|FAQ's Around CI
What is the advantage of buying Critical Illness insurance through BCCA Employee Benefits?
We have negotiated with the insurer for competitive rates due to the strength of membership numbers. In addition, we have been able to get additional coverage that would not otherwise be part of a critical illness insurance policy. Our coverage includes hospital cash in the event of an accident, double payout for an occupational-related illness, and more. It also includes 2nd event coverage that is not typical of critical illness policies.
What is 2nd event coverage?
Chances are you'll get better and return to work. Unlike many other critical illness insurance plans, coverage doesn't always end after the first event. This plan includes 2nd event coverage. Here's how it works:
There are no specific income tax laws for Critical Illness Insurance. Based on current tax laws, cash payouts from Critical Illness Insurance will not be taxed when an individual owns the policy. If a corporation owns the policy, different tax laws may apply.
What happens if I don't get an illness that is covered?
If you are not diagnosed with a covered illness before age 70, the coverage will expire. There is no refund of premiums paid. However, the cost of this coverage can be deducted as an expense for your company (confirm this with your tax advisor).
Can I get Critical Illness insurance for my spouse or children?
Yes - please refer to our Individual and Family Critical Illness coverage
When will the coverage go into effect?
Your coverage will be effective as soon as the insurer provides you with a confirmation of coverage, which will be within 30 days of applying. Group Critical Illness will be added to your BCCA Employee Benefit Trust invoice. Individual and Family Critical Illness will be paid by the employee.