Critical illness insurance is about protecting more than finances—it safeguards peace of mind during life’s most challenging moments. A serious diagnosis can bring not only emotional strain but also significant financial burdens, from treatment costs to lost income.
This coverage provides a tax‑free lump sum benefit that helps families focus on recovery rather than expenses, ensuring that mortgages, household bills, and future plans remain secure. It is an essential complement to life and health insurance, offering resilience when unexpected health events threaten stability and continuity.
Definition: An insurance designed to ease the financial burden of a severe health diagnosis.
Benefit: Pays a one‑time lump sum if you’re diagnosed with a covered illness.
Purpose: Money you can use immediately for medical costs, lost income, or everyday expenses.
Diagnosis: If you’re diagnosed with a covered illness, you file a claim.
Payment: Once approved, the insurer pays the lump sum directly to you.
Flexibility: Benefits can pay medical, housing, childcare, or treatment travel costs.
Financial protection: Helps cover costs not included in provincial health plans
Income replacement: Provides funds if you need extended time off work.
Family support: Reduces the need to dip into savings or retirement accounts.
Business continuity: For entrepreneurs, can help with debt repayment or succession planning.
Individuals: Maintain independence and protect savings during recovery.
Families: Ease financial stress if a parent or child faces a serious illness.
Business owners: Safeguard operations if a key person becomes critically ill.
Coverage Options for Critical Illness
Designed to protect during prime income-earning years (up to age 65).
Premiums remain unchanged for the duration of the contract.
Offers protection into retirement years (up to age 75).
Premiums remain unchanged for the duration of the contract.
Provides lifetime protection with unchanging premiums.
Two payment options:
Two term options: 10-year and 20-year.
Protection into retirement years (up to age 75).
Premiums increase every 10 or 20 years.
Renewable coverages can be changed to other Critical Illness coverages without evidence of insurability:
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