Focus on your recovery knowing that you have money to help with your expenses if you’re diagnosed with a serious illness.
Critical illness can give you a tax-free payment if you’re diagnosed with a serious condition. Your contract will define which conditions you’re covered for, but some examples include cancer, heart attack or stroke.
- Choose the coverage amount you want.
- Pay your premium.
- File a claim if you’re diagnosed with a critical illness.
- Receive your payment. You may have to wait a set period of time depending on your condition.
Coping financially with an illness is just part of the picture. Having access to emotional support and medical treatments can help your recovery.
Expert medical help
Get access to the top 5% of specialists in their fields. They can:
- Provide a second opinion
- Help understand medical conditions
- Explain treatment options
- Help navigate the health care system
You and your family can get professional help to deal with the impact of your illness. They can provide:
- Counselling services
- Family support services (child care, home care)
- Legal and financial consultations
- Nutritional advice
Depending on the severity of your illness, you may need to take time off work.
Let’s consider your income and expenses to determine how much coverage you need.
First, let’s look at your income.
- How much income might you lose if you were too sick to work?
- If your spouse had to take a leave of absence how much income would they lose?
Now, let’s look at your current expenses.
- Mortgage or rent
- Loans and other debts
- Groceries and utilities
- Credit card payments
- Other living expenses
Lastly, keep in mind you may incur additional expenses.
- Healthcare (hospital room, drug costs, etc.)
- Travel for treatments
- Childcare during treatment and recovery
- Domestic help (live-in nurse)
These are some of the expenses that can give you an idea of how much coverage you may need. This is only the first step.
An advisor can do a thorough needs analysis with you.
Use your online account to submit a claim, manage your plan and explore additional coverage options.
You can add a return-of-premium benefit to your critical illness insurance policy. If you don’t experience a serious illness after as early as 10 years, you can choose to get your money back. If you choose this option your policy expires.
Depending on your situation you may need only critical illness or disability insurance but there are many times when you need both to fully protect yourself.
Critical illness and disability insurance work together to help reduce the impact of disability or serious illness.
Tax-free, one-time payout
Monthly income replacement
If you’re diagnosed with a covered condition
If you can’t work because of injury or illness
Do you have to wait?
No waiting period in certain cases
Usually will have to wait
How long does your coverage last?
Coverage for life
Ends at age 65
Covering monthly expenses