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How Canada Life is supporting you during COVID-19. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

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. 

Our experts can help you figure out an insurance approach that works for your unique needs.

Find an advisor

Already have an advisor? Get in touch.

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 

Additional support

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.

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. 

Critical illness insurance
Disability insurance

Payment type?

Tax-free, one-time payout

Monthly income replacement

When do you receive the payment?

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

Ideal for?

A large sum that you can use for what you want like paying medical expenses, mortgage and pay off debt

Covering monthly expenses

Canada Life has been paying claims for 150 years. Work with one of our trusted advisors to help build a plan for you.