What is Critical Illness Insurance?
Similar to Life Insurance, Critical Illness Insurance is a term insurance policy that will pay out a defined lump sum in the event you’ve been diagnosed with a serious illness.
With that lump sum payout, you have the flexibility to use that money to help make ends meet while you’re ill — including medical costs, non-medical expenses like lost income, transportation/travel costs, etc., recovery therapies, and more.
Your personalized contract will outline which circumstances you’re policy covers; some examples include stroke, heart attack, or cancer.
Why choose Critical Illness Insurance?
Critical Illness can happen to anyone and strike when you least expect it. However, many Canadians fail to plan for the financial impact of an extended illness, leaving your future in the balance. By implementing Critical Illness Insurance as part of a long-term plan, you’re choosing:
- Tax-Free Lump Sum
- Flexible cash flow to cover expenses or lost income
- Extended coverage — critical illness insurance covers the expenses your medical benefits may not
- And ultimately, peace of mind in a difficult situation
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