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​Critical Illness Insurance

Today, the need for critical illness protection is greater than ever. Why? Medical advances coupled with greater life expectancy make it more likely for you to survive an illness that would have been fatal in the past. And if you do survive a critical illness, you may find yourself with financial challenges that you hadn’t considered such as loss of income, medical expenses or additional childcare.

Critical Illness Protection, on its own, or when bundled as a Rider with your term or universal life insurance, will provide you and your family with a broader spectrum of coverage.

 

 Overview

 

Overview

Critical Illness Protection from Transamerica can be an important part of your insurance protection needs. Purchased on its own, it may be your best option if you and your advisor agree that you have enough life insurance for your needs and you would like to add an additional layer of protection.

If you are diagnosed with a critical illness and survive for 30 days, Critical Illness Protection can help you and your family by providing a one-time, tax-free benefit payment*, called a Critical Illness Benefit. You can use the money you receive from your Critical Illness Benefit to help replace your income while you recover, pay for additional care for your children or help with unforeseen medical expenses. In fact, you can use the money you receive for anything you want with no restrictions.


* Under the Income Tax Act (Canada) and at the date of publication of this website, the receipt of Critical Illness Benefits is not currently taxable. Transamerica does not guarantee nor is it responsible for the tax treatment applicable to this policy feature. Please consult your legal or tax advisor for an opinion on this matter in relation to your particular circumstances.


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 Critical Illness Protection can help.

 

 What’s covered

 

What’s Covered

You have two choices when selecting a Critical Illness Protection plan. Our 4-condition product offers a more cost-conscious option while still covering conditions that generate approximately 85% of claims. Our more comprehensive 25-condition product has the added benefit of covering five childhood critical conditions until the child is age 24 plus an Early Detection Benefit.

4-condition Critical Illness Protection*
  • Cancer (life-threatening)
  • Heart attack
  • Stroke (cerebrovascular accident)
  • Coronary artery bypass surgery
25-condition Critical Illness Protection*
  • 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.)
  • 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)

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.)

Childhood conditions*
  • Cerebral palsy
  • Congenital heart disease
  • Cystic fibrosis
  • Muscular dystrophy
  • Type 1 diabetes mellitus

* Full definitions can be found in the policy.

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.
  3. 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.
 

 Benefits

 

Benefits of the product

The following benefits are built right into your Transamerica Critical Illness Protection policy.

  1. Critical Illness Benefit*
    The Critical Illness Benefit is the one-time, tax-free** amount paid when an insured is diagnosed and survives 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 policy will terminate.

  2. Return of Premium on Death Benefit (ROPD)
    The ROPD returns the full amount of the premiums you paid, without interest, for your Critical Illness Protection coverage, including the policy fee, if applicable, and any additional coverages, if you, as the insured, die while your critical illness policy is in effect and no Critical Illness Benefit has been paid on your policy.

  3. Early Detection Benefit (EDB) - Available on 25 condition plans only
    The EDB pays a one-time tax-free** amount to you, the insured, when you receive an early diagnosis on one of the four non life-threatening conditions listed below, and survive for 30-days after your diagnosis. This benefit will pay 15% of the current benefit amount up to a maximum of $50,000 per policy. Your Critical Illness Protection policy will remain in force and is not affected in any way by an Early Detection Benefit claim. The four non life-threatening conditions are:

    • Coronary angioplasty
    • Early prostate cancer
    • Ductal breast cancer
    • Superficial malignant melanoma

Note: Benefits are subject to applicable conditions, exclusions and limitations that are outlined in your contract.

** Under the Income Tax Act (Canada) and at the date of publication of this website, the receipt of Critical Illness Benefits is not currently taxable. Transamerica does not guarantee nor is it responsible for the tax treatment applicable to this policy feature. Please consult your legal or tax advisor for an opinion on this matter in relation to your particular circumstances.


Expert Medical Opinion Services*

We understand that having any medical condition is difficult and sometimes you may want a second opinion or more information. That’s why we offer you and your immediate family the Expert Medical Opinion Services (EMOS) of Advance Medical as a no-cost benefit offered with your Critical Illness Protection policy.

This benefit provides you and your immediate family access to the world’s leading medical experts to review your medical case.

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

*Expert Medical Opinion Services is a non-contractual benefit and is subject to program availability. Services are provided solely by Advance Medical, Inc. Transamerica shall have no liability or responsibility for such services.

 

 How it works

 

How it Works

Making CI work for you

One size rarely fits all whether you are talking about the latest yoga pants or insurance protection. That’s why, when making the decision to include critical illness insurance as part of your protection plan, it is important to consider all of your options. Are you looking for short term or longer term coverage? Do you want protection for 4 conditions or 25?

Critical Illness Protection is available in three product choices to meet both short-term and long-term needs: Term 10, Term 20 and Term to age 65.

When it comes to covered conditions , you may be comfortable with 4-condition coverage which includes conditions that generate approximately 85% of claims. Or, for more comprehensive coverage, you could choose the 25-condition product that has the added benefit of covering five childhood critical conditions until the child is age 24 plus an Early Detection Benefit.

Plus, all term plans are convertible to a permanent plan and can be converted any time up to the coverage anniversary nearest to the life insured’s age 60.

Our Critical Illness Protection is available in the following coverage options. Your advisor can help you determine what type, and how much protection, is right for your needs.

 

Coverage Type Term 10 Term 20 Term to age 65
Coverage description A renewable and convertible term 10 critical illness product. A renewable and convertible term 20 critical illness product. A convertible, level premium, term to age 65 critical illness product.
Expiry Age age 75 age 75 age 65
Renewable Automatically renews every 10 or 20 years respectively to the coverage anniversary nearest the insured’s age 75 at guaranteed renewal rates. Automatically renews every 10 or 20 years respectively to the coverage anniversary nearest the insured’s age 75 at guaranteed renewal rates.
Coverage amounts available
Adults: $25,000 - $2,000,000
Juveniles: $ 25,000 - $250,000
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 policy, 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.

Steps to submit a claim
  1. Contact your advisor or call us directly at 1-800-846-5970.
  2. We will send you the forms needed to submit your claim and assist you with any questions you may have.
  3. Complete the Claimant’s Statement yourself and take the Attending Physician’s Statement to your doctor for completion.
  4. Make sure the doctor includes a copy of your file, including relevant test results, as requested on the form.
  5. 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 obtain the information that we require.
 
 

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