Critical Illness Insurance for Physicians

You’re a doctor, so you should know these facts…

  1. One out of three Canadians will suffer a critical illness during their lifetime
  2. Cancer: 40% of men and 35% of women develop cancer in their lifetime
  3. Heart disease:  50% of men and 30% of women suffer from heart disease during their lifetime
  4. Stroke: 75% of stroke victims admitted to hospital survive

What is critical illness insurance?
Critical illness insurance is designed to create a tax-free lump sum payment of up to $2,000,000 soon after the onset of one of up to 25 critical illnesses (e.g. heart attack, cancer, stroke, MS etc.) A critical illness policy pays you regardless of your ability to return to work and is paid independent of your disability coverage.

Critical illness insurance is not because you are going to die, but because you are going to live

How have you prepared?
When you are diagnosed with a critical illness, your health is not the only aspect that will suffer; so will your finances, your ability to earn as well and most important the lives of those around you. Critical illness provides emergency funds within 30 days of diagnosis to provide you financial flexibility in a time of confusion and stress.

What Illnesses Are Covered?
A comprehensive critical illness policy includes coverage for the following illnesses:

  1. Aortic Surgery
  2. Loss of Independent Existence
  3. Aplastic Anemia
  4. Loss of Limbs
  5. Bacterial Meningitis
  6. Loss of Speech
  7. Benign Brain Tumour
  8. Major Organ Failure on Waiting List
  9. Blindness Major Organ Transplant
  10. Cancer (Life Threatening)
  11. Motor Neuron Disease
  12. Coma Multiple Sclerosis
  13. Coronary Artery Bypass Surgery
  14. Occupational HIV Infection
  15. Deafness Paralysis
  16. Dementia, including Alzheimer's Disease
  17. Parkinson Disease and Specified Atypical Parkinsonian Disorders
  18. Heart Attack
  19. Severe Burns
  20. Heart Valve Replacement or Repair
  21. Stroke
  22. Kidney Failure

Does your policy include a conversion to long term care coverage?
Most critical illness policies expire at 65, 70 or 75. However some insurers give you an option to convert all or part of your critical illness insurance to long term care coverage. Long term care insurance provides up to $9,000 per month for care in your home or a facility with lifetime benefits (coverage to age 100). 

Insurance can be a tricky endeavor but it does not have to be a risky one if you do it right. As a physician, you may qualify for up to a 10% annual premium discount on critical illness insurance.


Elliott Levine is the President of Levine Financial Group in Toronto
416-222-1311 I