Who should consider No Medical Critical Illness Insurance?
Health Security Plus will pay the insured amount if you are diagnosed with one of the following six critical illnesses (as defined in your policy):
- Heart attack (Myocardial Infarction)
- Cancer (life threatening)
- Kidney failure
- Major organ failure on a transplant waiting list
To receive your critical illness benefit, you must survive at least 14 days after you have been diagnosed with a critical illness. If you do not survive 14 days, your beneficiary will receive a return of premium equal to 100% of all premiums paid (without interest) excluding any waived premium.
Premiums are adjustable but cannot increase by more than 25% of the scheduled premium.
If you are age 20 to 55, you can buy from $10,000 to $100,000 of Critical Illness Insurance.
Premium options include annual or semi-annual payments by cheque and monthly payments by pre-authorized bank debits.
- Premiums for Health Security Plus are set for ten years. After each ten year period, up to your age 75, you can renew your policy with the premium rate at your attained age.
- Satisfaction guaranteed or money refunded – all Canada Protection Plan™ policies include a 10 Day Free Look Guarantee that gives you 10 days from the date you receive your policy to review it and decide if it is right for you. If you decide to return your policy in that 10 days, we will refund your premium, no questions asked.
Regardless of the cause of death, if you do not qualify for a claim on your policy, your beneficiary receives a refund of all paid premiums on the base plan (without interest). This benefit is included at no extra cost.
In addition, your Health Security Plus Critical Illness policy may include a number of non-contractual member benefits, offered by Foresters Life Insurance Company, the company which underwrites this plan. These benefits may include:
- competitive scholarships for tuition for higher learning worth up to $8000
- a renewable higher learning scholarship worth up to $6000 per year for four years for children of deceased members
- emergency grants to provide short term, temporary financial assistance to members affected by significant personal hardship, disaster or large scale emergency
- a monthly payment for orphans up to the age of 18 upon the death of both parents
- money management assistance to provide confidential financial help by accredited counselors
- legal link, which gives you access to complimentary and discounted to certain legal services, such as wills, home ownership and family law
You can add any of the following options to your policy:
- Indexing Option – This option will automatically increase your coverage by 5% each year, beginning with the second policy year, to a maximum of 150% of your initial coverage amount. The additional premium for the increase in coverage is calculated using premium rates based on your age when the policy was issued and the amount of the increase,
- Return Of Premium at Expiry – If your premiums are up-to-date and you have not made a claim on your policy, at age 75, all of your premium paid (except Disability Waiver premiums) will be returned to you (without interest).
- Disability Waiver – With this benefit, if you become completely and continuously disabled for more than 6 months, your premiums will be waived until you are no longer completely disabled. This benefit ends when you turn 65.