Critical illness can give you a tax-free payment if you’re diagnosed with a serious condition. Your contract will define which conditions you’re covered for, but some examples include cancer, heart attack or stroke.
How does it work?
Choose the coverage amount you want.
Pay your premium.
File a claim if you’re diagnosed with a critical illness.
Receive your payment. You may have to wait a set period of time depending on your condition.
It's more than just a payout
Coping financially with an illness is just part of the picture. Having access to emotional support and medical treatments can help your recovery.
Expert medical help
Get access to the top 5% of specialists in their fields. They can:
Provide a second opinion
Help understand medical conditions
Explain treatment options
Help navigate the health care system
Why do you need critical illness insurance?
It’s more common than you think
A serious, life-altering illness affects one in three Canadians in their lifetime.
Cover daily costs
Use your payout to help with your expenses while you recover.
Protect your retirement savings
Don’t dip into your RRSP or other investments to pay for additional medical costs.
Focus on your recovery
Concentrate on getting healthy knowing your benefit payment can help with your finances.
How much do you need?
Depending on the severity of your illness, you may need to take time off work.
What happens if you don't experience a critical illness?
You can add a return-of-premium benefit to your critical illness insurance policy. If you don’t experience a serious illness after as early as 10 years, you can choose to get your money back. If you choose this option your policy expires.
Do you need critical illness or disability insurance?
Depending on your situation you may need only critical illness or disability insurance but there are many times when you need both to fully protect yourself.
Critical illness and disability insurance work together to help reduce the impact of disability or serious illness.