Critical Illness Insurance offers financial security in the event of an unexpected illness. Read on for the key functions and benefits of Critical Illness Insurance.
If you’re diagnosed with a critical illness, your focus should be recovery — not money.
Critical Illness Insurance provides a tax-free, lump-sum payment that helps make ends meet during times of stress and uncertainty.
In 2024, rising prices impacted 45% of Canadians’ ability to meet daily expenses. Add to that an increase in medical costs, and you face a situation where your health no longer comes first.
Curious if Critical Illness Insurance might be for you? Here are some key benefits of our plan.
Leading Health Issues
Our Critical Illness Insurance covers 31 illnesses, including:
Cancer
According to Cancer.ca, 40% of Canadians are expected to be diagnosed with cancer, with approximately 1 in 4 dying from the disease.
Cancer treatment can be a heavy financial burden. A new study by the Canadian Cancer Society has shown that the average cancer patient can expect to pay around $33,000 in expenses.
Heart Attack
Heart attacks are the second leading cause of death for Canadians. According to the Government of Canada, men are twice as likely to have a heart attack than women.
If you suffer a heart attack, the recovery period can lead to a loss of income due to restrictions on driving and physical activity.
Stroke
One-quarter of Canadians under the age of 65 are living with a stroke, according to the Government of Canada.
Depending on the severity of stroke, life may require significant changes. You may need to modify your home, attend physical therapy regularly, or leave your job.
The best time to get Critical Illness insurance coverage is now, since age and lifestyle choices can affect eligibility and premium costs.
Lump-Sum Payouts Key to Covering Expenses
Critical illness can come with hefty costs. If you’re diagnosed with a critical illness like those listed above, our lump-sum payout can be used towards illness-related expenses such as:
- Private nursing or in-house caretakers
- Specialized medical equipment
- Alternative treatments not covered by provincial health plans
- Family support services like childcare
- And home modifications or accessibility improvements.
In addition, you might need to travel long distances to receive specialized treatment if you live in a remote area. Critical Illness Insurance can help cover these travel expenses, including:
- Transportation to treatment centers
- Accommodation during medical visits
- And additional expenses for accompanying family members.
Critical Illness also protects current finances and assets
Critical Illness can protect your current finances and assets by avoiding the need to dip into retirement savings or investments. It can be used to lessen other financial costs that might accrue, such as mortgage payments or trips to visit loved ones.
When to consider Critical Illness Insurance
The best time to get Critical Illness insurance coverage is now, since age and lifestyle choices can affect eligibility and premium costs.
Our Critical Illness Insurance premium rate is determined by several factors, such as:
- Age and gender
- Smoking status
- Coverage amount.
Work Benefits and Critical Illness Coverage
While some workplaces offer Critical Illness as part of their benefits package, your specific needs might not be covered. Group Critical Illness Insurance from employers usually provides simple coverage, whereas you might look for a more in-depth policy that stays with you even if you change jobs.
How to apply for Critical Illness Insurance
By securing Critical Illness Insurance, you’re safeguarding your family’s financial future in the event of an unexpected critical illness. Our Licensed Advisors are always available to assist. For more information on Critical Illness Insurance, give us a call at 1-800-661-6430 or book an appointment.