Living Benefits

Critical Illness

When you survive 30 days following the diagnosis of a critical illness, critical illness insurance provides you with a lump sum tax free cash benefit.

Critical Illness Insurance was developed by Dr. Marius Barnard (brother of Christian Barnard, who performed the first successful open heart transplant surgery) in South Africa in 1983. Dr. Barnard saw a need for insurance that paid a “living benefit” to those who survived a major illness to offset lost income and pay additional expenses. Critical Illness insurance is a form of protection that provides immediate funds to you upon diagnosis of a covered condition, like cancer, stroke, or a heart attack. Unlike other types of insurance that provide income replacement if you are seriously ill, critical illness insurance provides a lump sum tax-free benefit that can be used in any way you choose with no restrictions or claw-backs to benefits. 

Some Immediate Financial consequence when you suffer from a critical illness include: 

1. Absence from work

2. The costs for home care during a period of illness and recovery

3. Treatment outside of Canada or other medical costs not fully covered under the provincial health plan

4. Children’s education

5. Early Retirement

Disability Insurance

Disability insurance coverage provides a monthly benefit should you be unable to work (due to illness or injury), so your standard of living is not compromised.

This insurance is crucial within a financial plan. Those who are single and solely dependent on their earnings, often find it more relevant; however, couples relying on two salaries have difficulty imagining how to live on just one. Notably, disability strikes more often than we may think.