Critical illnesses such as life-threatening cancer, acute heart attack, and stroke may not just cause you to lose your independence, but it can result in serious financial strain. If you are diagnosed with such conditions, you may not be able to work but you can take advantage of TD critical illness recovery plan to cater to the financial requirement while you focus on your recovery.
The critical illness recovery plan will pay you a lump sum amount up to $50,000 in the event of a covered critical illness. The coverage amount ranges from $5,000 to $50,000 in $5,000 increment but the amount you should pay depends on your age, gender and smoking status. The coverage is designed to end when you reach 70 but the coverage benefits are reduced by 50% when you reach age 65.
Eligibility Requirements and Features of TD Critical Illness Insurance
To be eligible for this plan, you need to be a Canadian resident, and you are also required to be in the insured person’s home territory or province during the time of enrollment. In addition, you are required to be between the age range of 18 and 54 on the insured person’s effective date.