Surviving a serious illness can often lead to unexpected, and very significant, expenses that may not be covered by your regular health insurance benefits.
Specialized drugs, seeking health care in the USA, or a desire to work less and spend more time with your loved ones can burden you with expenses at a time when you should be focused on your health, not your bills. The Lawyers Financial Critical Illness rider was designed to help you meet these needs. This Critical Illness coverage provides you with a lump sum cash payment in the event you are diagnosed with and survive any one of the covered conditions. The proceeds are not taxable and the decisions on how to spend the proceeds are yours to make.
The Lawyers Financial Critical Illness rider is available to lawyers, judges, Quebec notaries, their adult children, and law firm staff. It is also available to the spouses of the above-mentioned. Applicants must be between ages 18 and 65 and must reside in Canada.
Critical Illness coverage is a rider on our Term Life Insurance plan and is not available on a stand-alone basis. For this reason you must currently own, or have applied for, our Term Life benefit in order to apply for the Critical Illness Rider. You are not permitted to maintain the Critical Illness Rider without an in-force Lawyers Financial Term Life plan. However, your Term Life face amount can be as low as $5,000.
You can purchase from $25,000 up to $1,000,000 of benefit. The benefit amount is level to age 65 and reduces by 10% of the original Face Amount each year from age 66 to 75. Coverage terminates on your 75th birthday. Premiums cease at age 73.
Lawyers Financial Critical Illness insurance pays a lump sum benefit upon diagnosis of one of eighteen covered conditions. In most cases, you must survive 30 days from diagnosis; some illnesses may have a longer survival period.
Eligibility for a claim may be subject to a specific diagnosis by a qualified physician. The following conditions are covered:
- Heart attack
- Life threatening cancer
- Coronary artery bypass surgery
- Multiple Sclerosis
- Loss of speech
- Kidney failure
- Major organ transplant
- Loss of limbs
- Motor neuron disease
- Severe burns
- Occupational HIV
- Parkinson’s Disease
Life threatening cancer
No benefits will be available for Life Threatening Cancer until the coverage has been in force for at least 90 days, or where there are any symptoms within the first 90 days of issue that lead to the diagnosis of cancer.
Built-in waiver of premium benefit
How would you pay for your insurance if a serious disability prevented you from earning a living? The Lawyers Financial Critical Illness rider protects you with a built-in Waiver of Premium benefit that will pay your premium if you are totally disabled for 6 months or longer before age 65. The Waiver of Premium benefit is also included in our Term Life plan, so your full premium may be waived. Most other companies charge an additional fee for this important benefit that we believe you shouldn’t be without.
Five-year age banded rates
Your risk of death increases as you get older and this is reflected in your premiums. Some plans allow you to pay a level premium by charging you a much higher premium now and then using part of this money to offset your increased risk in later years. However, we take a different approach. We believe you should pay a premium that reflects the risk you present to the insurer today, not tomorrow. So, as you age, our premiums gradually increase every 5 years. When compared to most level premium plans, the cost of owning Lawyers Financial Term Life can be much less over your lifetime.
Our success is your success. As a not-for-profit corporation, we set our rates with a goal to break even. If plan performance is better than anticipated, what most insurance companies would keep as profits, we share with our clients.
While past performance does not guarantee future results, in the last 15 years, most of our clients have shared in over $53,000,000 of better than anticipated financial results through rate reductions, improved benefits and returned premiums.
Stability of our rates
The Lawyers Financial Critical Illness rider has a long history of stable rates. However, our rates are not guaranteed and can change in accordance to plan performance. This allows us the freedom to reduce your future cost to reflect better than anticipated overall plan experience and our break-even pricing goal.
While it is possible that poor experience would necessitate a future rate increase, we help insulate our clients against this possibility by maintaining large cash reserves that can be used to offset and even eliminate this need.
In the unlikely event that the master policy is terminated, your coverage is guaranteed to continue without proof of your good health and at a reasonable premium. In addition, your coverage will not be cancelled should you leave the legal profession.
The details of this document are intended to provide you with a brief description of this plan and should not be considered part of any contract. Certain benefits and conditions may have changed since this document was produced. Benefits may be subject to proof of income, evidence of good health and approval by our insurer. Other conditions may also apply. Please contact your Lawyers Financial Advisor for additional details.
Critical Illness Insurance plan is underwritten by The Manufacturers Life Insurance Company (Manulife Financial). P.O. Box 670, Stn Waterloo, Waterloo ON N2J 4B8