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What is critical illness insurance?

Thanks to modern medicine, more people survive a serious illness. Unfortunately, the costs associated with recovery can place a strain on the financial resources of you and your loved ones.

Consider this: one in 2.2 men and one in 2.4 women living in Canada will develop cancer in their lifetime. However, 63% of Canadians diagnosed with Cancer will live to fight another day.

Critical illness is a form of protection that can provide you with a tax-free lump-sum payment to use however you need while you are recovering from a life-altering illness.

Who will need critical illness insurance?

Critical illness can be suitable for anyone seeking financial protection to help cover the costs of recovering from a life-altering illness.  Many people will think they are too young to benefit from having protection for critical illness but the fact is, critical illness doesn’t discriminate on age, gender, or race.  We all need to take the steps to be prepared and be in the best financial position possible in a time where we will need it most.

How will critical illness benefit me and my family?

The physical and emotional strain of a critical illness like heart disease or cancer can be severe and hard to overcome.  When you combine that with the financial impact, the result can be devastating.  You will most likely face additional costs beyond maintaining your current lifestyle things such as child care, expensive medications, or modifications needed to make your home more accessible.   You need to assess how realistic it is to rely on options such as your spouse, your retirement funds, or even the sale of assets to help meet these additional expenses. Critical illness protection can put you in a position where you don’t need to put an extra financial strain on your family or dig into savings that are meant to last the rest of your life.

Critical illness insurance provides a lump-sum payment that is available for you to use at your discretion while you are recovering. Talk with an advisor today.

The mortgage lender
Pay off mortgage
With your mortgage payment
The mortgage lender
Often underwritten at time of death
Not neccessarily guaranteed
Usually not available
Often same rates given, regardless of other factors
Benefit decreases as mortgage paid off
If you move, the insurance ends You will have to requalify
Can only cover the mortgage
Decreasing Term
Anyone - you decide
Beneficiary decides
Invest? Pay off mortgage?
Monthly, semi-annually,annually
Get level benefit Or lower benefit overtime to match yourmortgage
Underwriting at time of application
Fully guaranteed
Premium based on gender, smoking, health, lifestyle
Preferred underwriting available
Individual policies can be customized
Deal with licensed advisors
Insurance stays with you - even if you refinance or change lenders
Take care of all insurance needs with one policy
Term or Permanent
Payment Frequency
Other Life Insurance needs
How Insurance will be used
Your best options are available through an insurance brokerage.

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Type of Life Insurance
Benefit Level
Underwriting Time
Premium Rates
Premium Guarantees
Options and Riders
A needs analysis will take a look at the whole picture and help us determine a plan to suit your needs. A customized insurance plan will put the control where it should your hands.
Now you know the facts, but how does this all fit together?
Lifestyle Discounts
Critical illness insurance that’s simple, easy, and clear.
Find the right coverage today  »