Over the course of their life, one in three Canadians is diagnosed with a critical illness. Critical illness insurance provides for a tax-free lump sum to be paid to the insured person if he or she is diagnosed with a serious illness covered by the insurance contract. This type of policy usually covers cancer and cardiovascular diseases. You don’t have to die from the disease to get compensation; this isn’t life insurance and does not replace it.
The importance of critical illness insurance
This type of insurance allow you to rest easy by keeping financial worries at bay, allowing you to concentrate 100% on your recovery.
What does it do?
Pays for expensive treatments and disability.
Moves up your retirement age for specified illnesses.