Critical Illness Insurance / Income Protection for Canadian Residents
While healthy lifestyle choices can be your best defense against some health risks, a critical illness such as cancer, stroke or heart disease can strike anyone at any time. Consider the following:
- One in two heart attack victims are under 65 years old
- Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75% will be left with a disability
Critical illness insurance provides you with a lump-sum payment after a critical illness is diagnosed.
This allows you to concentrate on recovery without worrying about any financial losses due to the illness.
How to apply
You obtain a tax-free lump-sum payment 30 days* after diagnosis of a critical illness. This payment may be used in any way you wish, without restriction.
Your premiums and protections are guaranteed, renewable every 10 or 20 years or level up to the age of 75 years or for your lifetime.
Flexible protection options ranging from $10,000 to $2 million.
Additional benefits are available.
Waiver of premium: a safeguard against losing your policy. If you have an accident and become disabled, you may no longer earn a high enough income to pay your insurance premiums. With the Waiver of Premium option selected, after 6 months of disability, the insurance company will waive all of your premiums so you do not lose your policy. They also refund the premiums you paid over the last 6 months.
cover heart attack, stroke, and cancer.
cover heart attack, stroke, and cancer, as well as up to 18 other illnesses (see list of insurable illnesses below).
If you want to be protected from financial burdens cause by a critical illness- take a look at our plans.
Persons who would like to obtain specific medical treatments
People who would like home nursing services to assist their recovery
Business owners or self-employed who will need compensation for income lost
Get the latest treatments and best services medical science has to offer
Allow your partner to take time off during your recovery
Recover your financial footing after surviving a critical illness
Spend your last days doing something you love (eg. travel)
Pay for private nursing care
Semi or early retirement
Pay off the mortgage, pay for child care, hire domestic help, etc.
Modify your home to have better mobility
Take time off to fully recover before returning to work
Thanks to modern medicine, most people now survive critical illnesses, but the financial costs can be staggering. Critical illness insurance helps you maintain your financial footing, while getting the best treatments possible.
List of insurance illnesses
List of Insurable Illnesses:
- Heart Attack
- Coronary Artery Bypass surgery
- Multiple Sclerosis
- Major Organ transplant
- Major organ failure on waiting list
- Loss of independence
- Late onset diabetes
- HIV Infection
- Parkinson’s Disease
- Alzheimer’s Disease
- Loss of speech
- Kidney failure
- Motor Neuron Disease (ALS)
- Severe burns
- Benign brain tumor