Critical Illness Insurance for Business Owners
Critical illness insurance is an essential safeguard for business owners, providing financial protection in the event of a serious illness diagnosis. This specialized coverage offers a lump-sum payout upon diagnosis of a covered condition, helping to cover medical expenses, business-related costs, or personal financial obligations.
With the potential to alleviate the financial strain caused by a health crisis, critical illness insurance ensures that business owners can focus on recovery without worrying about the impact on their business or finances.
Examples of Covered Conditions
- Acquired Brain Injury
- Aortic Surgery
- Aplastic Anaemia
- Bacterial Meningitis
- Benign Brain Tumour
- Blindness
- Coma
- Coronary Artery Bypass
- Surgery
- Deafness
- Heart Attack
- Heart Valve Replacement or Repair
- Kidney Failure
- Life-threatening Cancer
- Loss of Limbs
- Loss of Speech
- Major Organ Failure on Waiting List
- Major Organ Transplant
- Motor Neuron Disease
- Multiple Sclerosis
- Occupational HIV Infection
- Paralysis
- Parkinson’s Disease and Specified Atypical Parkinsonian Disorder
- Severe Burns
- Stroke
Examples of Purpose
Buy-Sell Insurance:
- Buy-Sell insurance ensures seamless ownership transitions in a business by providing funds to facilitate the purchase of an owner’s share in the event of a critical illness diagnosis.
Business Loan Insurance:
- Business loan insurance provides coverage for each owner’s proportionate share of the loan, ensuring financial stability for the business as a whole in the event of a key individual’s critical illness.
Key Person:
- Key personnel are vital to business success, occupying critical roles such as executives, founders, top salespeople, or technical experts. Insuring them against critical illnesses protects the business from financial risks, ensuring smooth operations and long-term viability.
Examples of Business Plans
10 Year Renewable Term to Age 75, Convertible to Age 65:
- Offers critical illness coverage for 10-year terms, renewable until age 75, and convertible to an applicable alternate plan until age 65.
20 Year Renewable Term to Age 75, Convertible to Age 65:
- Offers critical illness coverage for 20-year terms, renewable until age 75, and convertible to an applicable alternate plan until age 65.
Level Premium Term to Age 75:
- Offers stable and consistent premiums throughout the policy term, up to age 75, with coverage remaining in effect until that age.
Level Premium Term to 75, Paid-Up in 20 years:
- Offers constant premiums until age 75 and becomes paid-up after 20 years, providing long-term coverage to age 75 without further premium payments.
Permanent Level Premium, Paid-Up in 15 years:
- Offers consistent premiums throughout the policy’s duration and becomes paid-up after 15 years, providing stable, long-term coverage without requiring additional premium payments.
Permanent Level Premium, Paid-Up in 20 years:
- Offers consistent premiums throughout the policy’s duration and becomes paid-up after 20 years, providing stable, long-term coverage without requiring additional premium payments.
Permanent Level Premium, Paid-Up at Age 100:
- Offers consistent premiums throughout and becomes paid-up at age 100, ensuring stable, long-term coverage without requiring additional premium payments.
Examples of Bult-in Benefits & Services Offered
Built-in Benefits:
Illness Assist Benefit:
- Offers a reduced lump-sum benefit if the insured is diagnosed with a specific medical condition during the waiting period. Subject to conditions and exclusions.
Surgery Advance Benefit:
- Offers a reduced lump-sum benefit if the insured is diagnosed with a covered Critical Illness condition and undergoes surgery for it. Subject to conditions and exclusions.
Services Offered:
Teledoc Health:
Founded in 2002, A telehealth platform that connects individuals with licensed healthcare professionals for virtual consultations. It offers convenient and accessible healthcare services, allowing users to consult with doctors, therapists, and other medical professionals via phone, video, or app, addressing a variety of non-emergency medical concerns remotely.
Eligibility: Policyowners and eligible dependents, including spouse, parents, parents-in-law, children under 21, and full-time student children up to age 25, can access services for any medical condition at any time during the policy’s duration, not limited to covered conditions.
Teledoc Services Offered:
- Expert Medical Opinion: Offers in-depth medical evaluations by top specialists who analyze medical records, including x-rays, test results, scans, and pathology samples. These findings assist the insured person and their physician in determining the most effective treatment.
- Find a Doctor: Locates specialists in Canada based on the insured person’s medical history, location, and condition. The insured person receives a report containing physicians’ biographies and credentials.
- Care Finder: Identifies international physicians across 450+ specialties worldwide, providing up to three tailored recommendations based on the insured person’s needs.
- Personal Health Navigator: Assists insured individuals in navigating the Canadian healthcare system by providing personalized reports with resources, including articles about their condition and contact information for local care providers and facilities.
- Ask the Expert: Forwards the insured person’s questions to a specialist in their condition and delivers written answers to aid informed decision-making.
LifeWorks:
Founded in 1966, offers a comprehensive range of well-being services, including professional counselling services, family support services, legal and financial consultation, registered dieticians, a wellness website, online smoking cessation services, and an online stress management tool.
Examples of Benefit Riders & Riders
Benefit Riders:
Disability Waiver of Premium Benefit Rider:
- Waives premium payments if the policyowner becomes totally disabled. Subject to qualification criteria.
Loss-of-Independent Existence Benefit Rider:
- If a covered critical illness condition renders the insured unable to independently perform at least two of six activities of daily living, a benefit is paid.
Second Event Benefit Rider:
- Provides a benefit upon a second critical illness condition. Subject to qualification criteria.
Riders:
Return-of-Premium at Death Rider:
- Refunds total eligible premiums paid if the insured passes away without making a critical illness claim, ensuring a death benefit for beneficiaries. Subject to qualification criteria.
Return-of-Premium at Expiry Rider:
- Refunds total eligible premiums paid if the insured survives the term without a critical illness claim, providing a refund of the premiums at policy expiry.
Return-of-Premium at Withdrawal Rider:
- Refunds total eligible premiums paid utilizing a withdrawal on specific anniversary dates.