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.
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.
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.
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.
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.)
* 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.
The following benefits are built right into your Transamerica Critical Illness Protection policy.
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.
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.
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.
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.
Use this interactive tool to learn how much protection you need at every stage of life.
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