A GUIDE TO CRITICAL ILLNESS INSURANCE
15
Return of premium options
Premiums paid for your policy may be refunded in some specific situations. These
options may be built into your policy or be available to purchase individually. Your policy
will explain how the refund will be calculated. These options may only be available in
individual insurance policies and not in group policies. They may not apply if you have
already received a critical illness benefit payment.
• If you cancel your policy: Sometimes called surrendering, cancelling a policy
may result in a percentage of the premiums you paid being refunded to you.
This amount usually varies by the length of time you kept your policy before it
was surrendered.
• If your policy ends or expires: If you bought a plan that covers you to a
certain age and you have not qualified for a full critical illness claim, you may
be able to receive a refund when you reach that age.
• If you die: If you die when your policy is in force, the premiums you paid may
be refunded to your estate, or in certain provinces to whoever you designate as a
beneficiary.
OTHER FEATURES OF
YOUR POLICY
Tip: Deciding not to pay your premium will not qualify you for a refund. Make sure that
you understand the consequences of not paying your premium.