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Critical Illness Insurance

You work hard to build your life. We can help you protect it.

What is critical illness insurance?

Thanks to modern medicine, more people survive serious illnesses. Unfortunately, the costs associated with recovery can place a strain on the financial resources of you and your loved ones.

Consider this sobering statistic: one in 2.2 men and one in 2.4 women living in Canada will develop cancer during their lifetime.1 However, 63 percent of Canadians diagnosed with cancer are expected to survive.2

Critical illness insurance is a form of protection that can provide you with a tax-free lump sum payment to use however you need while recovering from a life-altering illness. You can use this money in whatever way you need while you recover.

A critical illness can happen to anyone

Who is it for?

Critical illness insurance can be suitable for anyone seeking financial protection to help cover the costs associated with recovering from a life-altering illness. It can also be suitable for those looking to protect loved ones in the event they experience a critical illness.

How does Critical Illness Insurance work?

You receive the tax-free lump sum payment if you meet the survival period requirement for a covered critical illness and are free to spend money as you choose — such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.

How does critical illness insurance benefit your business?

Running a business is a labour of love, and a tremendous amount of work. Without proper protection, all the time and money spent building your company could be at risk. The costs associated with recovering from a critical illness can place heavy strain on your business. The lump sum payment you receive could help you focus on your recovery while your business continues to operate.

Keep your business running smoothly while you recover

There are numerous ways you could use the money you receive from critical illness insurance to help with your recovery while allowing your company to operate normally.

Safeguard your retirement

The sudden emergence of a life-changing illness could force you to withdraw money from your business investments, incurring taxes and affecting your retirement plans in the process. The safety net provided by critical illness insurance can help your business to continue to operate without altering your carefully planned retirement goals.

Illnesses covered in Critical Illness Insurance

Generally, critical illness insurance pays a tax-free benefit in a single lump sum if the client survives 30 days, typically, from the diagnosis of one of the following illnesses:

  • Cancer
  • Heart Attack
  • Coronary Artery Bypass Surgery
  • Heart Valve Replacement
  • Aortic Surgery
  • Stroke (Cerebrovascular Accident)
  • Multiple Sclerosis
  • Alzheimer’s Disease
  • Parkinson’s Disease
  • Paralysis
  • Loss of Limbs
  • Blindness
  • Deafness
  • Loss of Speech
  • Major Organ Failure on Waiting List
  • Major Organ Transplant
  • Kidney Failure
  • Bacterial Meningitis
  • Coma
  • Severe Burns
  • Benign Brain Tumour
  • Motor Neuron Disease
  • Occupational HIV Infection
  • Aplastic Anemia
  • Loss of Independent Existence

In addition to the 25 illnesses covered by contracts, Some companies also offer Recovery Cash Advance Diagnosis and Treatment, and serious complications caused by 4 infectious diseases, other childhood diseases for kids policy.

Childhood diseases:

  1. Autism
  2. Rett’s syndrome
  3. Cystic fibrosis
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