Critical Illness Insurance

Medical advances have dramatically improved the survival rates of people who suffer critical illnesses such as cancer, stroke and heart disease.  Recovery may come with a significant financial cost that impacts both you and the people close to you.

Critical illness insurance offers the financial help to pay the costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you’ll receive a lump-sum cash payment. And, unlike reimbursed health insurance benefits, you decide how to spend the money.

Critical illness insurance can help reduce debt and other financial concerns while you cope with your illness. It replaces any reduced or lost income for you and your spouse, who may wish to take time off work to care for you in the event of illness. Critical illness insurance can bring in additional help at home for you and your family, and allow you to consider new medical treatments and medications not covered by private or government health insurance plans.

Your child’s serious illness can affect the whole family physically, emotionally & financially. Child critical illness insurance can ease the strain. Many parents take time off work when their child is sick. While some employees can take personal days off, paid time off is limited for most Canadians and many working Canadians (ie: self-employed and contract workers) don’t have the benefit of any paid time off.

CII for children provides you with a lump sum if your child is diagnosed with one of the illnesses covered by your policy. You can use the money to cover the cost of medical treatments not covered by your provincial or private health coverage. For example, out-of-pocket costs for medications, devices and treatments needed to manage diabetes cost the typical Canadian living with the disease more than $1,500 annually.

The coverage allows you and your partner to take time off work to care for your child without having to worry about money. The funds you receive can pay for non-medical costs you may incur, such as hospital parking, taxis or hotel accommodations if you have to visit out-of-town specialists. Premiums are low and guaranteed, and coverage continues into adulthood. That means your children can continue to receive coverage as adults at a lower rate than if they applied for Critical Illness Insurance as adults.