Critical Illness Insurance
Critical Illness insurance can be provided as a separate policy; however, many people prefer to have this benefit as an add-on to their life insurance plan. In turn the plan will offer a broader spectrum of coverage than life or critical care insurance can provide as standalone products.
What is critical illness insurance?
Thanks to modern medicine, more people survive serious illness. Unfortunately, the costs associated with recovery can place a strain on the financial resources of you and your loved ones.
Consider this sobering statistic: one in 2.2 men and one in 2.4 women living in Canada will develop cancer during their lifetime.1 However, 63 per cent of Canadians diagnosed with cancer are expected to survive.2
Critical illness insurance is a form of protection that can provide you with a tax-free lump sum payment to use however you need while recovering from a life-altering illness. You can use this money in whatever way you need while you recover.
Consider this sobering statistic: one in 2.2 men and one in 2.4 women living in Canada will develop cancer during their lifetime.1 However, 63 per cent of Canadians diagnosed with cancer are expected to survive.2
Critical illness insurance is a form of protection that can provide you with a tax-free lump sum payment to use however you need while recovering from a life-altering illness. You can use this money in whatever way you need while you recover.
Who is it for?
Critical illness insurance can be suitable for anyone seeking financial protection to help cover the costs associated with recovering from a life-altering illness. It can also be suitable for those looking to protect loved ones in the event they experience a critical illness.
How does it work?
You receive the tax-free lump sum payment if you meet the survival period requirement for a covered critical illness and are free to spend money as you choose — such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.
How does it benefit you and your family?
The physical and emotional strain of a critical illness like heart disease or cancer can be severe. When you combine that with the potentially damaging financial impact, the result can be devastating. You might face additional costs beyond maintaining your current lifestyle – things such as childcare, medication or home modifications. You need to assess how realistic it is to rely on options such as your spouse, your retirement savings, the sale of assets or even the government to help meet these extra expenses. There are additional benefits from critical illness insurance such as:
Investment & Insurance Services
Term Life Insurance
Term Life Insurance is the simplest and most affordable type of Life Insurance. It provides protection for a predetermined term, usually 10 or 20 years. Your Insurance coverage never decreases, and the premiums are guaranteed for the length of the Term Life Insurance.
Whole Life Insurance
Whole Life Insurance is a permanent insurance that provides coverage for lifetime. You can pay this plan off in 10-15-20 years or by age 65, and plan runs for ever. It has a guaranteed cash surrender value. You can withdraw or borrow against this CSV to meet your financial needs.
Critical Illness Insurance
Critical Illness policies are designed to provide a tax-free lump sum money to help an insured in meeting his financial obligations and adapting to his changed circumstances caused by a life-threatening critical illness. You can opt for return of premium on expiry if claim has not been made.
Popular critical illnesses are: Heart attack, Cancer, By-pass surgery and Stroke.
Super Visa Insurance
The Super Visa allows parents and grandparents to visit and spend time with their children and/or grandchildren living in Canada. They can visit multiple times, each stay cannot last more than 24 months.