- Choose the coverage amount you want.
- Pay your premium.
- File a claim if you’re diagnosed with a critical illness.
- Receive your payment. You may have to wait a set period of time depending on your condition.
It’s more than just a payout.
Coping financially with an illness is just part of the picture. Having access to emotional support and medical treatments can help your recovery.
Expert medical help
Get access to the top 5% of specialists in their fields. They can:
- Provide a second opinion
- Help understand medical conditions
- Explain treatment options
- Help navigate the health care system
Additional support
You and your family can get professional help to deal with the impact of your illness. They can provide:
- Counseling services
- Family support services (childcare, home care)
- Legal and financial consultations
- Nutritional advice
Why do you need critical illness insurance?
It’s more common than you think. A serious, life-altering illness affects one in three Canadians in their lifetime.
- Cover daily costs
- Use your payout to help with your expenses while you recover.
- Protect your retirement savings
- Don’t dip into your RRSP or other investments to pay for additional medical costs.
- Focus on your recovery
- Concentrate on getting healthy; knowing your benefit payment can help with your finances.
How much do you need?
These are some of the expenses that can give you an idea of how much coverage you may need. This is only the first step. An advisor can do a thorough needs analysis with you.
What happens if you don’t experience a critical illness?
You can add a return-of-premium benefit to your critical illness insurance policy. If you don’t experience a serious illness after as early as 10 years, you can choose to get your money back. If you choose this option, your policy expires.
Easy answer provided by Canada Life