Critical Illness Insurance North Vancouver

Many of North Vancouver’s residents live there for an active lifestyle where you are close to nature.  There are mountains and forests for skiing, mountain biking, hiking and many more physically demanding activities.  However, with more physically demanding activities, there is also more risk of injury.

Critical Illness Insurance North Vancouver

While those who are familiar with Critical Illness insurance know the coverage as being an illness related type of insurance, there is an important all encompassing rider that serves as the blanket coverage when the named illnesses are insufficient.

The rider of interest is called a “Loss of Independent Existence” rider.  Essentially, the purpose of the rider is to provide a financial cushion when the insured person cannot care for themselves.  The cause, whether injury or illness, is not relevant because it depends on the inability to do two or more activities of daily living.  Some carriers even include a cognitive impairment in their definition.

Here is sample wording of the Loss of Independent Existence rider from one of the carriers:

Loss of independent existence

A definite diagnosis of:

• a total inability to perform, by oneself, at least two (2) of the following six (6) activities of daily living; or
• Cognitive Impairment, as defined below, for a continuous period of at least 90 days with no reasonable chance of recovery.

The diagnosis of loss of independent existence must be made by a specialist.

Activities of Daily Living are:

• Bathing – the ability to wash oneself in a bathtub, shower or by sponge bath, with or without the aid of
• Dressing – the ability to put on and remove necessary clothing including braces, artificial limbs or other surgical appliances.
• Toileting – the ability to get on and off the toilet and maintain personal
• Bladder and Bowel Continence – the ability to manage bowel and bladder function with or without protective undergarments or surgical appliances so that a reasonable level of hygiene is maintained.
• Transferring – the ability to move in and out of a bed, chair or wheelchair, with or without the use of
• Feeding – the ability to consume food or drink that already has been prepared and made available, with or without the use of adaptive utensils.

Cognitive Impairment means a mental deterioration and loss of intellectual ability, evidenced by deterioration in memory, orientation and reasoning, which are measurable and result from demonstrable organic cause as diagnosed by a specialist. The degree of cognitive impairment must be sufficiently severe as to require a minimum of eight (8) hours of daily supervision.

Determination of a Cognitive Impairment will be made on the basis of clinical data and valid standardized measures of such impairments.

Exclusion

No benefit will be payable under this condition for any mental or nervous disorder without a demonstrable organic cause.

Critical Illness Insurance North Vancouver Company

Investing in critical illness insurance is a smart choice in order to protect yourself and your family should you fall critically ill. However, finding a policy with a price that works for you with coverage that you understand can be difficult. Book an appointment with Venture First Advisory today. We can help you find an insurance policy that meets your needs and helps give you and your family peace of mind.