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.
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
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.
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.
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.
The Critical Illness Protection Rider is available as a 4-condition rider or a 25-condition rider
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.
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.
You have two choices when selecting a Critical Illness Protection Rider that is attached to your term or universal life insurance policy:
Benign brain tumour
Coronary artery bypass surgery
Heart valve replacement
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
Occupational HIV infection
Stroke (cerebrovascular accident)
Congenital heart disease
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.
The following benefits are built right into the Transamerica Critical Illness Protection Rider.
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.
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.
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:
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.
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
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.
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:
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.
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.
Use this interactive tool to learn how much protection you need at every stage of life.
Combine term and/or universal life insurance from Transamerica for flexibility, competitive rates and great value.
Use life insurance products as a solution to many of life’s financial concerns.
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