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Frequently Asked Questions

When a claimant submits a claim for insurance benefits, the insurance company requires that certain information be provided in order to support that claim.  The proof of claim requirements vary from policy to policy, but are usually contained either in the Policy’s “Definitions” section or in a section explaining how to submit a claim. Please contact your broker or contact the claims insurance company’s department.

Disability insurance refers to coverage against loss of income or ability to earn income resulting from accident or illness.   It is designed to provide a substitute for earnings when, because of bodily injury or sickness the insured is deprived of the capacity to earn his living.  Disability income policies typically provide that an insured is totally disabled if he or she is unable to perform the substantial and material duties of the insured’s own occupation in the usual and customary manner.  Some policies provide for “specialty coverage” for various types of occupations which involve specialties (e.g., medical doctors and attorneys).  Additionally, some policies, especially group insurance policies, have “any gainful occupation” provisions after one or two years after the insurer has paid disability benefits.

No. Under existing Canadian tax laws, all payments under Critical Illness Insurance are tax free.

Even if the covered critical illness is terminal, the Critical Illness Insurance may pay a benefit. In order to be eligible to file a claim, you must survive 30 days following the date of diagnosis.

  • Assumption Life
  • BMO Insurance
  • Blue Cross
  • Canada Life Assurance
  • Desjardins
  • Edge Benefits
  • Empire Life
  • Equitable Life
  • Foresters
  • Humania
  • Hunter McCorquodale
  • IA Financial Group
  • IA Excellence
  • Ivari
  • LA Capitale
  • Manulife
  • Mutual UL
  • RBC
  • SSQ
  • Sun Life

Terminal illness cover is an insurance policy that allows the insured to make a claim under if they have a disease or illness which lowers their life expectancy to one or two years. Often up to 80% of the benefit can be paid to the policy holder’s beneficiary, which can help pay for things like nursing care, experimental medical care, or even taking a trip. This type of cover cannot be purchased as a stand-alone policy, but is instead added on to other policies. The majority of policies include terminal illness coverage with their life and critical illness coverage free of charge. But, it is important to note that this is not critical life insurance. Critical life insurance is much more comprehensive and covers illness that can severely impact a person’s ability to work, without affecting their life expectancy. Terminal illness is strictly for those circumstances where the insured has less than a year or two to live.

Group policies provided by employers typically offer an affordable and easy way to enroll in life insurance without a medical exam. However, group policies may only pay an amount equal to one or two years of salary or a similarly limited amount, which may or may not be enough to cover your family’s needs. Additionally, when you change jobs, you may not be able to take your life insurance coverage with you. When you consider that, the older we get, the more difficult and costly it may be to obtain life insurance, having a personal policy to supplement your employer-provided policy can make sense.

The cost of life insurance will vary. From a broad perspective, it’s all about risk. The greater your risk of dying, the more you are likely to pay for life insurance. That’s why life insurance is relatively inexpensive to purchase when you are young and healthy. To determine your risk, underwriters look at such things as age, medical history, use of nicotine and alcohol, and any hazardous pastimes, such as skydiving. There are medical conditions that can cause the denial of an application, such as cancer, heart disease or dementia. For most types of coverage, your insurer will likely ask you to take a medical exam.What you pay for life insurance premiums can also depend on other things such as the type of policy you choose, the coverage amount and the number of years you need to have it in place. If you have riders, or customized provisions, added into your policy, those typically come at an extra cost.

First, you should be aware that there are two basic types of life insurance coverage: term and permanent.Term life insurance has guaranteed level premiums for a fixed period and generally is more affordable than permanent life during that level-premium period. You can generally choose level premiums for 10, 20 or 30 years. If you have young children and your primary concern is making sure there’ll be money to pay for their college educations, depending on their age today you might consider a 10- or 20-year term life insurance policy. If you should die while the policy is in force, the death benefit payout could help your beneficiaries with future expenses such as education costs.Permanent life insurance plans are designed to provide coverage for your entire life, as long as premiums are paid. In fact, if you buy a child a permanent life policy, you or the child will have the ability to maintain coverage throughout their life, even if they develop health problems, as long as the premium is paid and the policy is kept in force.

It’s important to note that Critical Illness Insurance provides benefits for the living. Your life insurance may not provide benefits if you survive a covered critical illness. Benefits designed to help you and your family deal with financial challenges so you can focus on recovery.

Ideally, you’d have both, because your disability coverage may not provide a lump-sum payment to help ease the financial burdens of health-related expenses, such as private nursing care, physical therapy, medical equipment, or child care. Also, most disability plans provide a reduced monthly benefit, and many are valid for just a limited time.

If you are diagnosed by a physician with a covered critical illness – as set out by your insurance policy – and survive for 30 days following the date of diagnosis, you’re eligible to file a claim.

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