Don’t be confused by life insurance. There are only 2 basic types of policies: permanent (whole life) and term (temporary). Simply put, permanent coverage remains in affect for the lifetime of the insured, while term coverage expires after a set term of usually 5, 10, or 20 years. Generally, term insurance premiums are lower.

Remember to try our Instant Quote and Insurance Needs Estimator tools. They will help you understand what insurance coverage is best for you.

PERMANENT INSURANCE

Permanent insurance covers you for your lifetime. The premiums can be paid for 20 years, to age 65, or for life. We offer benefits of up to $5,000,000, or up to $50,000 for plans that do not require medical exams.

Whether you choose term or permanent insurance, advantages include:

What is it?

Though relatively new to the North American marketplace, critical illness insurance is growing in popularity. It's insurance designed specifically to help meet the financial needs associated with recovery from a life-altering illness. It provides a lump sum cash payment that can be used any way you choose.

Unlike life insurance that supports your survivors after you're gone, or disability insurance that replaces some or all of your income if you're unable to work, critical illness insurance provides you with a cash payment if you're diagnosed with one of the illnesses covered by the policy.

Aren't group and extended health benefits enough?

While group and extended health care benefits may cover some needs for a short period of time, often the extra expenses exceed what's covered by your benefits. As a result, you may need to dip into your savings, stop retirement or education contributions or liquidate your assets to cover your costs.
With advances in medicine and treatments, more people than ever are surviving life-altering illnesses. Even so, recovery can take months, and may mean time away from work, and a possible decrease in or loss of income. At the same time, related out-of-pocket expenses such as travel, home care, or therapy may be added to your regular household expenses.

Critical illness insurance was developed by the life insurance industry in
response to the growing need for financial resources when you are ill. It provides protection by allowing you to choose how you'll meet your health care needs, while preserving your savings or investments. It can be considered as both health insurance and as part of an overall financial plan.

How does it work?

If you're diagnosed with one of the covered illnesses, and you satisfy the terms of the contract (for example, you must survive for at least 30 days after the diagnosis of cancer), you will be paid a one-time lump sum benefit. You don't have to provide receipts or explain how you’ll use the money. Qualifying for your benefit involves an objective diagnosis of your illness by an appropriate medical specialist (someone licensed to practice in Canada, specializing in your illness). After your claim is paid your policy ends; you can claim only once.

What kinds of illnesses are covered?

Typically, critical illness insurance plans cover conditions such as heart attack, stroke, cancer, kidney failure, and heart bypass surgery. Illnesses covered and features of plans vary between companies, so be sure to find out all the details of the plans you’re considering.

How can the benefit amount be used?

Rather than providing receipts for reimbursement of eligible expenses, or receiving a monthly income, critical illness insurance pays you a one-time lump sum. You decide how to spend the money.
Some of the ways you can choose to use critical illness insurance benefits are:

It may be difficult to imagine how an illness could affect your life.
As part of your overall personal protection and financial plan, you may want to consider the benefits of critical illness insurance.