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Common questions
- Life Insurance can protect your family from any financial crisis
- You leave a completely tax-free inheritance to your dear ones or beneficiaries
- Life Insurance can pay for your funeral expenses
- You can clear your debts and loans with Life Insurance
Critical Illness Insurance
What is Critical Illness Insurance?
Are you diagnosed with a severe medical condition? A Critical Illness plan gives you a tax-free benefit against dangerous diseases like cancer, stroke, or heart attack. Your policy will define the requirements you are covered for. Contact the team at Canada Life for further details.
How does the policy work?
- You must first choose the amount and the coverage you want.
- Pay your monthly or annual premium.
- A medical claim must be filed if you are diagnosed with a severe illness.
- Depending on how severe your medical condition is, you might have to wait for a defined time period before you receive your payment.
More than just a payout
This tax-free payment not only gives you financial support but also access to top-class medical treatments to aid your recovery, including emotional support from qualified individuals.
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Critical Life Insurance Quote Form
Get the best Insurance Quote from Canada Life
Call 1 844-542-4678 to speak to our advisors.
Expert medical assistance
You can get access to the top 5% of specialists in their fields. They can:
- Provide an expert second opinion.
- Help understand medical conditions better.
- Explain treatment options.
- Help navigate the health care system.
Additional Support
You and your loved ones can get professional help to cope with the impact of your illness. They can provide:
- Counselling services
- Family support services
- Legal and financial consultations
- Nutritional advice.
Why do you require Critical Illness Insurance?
- More common than you think A life-changing illness affects one in three Canadian citizens once in their lifetime.
- Cover daily costs The payout can be used to cover your expenses while you focus on your recovery.
- Protect your retirement savings Avoid taking out money from your RRSP or other investments to pay for additional medical expenses.
- Focus on your recovery Focus on getting healthy without having to worry about the financial implications.
Get the best Insurance Quote from Canada Life
Call 1 844-542-4678 to speak to our advisors.
How much coverage do you need?
Depending on how critical your illness is, you may need to take some time off work. To determine how much policy coverage you need, let’s take a look at your income and expenses.
Let us take a look at your income first:
- If you become too sick to work, how much income might you lose?
- How much would your spouse lose if they had to take a leave of absence?
Let’s look at your current expenses:
- Mortgage or rent
- Loans and other debts
- Groceries and utilities
- Credit card payments
- Other living expenses
Finally, keeping in mind, you may incur additional expenses like:
- Healthcare (medical treatments, hospital room, etc.)
- Travel for treatments
- Childcare during treatment and recovery
- Domestic help
Those expenses mentioned above can estimate how much coverage you might need.
What happens if you don't experience a severe illness?
If you do not experience a severe illness as early as ten years, you can add a return-of-premium benefit to your Critical Illness plan. If you decide to get your money back, your policy will expire.
Is it vital to have Critical Illness or Disability Insurance?
Depending on your circumstance, you may need either Disability Insurance or critical insurance, but there are instances where you might need both these insurances to safeguard yourself.
Together, Critical Illness and Disability Insurance help minimize the impact of disability or a severe illness.
| Critical Illness Insurance | Disability Insurance | |
|---|---|---|
| Payment type? | One-time, tax-free payout | Monthly income replacement |
| When do you usually receive the payment? | Whe you are diagnosed with a condition that is covered | If you cannot work because of injury or illness |
| Is there a waiting period? | In someinstances, no waiting period | Usually, will have to wait |
| How long does your coverage last? | Coverage for life | Coverage ends at age 65 |
| Coverage is ideal for? | A large amount that can be used for paying off your debt, medical expenses, and mortgage | It covers your monthly expenses |
Get the best Insurance Quote from Canada Life
Call 1 844-542-4678 to speak to our advisors.