Critical Illness Insurance

Enables you to focus on your recovery if you're diagnosed with a critical illness - such as a heart attack, stroke, or cancer.
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What is critical illness insurance?

A critical illness insurance policy pays a one-time, tax-free, cash benefit upon being diagnosed with a critical illness. You can choose to spend this money however you wish.

Most common examples of critical illnesses are cancer, strokes and heart attacks. All critical illness products cover these core illnesses, often with the option to also cover the next 20+ most common illnesses people are diagnosed with.

Historically a critical illness diagnosis often resulted in death, however thanks to medical advances people are now surviving.

While dramatically improved survival rates is a certainly positive development, it presents a new problem - which is financial recovery and security. Often those faced with critical illnesses find they struggle financially during and after recovery from a critical illness.

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Tax-free payout

A one-time cash benefit payment that you can use for whatever you need.

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Second opinions

Some plans offer second opinion services so you can access opinions of world's top experts.

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Extra support

Some plans offer counselling and other services from professionals during your recovery.

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How does it work?

  • Choose the coverage amount you want.
  • Pay your premium.
  • Claim on your insurance if you're diagnosed with a critical illness.
  • Receive your one-time lump-sum cash benefit.
  • Spend your benefit however you wish.

Why do you need critical illness insurance?

The chances of a critical illness occurring are greater than all other causes combined (i.e. dying before a certain age, or developing a long-term disability). Being diagnosed with a critical illness can be financially draining, and may hinder your long term financial security.

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It's common

One in three Canadians is diagnosed with a life altering critical illness.

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Cover medical bills

Use your payout to help with your medical expenses while you recover.

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Protect your savings

Your retirement savings are earmarked for retirement, not medical bills.

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Focus on recovery

Recover easier knowing you're financially secure and have cash to pay for proper care.

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How much coverage do you need?

This will depend on your unique personal circumstances. Generally, you want to have an impactful amount, while keeping premiums affordable and sustainable.

Here are a few examples of things to consider:

  • Your income: How much income might you lose if you're unable to work?
  • Spousal income: How might family finances be affected if your spouse/partner needed to take time off work to take care of you?
  • Current expenses: How will you pay for your regular expenses and family needs? (i.e. mortgage/rent, loans/debts, groceries & utilities, etc.)
  • Additional expenses: You may incur expenses for healthcare (e.g. drugs, licensed practitioners), travel (e.g. to appointments, or out-of-country), childcare, domestic assistance (e.g. a life-in nurse).

A professional advisor can assist you with calculating your insurance needs.

What if I never experience a critical illness?

Some critical illness plans offer the option of adding a return-of-premium benefit to your critical illness insurance policy. For example, with return-of-premium, if you don’t experience a critical illness within a certain time frame, or should you terminate your policy prematurely, you can choose to get your money back. Ask your advisor about return-of-premium options.

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