTA Wealth will help you get the best value for your Critical Illness Insurance requirements

Contact or call the finanical advisors at GTA Wealth Management toll free at 1 855 GTA WLTH (855 482 9584) for your critical illness insurance needs and get the best insurance quotes. A professional wealth management financial advisor is ready to serve your personal tax return, planning and wealth management needs. GTA Wealth Management Inc. has three convenient locations in Mississauga, Toronto and Markham to serve you.

Insurance sales are conducted through Allen Wong & Associates (AWA), a Managing General Agency