Critical Illness Insurance for CARP Members
CARP members: The chances you or someone you love will be affected by a critical illness such as a heart attack, bypass surgery, stroke or cancer are better than one in three. Recovery times can be long, and the expenses not covered by provincial health plans or other forms of insurance could reach tens of thousands of dollars. The financial implications could be devastating.
- The Right Solution: Our program partner, MyDignity will shop the market for you. They will take the time to explain your options, and help select the benefits and coverage to suit your needs and budget. Plans can be tailored to your individual circumstances.
- A tax-free, lump sum cash payment is paid upon diagnosis of a covered illness.
- Your benefits can be used for income replacement, home renovations, or even a vacation. The choice is yours.
- Lifetime protection can be purchased until age 65.
Critical Illness Insurance for CARP Members is designed to help you survive the financial consequences during your recovery or while undergoing treatment for a serious illness.
Make an Informed Decision
As CARP’s recommended insurance provider, we have a responsibility to help you make an informed buying decision. No matter which insurance product you require, or provider you choose, our best advice is to educate yourself before you buy. That’s why we offer information that will help you review programs “apples-to-apples”.
Critical Illness Insurance
With a critical illness, recovery should be your top priority
While being treated for a serious illness, you may be incapacitated, unable to work and powerless to care for yourself. Recovery times are often long. Daily expenses continue and can be magnified by costs not covered by provincial health plans, i.e. specialty drugs, private nursing, etc. The financial implications could be long lasting and devastating for you and your family.
Critical illness insurance provides a tax-free lump sum upon diagnosis of a covered illness to help offset costs, because odds are, you will survive.
Because no one knows when they will become sick, a key benefit is lifetime coverage, while plans can only be purchased before age 65. Along with the expenses related to recovery, benefits can be used for income replacement, home renovations or even a respite vacation. It is your choice.
BEFORE YOU BUY - Some points to think about:
- (1) BASIC PLANS will cover cancer, stroke, heart attack and bypass surgery, which account for a majority of critical illness insurance policy claims.
- (2) COMPREHENSIVE PLANS cover basic illnesses plus over 20 more serious conditions affecting people today.
- (3) YOU CAN MODIFY PLANS to your lifestyle, even to include a return of premium option.
- (4) SPECIFIC UNDERWRITING: In addition to your lifestyle practices and health, the underwriters will take family history into consideration, especially if any of your immediate family members have ever been diagnosed with a critical illness.
GREAT RESOURCE: Read the “Critical Illness or Long Term Care, Which is the Right Coverage for You?” PDF available here.
A FINAL WORD: The McLennan Group urges you to be certain the program selected is right for your needs. Always read the fine print and ask questions before you buy, because insurance without proper coverage is like having no insurance at all. Remember, your protection is our priority.
Insurance policies administered by MyDignity Inc.
The Critical Illness Insurance Plan for CARP Members is administered by MyDignity Inc. and offered by The McLennan Group Life Insurance Inc. Product may not be available in all provinces. Terms, conditions, limitations, exclusions and termination provisions apply, see policy or a MyDignity representative for details. Life and Health Plans offered by The McLennan Group Life Insurance Inc. Auto & Home and Pet Programs and Small Business Liability Insurance offered by The McLennan Group Insurance Inc.