Critical Illness Insurance
for all the living
you still have left to do
Critical Illness Insurance

• If you are diagnosed with a serious illness, how will your family cope financially?
• Who pays your mortgage payment, tuitions, membership fees, and babysitting bills?

With critical illness insurance, you can protect yourself against these 25 serious medical conditions:

  • Alzheimer’s disease
  • Aortic surgery
  • Aplastic anemia
  • Bacterial meningitis
  • Benign brain tumour
  • Blindness
  • Cancer (life threatening)
  • Coma
  • Heart attack
  • Coronary artery by-pass surgery
  • Deafness
  • Loss of independent existence
  • Heart valve replacement
  • Kidney failure
  • Major organ failure on waiting list
  • Loss of limbs
  • Loss of speech
  • Multiple sclerosis
  • Major organ transplant
  • Motor neuron disease
  • Parkinson’s disease
  • Occupational HIV
  • Paralysis
  • Severe burns
  • Stroke

Healthy people should apply now to secure CI coverage, as it is not always easy to get approved. Once insured, you can feel confident that you have prepared a financial strategy for fighting these serious diseases, affording you the time you need to recover, and the money you need to access the best medical care in the world available for your condition.

Some facts about the conditions most affecting Canadians:

  • More than 134,000 Canadians contract cancer each year
  • 75,000 Canadians suffer heart attacks each year
  • 50,000 Canadians suffer a stroke each year
  • Over 80,000 Canadians are diagnosed with Alzheimer’s disease every year

We advise our clients not to depend on their provincial medical plan (like OHIP) to cover all of their expenses in the event of a critical illness. When a debilitating disease strikes, it can be financially devastating. Many people lose their homes while fighting cancer, and upon death the life insurance payment arrives too late to save the home from foreclosure.

We do not know what the future holds for us, but we do know by observing the financial effects of disease upon our fellow Canadians that the risk is too great to leave it unaddressed.

Critical Illness insurance is purchased with a fixed “face amount” of coverage, for example, $100,000. 30 days after diagnosis of one of the covered conditions, you would receive a lump sum, tax-free cheque in the amount of $100,000. Many people use this payment to clear debt, to afford medically required home renovations, or take time off work to heal and recover (or to assist someone who is doing so.) There are no restrictions on how you use the money. Once you receive the payment, it’s yours to use according to your own priorities.

Some people want these funds to access better healthcare. Some of the most advanced medical care in the world is not available in Canada, because of our public healthcare system. The push for a “two-tiered” treatment approach, like has become partially available in Quebec, is all about making these advanced methods available to Canadians, but at a tremendous cost to the patient. That’s why it’s called “two-tier” – one tier is the publicly funded system, and the second tier is the one you pay for yourself. If an advanced treatment was available to you – one that could very well save your life or the life of a loved one, would you be able to afford it? What is your strategy for funding such a crucial expense?

Regardless of how this political battle plays out in Canada, you still have access to the global market of advanced medical care today, by travelling abroad at your own cost. Again, what is the strategy for funding such a crucial expense?

There is no better strategy than purchasing critical illness insurance now, while you are still healthy.

Critical Illness vs.
Disability Insurance

Critical Illness insurance (CI) is often used in conjunction with disability income protection. Critical illness insurance is not a replacement for it, but works together with DI to provide more complete protection. CI provides a lump sum payment, 30 days after the diagnosis of a covered condition, while most disability policies carry a 90 or 120 day waiting period. In addition to this, diseases often need to reach a more advanced stage before the person becomes disabled as defined by the DI contract.

An example of this would be life-threatening cancer – a CI policy would pay out, but until cancer reaches its more advanced stage it does not trigger a DI claim. Critical illness insurance provides the short term cash needed to pay off debts, seek better medical care, or take time off work to heal. Should the condition become prolonged resulting in a medical disability, only then does the regular monthly payment from disability insurance provide the foundation for long term financial support until age 65.

Quote Request

Critical Illness Insurance Quote Request

Your information will not be shared, and is not mandatory to receive a quote. You will only be contacted by a Capital Group Insurance broker at your request.

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