Critical illness insurance (CI) is becoming more common as people gain a better understanding of the protection it provides. CI is similar to life insurance, it provides a one-time, tax-free, cash payment to ease the financial difficulties at a tough time. If you are diagnosed with a critical illness, you can utilize the funds from this payment for anything from meeting your monthly payments, to paying for treatment, to saving for retirement. Hometown Life Insurance is making it easier to cover yourself with CI. Contact us to get a quote, or to speak to one of our licensed professionals to find out how critical illness insurance can provide peace of mind for you and your family.
The premiums on your critical illness insurance policy consider your age, gender, smoking status, medical history, lifestyle, and family history, along with the policy selections you make (coverage term, amount, riders, etc.). The underwriters will review and determine your risk rating and provide you with the final premium amount with your approved application.
Submitting a claim is simple – we will take care of as much of it as possible for you so you can focus on your health and recovery. First, we gather the information and submit to the insurance company on your behalf. Then we will look after any follow up correspondence, wherever possible. Rest assured, we will work diligently to get your claim paid out as quickly as possible and communicate to you along the way.
No, there is no cost to get a quote or apply for critical illness insurance. Even if there are medical underwriting requirements, the insurance company will cover the costs. Your monthly premiums will be the only cost to you as the policy owner.
You can cancel your critical illness insurance policy at any time without paying a fee. You may also receive all or a portion of your premiums back if you have a “Return of Premium” rider that has reached the required qualifying date. You will want to consider the implications of your policy being cancelled before going through with it though. If you still have a need for coverage, you would be leaving yourself exposed to financial risk if you were diagnosed with a critical illness. You might require coverage in the future, but your premiums would be higher based on your age and any potential change in your health. Not only could rates be increased, but you may be denied coverage altogether. Our Hometown team strives to provide the great people of Niagara with valuable advice for informed decisions, so give us a call before cancelling your policy so you can do what’s best for you and your family.
Your critical illness insurance application contains the information underwriters require to assess your risk, and price your policy. A combination of your policy selections (coverage term, coverage amount, riders, etc.) and your personal details (health, medical history, occupation, lifestyle and family history) determines your risk rating. Once complete, you will receive your approved policy, with your monthly premium amount disclosed, so you can decide whether or not you want to activate it and start paying premiums.
“Riders” can be added to your critical illness insurance policy to provide you with enhanced coverage. Amongst the most common riders that you may want to include are return of premium at expiry, return of premium at death, or even disability waiver of premium. You can start by finding more information in our FAQ section on our critical illness insurance pages or by contacting us at Hometown Niagara to get started.