Blue Cross Critical Illness Insurance Review

Critical illness insurance can act as a safety net if you are diagnosed with a covered condition. The payout can cover a variety of expenses, such as medical expenses, lifestyle changes, and treatment expenses. This allows you to focus on recovery without worrying about financial strain. 

However, with so many different plans available, picking the right one can be challenging. Among the options in the market is Blue Cross critical illness insurance. But is it a good fit for you? 

Our review breaks down its key features, coverage options, and pros and cons. Let's dive in.

Who is Blue Cross?

Blue Cross is made up of a federation of regional non-for-profit insurance providers. It has a presence across Canada and is a major player in the health insurance industry. Blue Cross offers a range of affordably priced insurance solutions, including life insurance, disability insurance, health insurance, and critical illness insurance. 

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Pros and Cons of Blue Cross Critical Illness Insurance

Pros

• Offers both basic and enhanced critical illness insurance
• Enhanced coverage comes with two value-added benefits (second medical opinion & funeral expense benefits)
• Child critical illness care
• Waiver of premium and return of premium (on expiry) riders
• No medical exam required for the basic coverage

Cons

• No permanent coverage
• No limited-pay option
• No return of premium on death
• Doesn’t include partial payout benefit

Blue Cross Critical Illness Insurance Plans 

Blue Cross offers both basic and enhanced critical illness cover. The basic plan covers 3 conditions, doesn’t require a medical exam, and provides coverage of up to $100,000. But it doesn’t include any riders, meaning you won’t be able to add any additional layer of protection over and above what the basic policy offers. Nor does it give you access to supplementary benefits and value-add services, like second opinion option. 

The comprehensive plan includes 25 conditions, involves full medical underwriting, and pays up to $100,000 in benefits. Unlike the basic plan, it lets you add riders, making it easier for you to tailor the coverage to your needs. The following riders are available: 

• Return of premium on expiry: Blue Cross will issue a premium refund when your policy expires on your 75^th birthday, provided you have not availed the claim benefits. 
• Waiver of premium rider: Before your 60^th birthday if you experience total disability lasting more than 90 days, the insurer will waive your premiums.
• Child critical illness: You can buy additional child critical illness coverage. This rider pays up to $25,000. 

The enhanced critical illness plan also includes two value-add services: second medical option (provides access to leading specialists for a second opinion on your diagnosis) and funeral expense (pays up to $5,000 to cover funeral costs).

Both the basic and enhanced plan offer the following three term options:

• T-10 (renewable up to age 75): Your premium rate is locked in for 10 years, after which it may increase at each policy renewal. Your plan expires automatically at age 75, though you can terminate the coverage earlier if you want. 
• T-20 (renewable up to age 75): Your premium rate may change every 20 years. At the end of each policy term, your plan automatically renews (usually with a higher premium) until age 75. No medical underwriting is required. 
• Term to age 75: Your premium rate remains the same throughout and the plan expires at age 75. 

Why buy Blue Cross Critical Illness Insurance?

Paying for critical illness care often goes beyond the costs covered by traditional health insurance. This is where critical illness insurance can step in as a reliable monetary safety net. 

If you are diagnosed with a covered condition, it will pay a lump-sum benefit that can help you pay for various expenses, including medical costs not covered by your health insurance, in-home care, mortgage or rent, groceries, home adaption, home maintenance, utilities, and loan payments. 

With sizeable coverage by your side, you can rest assured in knowledge that should a critical illness strike, you will be able to access high-quality medical care and support your family without dipping into your life’s savings.  

How much will I pay for Blue Cross Critical Illness?

Critical illness insurance rates are based on many factors, so it’s not possible to give an accurate price range. How much you will pay for Blue Cross critical illness care depends on things such as:   

• Age 
• Overall health and pre-existing conditions 
• Smoking status 
• Type of coverage (basic or enhanced)
• Coverage amount and types of riders selected

If you want an exact quote for Blue Cross critical illness insurance, consult an Dundas Life advisor.   

Conclusion

Blue Cross offers both basic and enhanced critical illness cover. Whether you are seeking a straightforward plan that covers the most common critical illnesses or a comprehensive policy that provides protection against many illnesses and is customizable, Blue Cross could be an option.

However, before you settle from an offer from Blue Cross, compare its offerings and pricing with other plans. Dundas Life can get you personalized quotes from multiple providers and help you decide if Blue Cross is truly the best fit for you. Book a free consultation today.

Frequently Asked Questions (FAQs)

How long does it take to get paid by Blue Cross's critical illness insurance?

The timing of the payout from Blue Cross's critical illness insurance varies, but usually the claim is processed within a few weeks. 

Can I cancel my Blue Cross critical illness insurance policy if my circumstances change?

Yes, you can cancel your Blue Cross critical illness insurance policy if your circumstances change. Review the policy terms and conditions for details regarding cancellation, potential fees, and any applicable refund of premiums.

Are there any specific medical tests or exams required to qualify for Blue Cross critical illness insurance?

Blue Cross offers both basic and enhanced critical illness insurance. The basic plan doesn’t require a medical exam to qualify for coverage. Instead, eligibility is assessed on the basis of your answers to a few simple health questions.

The enhanced plan, however, involves full medical underwriting, meaning you will have to take a medical exam to prove insurability.