Critical illness can give you a tax-free payment if you’re diagnosed with a serious condition. Your contract will define which conditions you’re covered for, but some examples include cancer, heart attack or stroke.

Coping financially with an illness is just part of the picture. Having access to emotional support and medical treatments can help your recovery.

Expert medical help

Get access to the top 5% of specialists in their fields. They can:

Provide a second opinion
Help understand medical conditions
Explain treatment options
Help navigate the health care system

Additional support

You and your family can get professional help to deal with the impact of your illness. They can provide:

Counselling services
Family support services (child care, home care)
Legal and financial consultations
Nutritional advice

Critical illness insurance can provide the coverage you need, when you need it most.

View the video transcript:

Description: Emily stands in her kitchen, talking on the phone with a friend.
Narrator: Critical illness insurance provides coverage when it counts.
Description: She quickly hangs up the phone, feeling a pain in her chest.
Narrator: If you’re ever diagnosed with a life-threatening illness covered by your policy
Description: Cut to Emily in a hospital bed. A doctor stands beside the bed holding a clipboard.
Narrator: Critical illness insurance can help you focus on you and your family
Description: Cut to her at home, lying on the couch, covered in a blanket. Her son sits on the end of the couch while her husband brings a tea.
Narrator: It’s a one-time tax-free payment you can use however you want
Description: Her hands enter the frame. She opens a letter to reveal a cheque from Canada Life.
Narrator: And that includes covering costs your healthcare plan doesn’t.
Description: A shield is drawn around a plus sign, representing healthcare.
Narrator: It’s money to help
Description: Cut to Emily holding her phone.
Narrator: Pay the bills
Description: She uses online banking to make a bill payment.
Narrator: Protect your retirement savings
Description: Cut to Emily and her husband smiling, vacationing on the beach.
Narrator: And cover expensive drugs or alternate treatments
Description: Cut to her in the kitchen, holding a pill bottle and receipt.
Narrator: It can also give you access to expert medical help
Description: She sits at her desk with her laptop open, video conferencing with a specialist.
Narrator: And if you never need to make a claim
Description: A shield is drawn to represent optional coverage.
Narrator: With the optional return-of-premium* benefit, you could get back some, or all of the money you paid for your coverage.
Description: A pile of money appears and becomes larger when "all of the money…” is mentioned. Legal line appears: *The Canada Revenue Agency (CRA) and Revenue Quebec have not provided a formal ruling regarding the tax treatment of return-of-premium benefits that are included in a critical illness policy. The tax treatment of an optional return-of-premium benefit is, therefore, subject to interpretation.
Narrator: Get the coverage you need, when it counts the most.
Description: Cut to Emily and her family sitting on the couch relaxing and drinking tea. Text “Connect with an advisor to see which options work best for you.” appears with Canada Life logo and legal lines: Canada Life and design are trademarks of The Canada Life Assurance Company. canadalife.com 1-204-946-1190

Depending on the severity of your illness, you may need to take time off work.

Let’s consider your income and expenses to determine how much coverage you need.

First, let’s look at your income.

How much income might you lose if you were too sick to work?
If your spouse had to take a leave of absence how much income would they lose?

Now, let’s look at your current expenses.

Mortgage or rent
Loans and other debts
Groceries and utilities
Credit card payments
Other living expenses

Lastly, keep in mind you may incur additional expenses.

Healthcare (hospital room, drug costs, etc.)
Travel for treatments
Childcare during treatment and recovery
Domestic help (live-in nurse)

These are some of the expenses that can give you an idea of how much coverage you may need. This is only the first step.

An advisor can do a thorough needs analysis with you.

Use your online account to submit a claim, manage your plan and explore additional coverage options.

You can add a return-of-premium benefit to your critical illness insurance policy. If you don’t experience a serious illness after as early as 10 years, you can choose to get your money back. If you choose this option your policy expires.

Depending on your situation you may need only critical illness or disability insurance but there are many times when you need both to fully protect yourself.

Critical illness and disability insurance work together to help reduce the impact of disability or serious illness.

	Critical illness insurance	Disability insurance
Payment type?	Tax-free, one-time payout	Monthly income replacement
When do you receive the payment?	If you’re diagnosed with a covered condition	If you can’t work because of injury or illness
Do you have to wait?	No waiting period in certain cases	Usually will have to wait
How long does your coverage last?	Coverage for life	Ends at age 65
Ideal for?	A large sum that you can use for what you want like paying medical expenses, mortgage and pay off debt	Covering monthly expenses

Expert medical help

Additional support

First, let’s look at your income.

Now, let’s look at your current expenses.

Lastly, keep in mind you may incur additional expenses.

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