Critical illness insurance is essential in helping alleviate the financial costs associated with a serious illness, yet Canadians are drastically underprepared for a life-altering event and underestimate how often these unforeseen events occur.
In fact, the quantity of critical illnesses diagnosed every day is staggering; it’s crucial that you’re prepared with a plan to cover the exorbitant costs associated with medical treatment and long-term care.
The ‘big 3’ risks:
Each year, 150,000 Canadians suffer a heart attack, 145,000 Canadians are diagnosed with cancer, and 50,000 Canadians have a stroke.
Cancer: 1 in 2 Canadians will be diagnosed with cancer in their lifetime, and 1 in 4 Canadians will die from cancer.
Stroke: 1 in 3 stroke victims are under the age of 65; 40% of stroke victims will be left with a moderate to severe impairment, and 10% will be severely disabled and require long-term care.
Heart Disease: 1 in 4 Canadians will contract some form of heart disease in their lifetime.
85% of Canadians say that if they were diagnosed with cancer, the cost of drugs alone would have a negative impact on their personal finances. Almost all at-home cancer drugs cost $20,000 or more, with the average cost of a single course of treatment exceeding $65,000.
How critical illness insurance works with The Edge Benefits
Critical illness coverage doesn’t need to be ‘all or nothing.’ At The Edge Benefits, our Critical Illness Insurance ensures everyone can have coverage, regardless of your current health or your family history. Even if you have a pre-existing medical condition, have been denied CI coverage elsewhere or disqualify for traditional disability benefits, you can still get affordable critical illness protection with The EDGE. Our guaranteed issue critical illness insurance is an alternative that makes qualifying and issue processing simple and fast – no medical questions asked.
Critical illness insurance is a tax-free*, lump-sum cash payment that can be used for anything you may need regarding an illness: from treatment costs to travel and hiring an in-home care provider, CI insurance covers all of your needs in the event you receive a critical illness diagnosis.
*Based on current CRA guidelines.
Immediate needs: Treatment costs, travel and accommodation for you or your family during treatment.
Returning home: Purchase supplies to modify your home and utilize the slush fund to spend time making memories with your loved ones.
Long-term care: Hire in-home care or accommodate your spouse taking extended time away from work.
Tier 1 Critical Illness Coverage
You can purchase EDGE Guaranteed Issue Critical Illness protection in units of $5,000 up to $25,000, or a maximum of $50,000 – the highest amount of guaranteed CI protection offered by any insurer in the industry – no questions asked about personal or family medical history.
Tier 2 Critical Illness Coverage
While our Tier 1 Critical Illness coverage is guaranteed for everyone aged 18 to 64, you can easily increase your coverage to $75,000 or $100,000 by satisfying a few simplified medical qualifying questions. Qualifying for this additional protection is simple and quick with the EDGE – no doctor appointments or hoops to jump through.
Both tiers of The Edge Benefits’ Critical Illness insurance also feature a Second Event Benefit which allows you to receive compensation for a second, unrelated critical condition. Whereas many traditional policies are discharged once they have been used, EDGE offers this unique, complementary benefit to assist those who experience an additional diagnosis.
With our CI insurance, your benefits will automatically increase at no extra cost by 5% of the original amount purchased every five years that coverage is continuously in force, and premiums are paid in full, up to a maximum of 25% additional benefit.
Connect with a representative todayto learn more about Critical Illness protection.
What does critical illness insurance cover?
While traditional health and dental plans cover day-to-day health care expenses, Critical Illness insurance provides a tax-free lump-sum benefit that you can use to cover costs associated with any of the following conditions or situations:
Critical Illness List of Covered Conditions
- Aorta Surgery
- Alzheimer’s Disease
- Benign Brain Tumor
- Cancer Recurrence
- Coronary Artery Bypass Surgery
- Heart Attack
- Heart Valve Replacement
- Loss of Independence
- Loss of Speech
- Major Organ Failure
- Major Organ Transplant
- Motor Neuron Disease, such as Lou Gehrig’s Disease (ALS)
- Multiple Sclerosis
- Occupational HIV Infection
- Parkinson’s Disease
- Severe Burns
You must survive 30 days following the date of diagnosis to receive coverage for most conditions. Other general exclusions and limitations to CI insurance include:
- Insured condition diagnosed before the effective date
- Alcohol or drug use
- Self-inflicted injury
- Participating in the commission of a criminal act
The EDGE provides child critical illness protection too
For only a few dollars more per month, you can also purchase $10,000 in critical illness coverage for your children by adding our Child Critical Illness rider to your policy. For only a single additional charge added to your monthly premium, each of your current or future children receives $10,000 of individual coverage from birth to age 21. As long as coverage is purchased prior to any diagnosis, the insurance covers the above 23 conditions as well as:
- Cerebral Palsy
- Cystic Fibrosis
- Down Syndrome
- Muscular Dystrophy
How much does critical illness insurance cost?
Unlike most critical illness insurance policies, EDGE’s CI rates are not affected by pre-existing conditions or family history of medical conditions. These factors usually cause critical insurance rates to skyrocket, or disqualify you from coverage outright.
The only factor that determines your rate for CI Insurance with The EDGE is age. With our transparent, streamlined process for securing critical illness protection, it’s easier to know if you will qualify for the amount needed. A fast approval process means you can receive coverage fast – no waiting around for months, anxious to find out if you qualify.
Get a quote for EDGE Critical Illness insurance today.
Why offer group critical illness insurance to your employees?
As the owner of a small to mid-sized business, there’s a constant balance between taking care of your employees and improving your bottom line. Providing a comprehensive benefit plan that helps cover your employees’ day-to-day Health & Dental costs and provides a financial safety net for serious medical conditions is an affordable investment in employee morale, retention and overall wellbeing.
Group critical illness insurance doesn’t have to be expensive. With EDGE, monthly payments are predictable, and rates are unaffected by medical or claim history.
If you’re considering the critical illness insurance pros and cons for yourself or your employees, know that this protection is key to being prepared against the rising risk of a serious medical diagnosis. Having the coverage to receive a lump-sum payment can help ease the financial burden so you or your employee can get the best treatment, when and where it’s needed, and focus on what matters most.
Contact us today to receive more information about getting critical illness insurance for yourself and/or your employees.
The EDGE Difference
As Canada’s No. 1 provider of affordable, flexible financial security benefits, we have revolutionized the insurance industry by finding the best products for small businesses and individuals looking to create an individualized and comprehensive coverage package.
Experience the EDGE difference with:
- Maximum guaranteed benefit amount of $50,000 – the highest amount of guaranteed CI protection offered in the industry – and streamlined qualification criteria for $75,000 or $100,000 of CI coverage.
- A tax-free, lump-sum cash payment that can be used for anything you may need regarding an illness.
- Second Event Benefit which allows you to receive compensation for a second, unrelated critical condition.
- Automatic benefit increase, at no extra cost, by 5% of the original amount purchased.
- Guaranteed issue coverage means no medical questions or doctor’s appointments necessary.
- Simplified qualification process for higher amounts of coverage.
- No long underwriting processes, so you can be issued a policy in a matter of days or weeks.
- Convenient enrollment, policy documentation and claims processing 100% online.
- Seamless coverage through job and life transitions.
- Multi-product discount when you combine EDGE Health & Dental with any other EDGE coverage.
- Quality guarantee and concierge claims assistance make it easy and stress-free to purchase and receive your benefits.
Insurance coverage is never one-size-fits-all with The Edge Benefits.