Critical Illness
If you’re diagnosed with a qualifying illness, your critical illness insurance can assist with expenses not covered by your provincial or territorial health plan. Many Canadians presume their government or workplace benefits will cover most medical costs for serious illnesses.
However, such plans may not address all the additional expenses, such as home care, travel, lost wages, childcare, gas, and meals, which can accumulate over time. Critical illness insurance provides a lump-sum payment, empowering you to address your needs during recovery.
Tax-free Payout
Critical illness insurance provides a tax-free payout upon diagnosis of a severe medical condition. Your policy specifies the covered conditions.
Peace of Mind
Rest assured in your recovery, with financial support available for expenses in the event of a critical illness diagnosis.
Protect your Savings
Avoid withdrawing funds from your RRSP or other investment accounts to cover unexpected medical expenses. Doing so could harm your long-term financial security.
Comprehensive Coverage
Critical illness insurance covers expenses that conventional insurance may not. The funds can be utilized for non-medical expenses associated with the illness.