Critical Illness coverage offers financial compensation to protect your income and stability.

Such illnesses such as cancer, stroke, heart attack or other debilitating illnesses can sometimes require recovery costs and even force a leave of absence from work.

Click on one of the below topics to unpack your critical illness insurance:

Critical Illness 101

Critical illness insurance was created in 1996, recognizing that surviving a heart attack or stroke could lead to overwhelming medical expenses and financial hardship for individuals and families.

It also provides peace of mind during recovery, knowing that financial assistance is available if diagnosed with a severe illness. The policy outlines the specific illnesses covered, by some common examples that are typically included are: cancer, heart attack, or stroke.

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Why You Need it?

Critical illness insurance is a crucial investment you should consider as it is more prevalent than you may realize. Studies indicate that one out of three Canadians will experience a severe, life-changing illness at some point in their lifetime.

With the payout you receive from this insurance, you can cover your expenses during your recovery period without having to dip into your RRSP or other investments to pay for any additional medical expenses.

Knowing that your benefit payment can help with your finances, you can focus on your health and well-being and return to your daily routine as soon as possible. You should consult with a professional to determine the best critical illness insurance plan for your needs.

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Pros and Cons of CI

Critical illness insurance offers a lump sum payment upon diagnosis of a covered illness. This payment can be used for various expenses, including non-medical needs like mortgage payments, equipment, and travel expenses. Additionally, the premiums for this type of insurance are significantly lower than those for a standard health insurance policy.

However, it is important to consider the limitations of critical illness insurance carefully. Certain types of cancer and chronic illnesses may not be covered, and some policies may not provide a payout for a recurrence of a critical illness. Furthermore, coverage may be reduced or terminated when the policyholder reaches a certain age. It is crucial to thoroughly review the policy’s terms and conditions to ensure it covers the necessary conditions.

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Disability Coverage

Disability coverage replaces some of your income if you can’t work because of an injury or illness. This monetary benefit will continue until the benefit period ends or you return to work. It can help you and your family pay for necessary expenses like your mortgage, car payments, utilities, groceries, etc.

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Personal Health Plan

Get a customizable health insurance plan that helps replace or fill the gaps in your provincial or workplace benefits, whether you’re looking for individual or family health insurance that best meets your needs. A Basic Plan Includes:

Accidental Death & Dismemberment (under age 65)
Accidental Dental
Ambulance
Blood Pressure Monitors
Diabetic Supplies
Funeral Expenses
Health Practitioners
Hearing Aids

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How does critical illness insurance work?

Critical illness insurance is designed to cover costs that are not included in traditional insurance policies. The policy provides a lump-sum payment that can be used for non-medical expenses related to the illness, such as transportation, child care, and more.

The pricing of the policy is influenced by various factors, including the amount and scope of coverage, the age, gender, and health of the individual insured, and their family’s medical history. When you set up your policy, you choose the amount of coverage you want, as not everyone’s recovery costs and expenses are the same.

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How much critical illness coverage do I need?

Firstly, consider your income. What would be the potential loss of income if you or your partner could not work?

Review your current expenses, such as your mortgage or rent, loans and debts, groceries and utilities, credit card payments, and other living expenses.

Finally, remember that you may have additional expenses, such as healthcare costs (hospital accommodations, drug expenses, etc.), travelling for treatments, childcare during treatment and recovery, and domestic help (live-in nurse).

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