Home Insurance Critical Illness Insurance

The Critical Illness Insurance is intended for individuals who wish to protect themselves from the financial worries resulting from a critical illness, in order to maintain their quality of life and financial security. It is paid during the lifetime of the insured.

 

The benefit provided by a critical illness insurance policy fills the financial gap that is inevitably created by the provincial health insurance plan and the often substantial expenditures that result from a critical illness.

How do I benefit from critical illness insurance policy? Here you have some examples of managing the risk and the potential use:

For Families:

The Critical Illness Benefits provide peace of mind and minimize the disruptions that all family members experience when someone in the family dramatically suffers a critical illness. The critical illness benefits can fill the following needs:

  • Replace the income of the ill parent;
  • Reduce financial obligations (debts, mortgage, etc.);
  • Pay for specialized medical treatments;
  • Provide home nursing care;
  • Enable the spouse to take a leave without pay to be by your client's side;
  • Provide for child care.

For Individuals:

The Critical Illness Policy provides a benefit payable to the individual during their lifetime which appeals to those who are more concerned about their well-being, independence, and personal autonomy. Where there is not the benefit of a second income, the Critical Illness Benefits fill the following needs:

  • Procure home nursing care;
  • Adapt the home to their medical new needs.

For Children

For families which will be impacted when a child is afflicted with a critical illness, the critical illness insurance policy provides a benefit for them. It is a product that aims to offer the maximum flexibility to both existing and future children. It has been designed to:

  • Enable the parent to temporarily leave his job to devote himself fully to the recuperation of his ill child;
  • Provide home nursing care;
  • Adapt the home or purchase specialized appliances;

For Business owners / self-employed workers / senior executives

These individuals will experience a significant loss of income if they suffer a critical illness.

The Critical Illness Benefits can be a less expensive way to supplement disability coverage and is especially valuable for those self-employed individuals with no disability coverage in force.

In addition, business owners and self-employed workers cannot rely on other sources of income to ensure the survival of their companies.

The benefit aims to:

  • Ensure their personal financial security;
  • Compensate the business for loss of productivity or clientele;
  • Eliminate the company's debts;
  • Provide a lump-sum amount to pay for a temporary replacement during their absence.

For Business partners

The critical illness insurance may be issued on the life of a partner or on behalf of the company and form part of the shareholders' buy-sell agreement. As a result of the critical illness insurance benefit, it is possible to:

  • Have the shares of the ill partner purchased by the other shareholders;
  • Compensate loss of productivity or clientele;
  • Provide a lump-sum amount to pay for a replacement during the absence of the ill partner.

 

*Please contact us for scheduling an appointment to provide you with more information.

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