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Critical Illness Insurance

Good news! Canadians, on average, are living longer these days in part because medical science can now treat or even cure previously fatal critical illnesses. Bad news…while you are living with a critical illness you may be faced with financial challenges, like loss of income or extra medical expenses that you hadn’t planned for.

Critical illness (CI) insurance, when bundled as a rider with your term or universal life insurance, will provide you and your family with a broader spectrum of coverage than just life insurance alone can offer.

 

 

 UL Rider

 

Universal Life Rider

 

Term Riders
  • When you add one or more Term Riders to your universal life insurance policy you are creating what we call a layered insurance solution that is designed to evolve as your need for protection evolves.

  • Term riders are available in 10-, 20- or 30-years terms.

  • You can add or remove Term Riders as needs arise or drop off

Critical Illness Protection Rider
  • Will help cover expenses related to coping with and recovering from a serious illness.

  • The Critical Illness Protection Rider is available as a 4-condition rider or a 25-condition rider.

  • Your critical illness rider may be bundled with Transamerica life insurance products.

  • The benefit is paid out in a one-time lump sum that may be used however you choose.

Children’s Insurance Rider
  • A low-cost way to provide your child with valuable insurance coverage today along with the ability to guarantee their insurability should they want to purchase their own coverage when they become adults.

 

 Term Rider

 

Term Rider

 

Term Riders
  • These offer an affordable way to add additional, temporary insurance protection for 10-, 20- or 30-year terms.

  • These can be added to an existing universal life policy or a 30-year term policy.

Critical Illness Protection Rider
  • Will help cover expenses related to coping with and recovering from a serious illness.

  • The Critical Illness Protection Rider is available as a 4-condition rider or a 25-condition rider

  • Your critical illness rider may be bundled with Transamerica life insurance products.

  • The benefit is paid out in a one-time lump sum that may be used however you choose.

Children’s Insurance Rider:
  • A low-cost way to provide your child with valuable insurance coverage today along with the ability to guarantee their insurability should they want to purchase their own coverage when they become adults.

 

 Overview

 

Overview

 

With the launch of our Critical Illness Protection Rider, Transamerica can now offer you a broader spectrum of protection for you and your family. Watch video.

When you add a Critical Illness Protection Rider to your life insurance, you are giving your family the combined protection they need against loss of income. In the event of your death, the life insurance portion of your policy would help protect your family, If you are diagnosed with a critical illness, you can use money you receive through your Critical Illness Benefit to help replace your income while you recover. When you bundle your life and critical illness protection you can feel confident knowing that your family’s future is protected whatever comes your way today …and tomorrow.

Did you know…

Canadians, on average, are living longer these days. Advances in medical science have made it so that some critical illnesses that would have been fatal a few years ago are now treatable, and even curable. That’s great news for your family. However, living with a critical illness can bring with it financial challenges that you may not have considered.

That’s where CI insurance comes in

Critical illness (CI) insurance, when bundled as a rider with your term or universal life insurance, will provide you and your family with more comprehensive protection than life insurance alone can offer.

Bundling will save you a bundle

You can purchase your life insurance and critical illness protection separately but that may not be the most cost efficient option. Combining, or bundling, your term or universal life insurance with your critical illness protection can give you an average savings of up to 15%* over purchasing these products separately.

 

* Companies surveyed: BMO Insurance, Canada Life, Desjardins Financial Security, Empire Life, Equitable Life, Industrial Alliance, Manulife Financial, RBC Insurance, and Sun Life Financial. Source: LifeGuide – June 1, 2012.

The comparison was performed based on information believed to be reliable and in effect as of June 1, 2012, and is based on Transamerica’s T10, T20 and T65 critical illness protection rider premium compared to stand-alone CI products for MNS and FNS age 45 with a face amount $75,000, effective June 1, 2012.

Transamerica Life Canada is not liable for any errors or omissions in the information derived from third-party sources.

 

 What's Covered

 

What’s covered with the Transamerica Critical Illness Protection Rider

 

You have two choices when selecting a Critical Illness Protection Rider that is attached to your term or universal life insurance policy:

  • Our 4-condition rider offers a more cost-conscious option while still covering conditions that generate approximately 85% of claims.
  • Our more comprehensive 25-condition rider has the added benefit of covering five childhood critical conditions until the child is age 24 plus an Early Detection Benefit.
  •  

    4-condition rider
    • Cancer (life-threatening)
    • Heart attack
    • Stroke (cerebrovascular accident)
    • Coronary artery bypass surgery

     

    25-condition rider
    • Alzheimer’s Disease

    • Aortic surgery

    • Aplastic anaemia

    • Bacterial meningitis

    • Benign brain tumour

    • Blindness

    • Cancer (life-threatening)

    • Coma

    • Coronary artery bypass surgery

    • Deafness

    • Heart attack

    • Heart valve replacement

    • Kidney failure

    • Loss of independent existence

      (Inability to perform two or more of: bathing, dressing, toileting, continence, transferring, feeding or cognitive impairment.

      NOTE: Loss of Independent Existence under the policy does not apply until the age of 18 for a child coverage at which time it is automatically available.)

    • Loss of limbs

    • Loss of speech

    • Major organ transplant

    • Major organ failure, on waiting list

    • Motor neuron disease

    • Multiple sclerosis

    • Occupational HIV infection

    • Paralysis

    • Parkinson’s Disease

    • Severe burns

    • Stroke (cerebrovascular accident)

       

      CHILDHOOD CONDITIONS*

      • Cerebral palsy

      • Congenital heart disease

      • Cystic fibrosis

      • Muscular dystrophy

      • Type 1 diabetes mellitus

     

    As with any insurance plan, there are some limitations and exclusions. This information will be available from your advisor and will also be in your contract.

     

    Notes:

    1. The protection of these five childhood Critical Illness Covered Conditions are covered up to the child Life Insured’s 24th birthday.
    2. A detailed description and definition of each of these conditions and their associated exclusions, limitations and Survival Periods is set out in the policy contract. Any illness, disorder or surgery not specifically defined in the policy contract is not covered.
 

 Benefits

 

Benefits of the product

 

The following benefits are built right into the Transamerica Critical Illness Protection Rider.

1. Critical Illness Benefit

This refers to the one-time, lump sum amount that will be paid when you, as the life insured, are diagnosed with one of the Critical Illness Covered Conditions and survive the 30-day survival period. This benefit is subject to applicable conditions, exclusions and limitations that are outlined in your contract. This benefit can only be paid once and only for one critical illness covered condition. Once a critical illness benefit is paid out, the rider will terminate.

2. Return of Premium on Death Benefit

If you die while your critical illness policy is in effect and the critical illness benefit is not payable, your beneficiary will receive 100% of the monthly deductions or premiums paid for the rider up to $2,000,000.

3. Early Detection Benefit (Available on the 25-condition rider only)

This benefit pays a one-time lump sum benefit to you, the life insured, when you receive an early diagnosis on one of the four non life-threatening conditions listed below, and you survive the 30-day survival period. This benefit will pay 15% of the current benefit amount up to a maximum of $50,000 per policy.

The four non life-threatening conditions are:

  • Coronary angioplasty

  • Early prostate cancer

  • Ductal breast cancer

  • Superficial malignant melanoma

Plus…with our Critical Illness Protection Rider, you and your immediate family get access to expert medical opinions from Advance Medical on any medical or diagnosed condition.

Expert Medical Opinion Services

This benefit is offered at no additional cost and provides you and your immediate family access to the world’s leading medical experts to review your medical case.

We understand that being diagnosed with any medical condition is difficult and sometimes you may want a second opinion. That’s why we offer you and your immediate family the services of Advance Medical as a no-cost benefit included with our Critical Illness Protection Rider.

This service can also be accessed at any time for any medical condition without the diagnosis of a critical illness covered condition. While the Critical Illness Protection Rider is in force and within one year of its expiry, there is no limit on the number of times this service can be accessed.

CI Client Flyer

 

 How it Works

 

How it Works

 

Pick the plan that’s right for you

Because your Critical Illness Protection Rider can be attached to a Transamerica life insurance policy* currently offered by Transamerica, it is important to first decide your life insurance needs: short or long term, temporary or permanent.

Now add that extra layer of protection

We don’t believe that when it comes to critical illness insurance, one product fits all.

That’s why we offer Critical Illness Protection Riders to meet both short and long term critical illness protection needs. Transamerica offers three product choices-T10, T20 and Term to age 65.

Plus, starting in the second coverage anniversary, all term plans are convertible up to the anniversary closest to the life insured’s age 60.

Our Critical Illness Protection Rider is available in the following coverage options:

 

Coverage Type Term 10 Term 20 Term to age 65
Coverage description A renewable and convertible term 10 critical illness rider. A renewable and convertible term 20 critical illness rider. A convertible, level premium, term to age 65 critical illness rider.
Expiry Age age 75 age 75 age 65
Renewable Renewable with guaranteed premiums that increase every 10 and 20 years, respectively. non renewable
Available on the following life insurance plans Term and Universal Life (single and multiple life) Universal life only (single and multiple life)

 

Making a claim

We are here to help. Our claims process has been designed to make it as easy and fast as possible for you and your family during what will surely be a difficult time. If the time comes to submit a claim on your Critical Illness Protection Rider, there are a few simple steps to follow, or you can call us directly at 1-800-846-5970.

A Claims Adjudicator will work personally with you, or your family members, to have your claim processed and answer any questions you may have.

How to submit a claim
  • Contact your advisor or call us directly at 1-800-846-5970.
  • We will send you the forms needed to submit your claim and assist you with any questions you may have.
  • Complete the Claimant’s Statement yourself and take the Attending Physician’s Statement to your doctor for completion.
  • Make sure the doctor includes a copy of your file, including relevant test results, as requested on the form.
  • Return the completed forms to us as soon as possible. We will begin our review process as soon as we receive your forms.
After we receive the forms
  • We will contact you directly to answer your questions and explain the claims process to you.
  • We may need additional information, depending on the age of your policy and what information was provided by your doctor. Be assured that we will work quickly to secure the information that we require.
 

 How much do you need?

 

How much CI coverage do you need?

You can purchase your Transamerica Critical Illness Protection Rider to provide anywhere from $25,000 to $2,000,000 for adults, and $25,000 to $250,000 for juveniles, however, the amount of your Critical Illness Protection Rider cannot exceed the face amount of your life insurance policy.

 
 

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