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What is Critical Illness Insurance?

Critical illness insurance can serve as a financial safety net for you and your family in the event that you are diagnosed with a Critical Illness, such as cancer or cardiac disease. Since these medical emergencies typically incur larger than average expenses, Critical Illness Insurance can provide additional financial support to help you focus on your recovery.

With a Critical Illness policy, you receive a lump-sum payment that can be used to cover many costs — including medical care, travel expenses, or wages of a family member leaving work to help. Like Life Insurance, Critical Illness Insurance can be an important element in your financial plan. By paying you cash benefits when you are diagnosed with a specified covered illness, this help will alleviate some of the stress that you are already facing. Critical illness insurance can provide you and your family with the peace of mind that these expenses will not jeopardize your financial security while you recover.

The list of illnesses that we may face over our lifetime can be extensive, however, statistics indicate that over 90% of critical illnesses come down to two. Cancer (Approximately 1 in 2 Canadians will be diagnosed with cancer in their lifetime) and Cardiac related (About 1 in 12 Canadians is living with diagnosed heart disease). By our mid-forties, the likelihood to be diagnosed with either of these sharply increases. While these facts may be somber, it is heartening to know that today’s medical advances are rapidly rising life expectancies. However, what if you were facing a critical illness such as cancer, a heart attack, or stroke; would you and your loved ones be financially protected? Dealing with a Critical Illness is difficult enough.

Did you know?

  • Typical Disability Insurance will not cover you if you are deemed able to work

  • Your employer’s insurance benefits may be capped

  • Employment Insurance lasts a maximum of 15 weeks; this can vary by province

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