Pacific Rim Administration Services Ltd. currently works with a number of Canadian life insurance companies providing Critical Illness Insurance, assuring that the right policy will be attributed to your benefits plan.
Upon diagnosis of a covered condition by a medical specialist, and following a specified length of time thereafter, Critical Illness Insurance will provide policyholders with a full tax-free benefit.
The critical illness benefit is the policyholder’s to use however they wish. The funds may be applied to debts that have arisen over the time the insured person was ill, to finance a needed vacation, take additional time off to rest, pay for home care, needed renovations or other items.
The benefit will apply to the first covered condition that occurs. Following this, a new insurance policy will need be obtained for further critical illness coverage.
Though conditions covered may vary depending on the providing insurance company, commonly covered illnesses will include:
- Amyotrophic lateral sclerosis (ALS)
- Aortic surgery
- Benign brain tumour
- Coronary artery bypass surgery
- Heart attack
- Kidney failure
- Loss of speech
- Major burns
- Major organ failure requiring transplant
- Motor neuron disease
- Multiple sclerosis
- Parkinson’s disease
A complete claims form will need be submitted to the respective insurance company in order to facilitate receipt of benefit. Process of claim should take no longer than 30 days.