Critical Illness Insurance - Grimsby

For many people, critical illness insurance (CI) is a newer concept. They have likely heard of life insurance and understand some of the reasons why you would want to buy a life insurance policy. CI provides you with a financial security blanket in case you are diagnosed with a critical illness. You will receive a one-time, tax-free, cash payment that you can use without restrictions. You can use it to cover your normal monthly expenses, treatments and medications for your disease, to top up your kids’ education funds, your retirement savings, or really anything else you can think of. The premiums, like life insurance, are based on your age and health details, so locking in at a young age will help to secure lower rates and ensure guaranteed coverage, even if your health changes. Our Hometown Life team in Grimsby is ready to help you protect yourself and your family with CI coverage.

Your critical illness insurance premium will remain the same for the entire term of your policy. That means that whether you have a Term 10, Term to 75, or any other length of coverage, your premiums would not change for the selected term. If you have a term CI policy, you will also be able to convert to permanent coverage without any additional medical underwriting – wow! Your premiums would then be locked in at a new level for life, guaranteed. Proper critical illness protection is a key part of the financial security of you and your family, so finding affordable, life-long coverage is a must!

The premiums on your critical illness policy are based on a number of factors that are similar to life insurance. Some of the key details are: coverage term, amount of coverage, age, gender, smoking status, medical history, family history and some lifestyle details. Your basic information is gathered in the insurance application, before being submitted to the underwriter to evaluate your risk. The underwriter will approve the policy which could be issued as standard (the default price you would receive a quote for) or with a rating for higher premiums due to health concerns.

If there comes a time when you have to make a claim on your policy, contact our Hometown Life Insurance team in Grimsby. We will start by collecting the required information to submit the claim on your behalf to make it as easy as possible for you and your family. This allows you to focus on your health and recovery, knowing we will handle the rest.

Don’t worry, there is no cost to getting a quote, or even applying for critical illness coverage with Hometown. In fact, if there are any medical underwriting requirements, you won’t pay for those either! The only cost to you is a little bit of time to find your ideal coverage and your monthly premiums when you are approved.

You can cancel your critical illness insurance at any time at no cost to you. If your policy has a rider for “Return of Premium” and has reached the qualifying date as outlined in your policy, you will receive all, or a portion of your premiums back. Before cancelling your policy, you will want to consider whether you still require coverage or if you will in the future. Once your policy is cancelled, you will have to submit another application to hold coverage in the future. If your policy has the return of premium rider and you haven’t reached the qualifying date yet, you may want to consider how long before you qualify for the full or partial refund, which could be well worth the wait. Our Hometown Life team in Grimsby will help you understand your policy options, to ensure that you can make the best decision for you and your family, now and in the future.

Your application begins the underwriting process. The answers you provide about your health, medical, occupation, lifestyle and family history help the underwriters understand the level of risk you present. The underwriters may request additional information for further clarification as needed, and once they are confident in their assessment, they will issue the policy. Once the policy is approved, you get to make the final decision on accepting the policy, by starting your monthly payments to put the policy into force.

Our Grimsby Hometown team can provide you with “riders” on your policy that will allow you to further customize your coverage based on your needs. Return of premium at expiry, return of premium at death, and disability waiver of premium are some of the most common riders that are available on our critical illness insurances. For more details, check out our FAQ’s section on our critical illness insurance pages for more information on the basics of CI as well as the various riders available.