Manulife Financial Welcomes CAA Members – Critical Illness

Government health plans are not able to pick up all the medical costs for the treatment and recovery associated with a critical illness. That’s why, although the odds of surviving have improved due to medical advances, the financial impact of such a diagnosis can be significant. Consider these statistics: Read more.

An estimated 166,400 new cases of cancer will occur in Canada in 2008,¹ while heart attacks strike 70,000 Canadians each year.²
Of the 40,000 to 50,000 strokes² in Canada each year:
25% recover with a minor impairment or disability;
40% are left with a moderate to severe impairment;
10% are so severely disabled they require long-term care.

Many Canadians are ill-prepared to financially survive an illness and the ensuing recovery period. Only 36% feel that they are very or somewhat likely to be diagnosed with a critical illness or become disabled for a period exceeding three months during their life.³

Almost one quarter of Canadians had to personally care for a family member or close friend with a serious health problem within the last year.⁴ When caring for this person, they had to:
use personal savings to survive during this time: 41%
take one or more months off work to care for this person: 22%

1 Canadian Cancer Society, General Cancer Stats for 2008, www.cancer.ca
2 Heart and Stroke Foundation, Statistics, www.heartandstroke.com
3 Desjardins Financial Security National Health Survey, 2003
4 10th Annual Health Care in Canada Survey, February 2008

What the Plan offers

The CAA Critical Illness Plan will give you a non-taxable, one-time lump sum benefit of $25,000, paid out once you provide satisfactory proof that you were diagnosed with a covered critical illness at least 90 days after your coverage came into force. Read more.

No medical questionnaire is required to apply. A declaration of your good health is all that’s needed.

Once covered, you can keep the CAA Critical Illness coverage up to age 75, regardless of any changes in your health. Even if your health declines, your coverage will not be terminated, as long as your premiums are paid. Of course, you can choose to cancel this protection at any time.

Affordable monthly premiums are guaranteed not to increase for the first five years. Every five years thereafter, as long as your policy remains in force, your coverage will be renewed at your new age-based rate – without any medical questions asked.

After making a claim, you will be able to access the Best Doctors^® patient referral network. Best Doctors^® will identify the top doctors for your condition based on location and specialty – in Canada or abroad – to diagnose and manage your condition or to offer a second opinion. (Please note that this service is subject to its future availability from Best Doctors^®, Inc.)

Get a refund of your premiums – up to $25,000 – when you reach your 75^th birthday without making a claim. You must choose the Return of Premium Option at time of initial application (between the ages of 18 and 55) to receive this benefit.

FAQs

“Is there a waiting period before I receive my lump sum benefit?”

You will receive your entire benefit amount after a survival period of 30 days following the first diagnosis or occurence of a covered condition.* Read more.

“Does the illness have to be terminal?”

No. Only the diagnosis of the covered illness is required to collect benefits.*

“Can I go back to work?”

Because this is a non-taxable benefit, any income you make will not affect your lump sum payment. You will still get your benefit amount 30 days after the diagnosis.*

“How long will my Plan be in force?”

Your CAA Critical Illness Plan expires after you make a claim, if you die without making a claim, when you reach 75-years old without making a claim, or if you stop making payments.

“Will I continue to pay premiums after I make a claim?”

Your Plan only covers the first diagnosis of a covered illness. Your coverage stops after you make a claim so your premium payments stop as well.

“What if I die without making a claim?”

If you die without making a claim, all the premiums you paid will be refunded to your named beneficiary.

“What happens if I reach 75 without making a claim?”

Your Plan expires if you reach the age of 75 without making a claim. Your premiums will not be refunded to you unless you chose the Return of Premium Option when you applied (between the ages of 18 and 55).

*Provided all other conditions of the Policy are met.

Next step: What’s covered — or not?