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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

It can give your business 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 and stroke.

Critical illness insurance isn’t just limited to you; you can also insure key employees.

As much as you want to keep your business running smoothly, your health is more important. Having access to medical treatments and emotional support 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

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 and 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 do what you want like paying medical expenses, mortgage and pay off debt
Covering monthly expenses

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