Critical Illness Insurance

I have disability insurance. Why do I need critical illness insurance?

Can you take a 20%-30% reduction in your income today and still maintain your current lifestyle?

Critical illness and disability insurance no doubt go hand in hand. One type of insurance cannot replace the other.

What are the fundamental differences?

Disability insurance (or LTD - Long Term Disability) is designed for the actively working individual. It replaces a portion of lost wages due to illnesses or accidents that meet the policy's definition for benefit eligibility. The benefit is paid on a monthly basis, and can often take up to three months for payments to begin.

Critical illness insurance is available to a broader audience, such as professionals, employees, business owners, part-time or seasonal workers, homemakers and university students. A tax-free lump sum benefit is paid out usually 30 days after the initial diagnosis of a policy-defined illness.

Money cant buy your health, but it can help you cope, when you need to focus on getting better...

Click here to watch a CTV report about the financial difficulties that occur when you or someone you love is in a battle with Cancer...

5 Questions to ask yourself about the potential of a Critical Illness...

1. Are you under more stress or less stress than you were 5 years ago?

2. If I need to focus on the recovery from a critical illness, would I be making more or less money than I do today?

3. Would my spouse also have to take some time off of work to assist in my recovery?

4. Do I currently have sufficient financial resources set aside to supplement the financial loss of focusing on recovery and not on work?

5. Would my bank lend me more or less money, if I were not able to work due to an illness or disability?

Whatever the situation, a benefit will be paid…

* Critical Illness Benefit: ensures the payment of a lump-sum of up to $2,000,000, 30 days* after the diagnosis of one of the illnesses or medical conditions covered by the contract.
* Return of Premiums Benefit: provides for the refund of all premiums paid since the coverage was issued, if the insured person decides to terminate their coverage, according to the option selected.
* Return of Premiums Upon Death Benefit: pays the beneficiary a refund of all premiums paid since the coverage was issued, should the insured die while the coverage is still in force.

Being struck by critical illness can be a devastating event for you, your spouse & your family.

A critical illness often requires you to leave your job to focus on getting well. While your income is reduced, your expenses and loans still have to be paid, as well as a number of additional costs that often accompany a critical illness (medication, special treatments, specialized equipment, home renovations, etc.). The financial burden can be overwhelming, especially if you don't have any other source of income during your recovery period.

Critical Illness Insurance is also designed to protect people & business owners. In the event of critical illness, you will receive the tax-free cash it needs to

1. Recover lost income caused by your absence
2. Ensure the payment of key employee salaries
3. Provide you with an income during your recovery
4. Pay for non-covered medical fees, private care, etc.
5. Alleviate the concerns of lending institutions, creditors, suppliers, etc.

A critical illness often requires you to leave your job to focus on getting well. While your income is reduced, your expenses and loans still have to be paid, as well as a number of additional costs that often accompany a critical illness (medication, special treatments, specialized equipment, home renovations, etc.). The financial burden can be overwhelming, especially if you don't have any other source of income during your recovery period.