Planning ahead can ease the burden of a critical illness
Unexpected health problems can throw your plans and goals off track. Getting sick can be expensive and not all bills will be covered by provincial health plans. Medical advancements mean more people survive illnesses – like cancer and stroke – than ever before, but recovery can be long and difficult. You can take steps now to help protect your family’s lifestyle and savings if you get sick later. If you’re faced with a serious illness and you have a plan, you can focus on your recovery and worry less about money.
1 in 2 men and 1 in 2.2 women in Canada will develop cancer in their lifetime(1) Every year, there are 70,000 heart attacks (2) in Canada and more than 62,000 strokes (4)
The good news is more people are surviving illnesses than ever before:
60% Of Canadians diagnosed with cancer are expected to survive(1), 95% of Canadians who have a heart attack (and are hospitalized) survive(3), 80%+ of Canadians who have a stroke (and are hospitalized) survive(2).
Freedom to focus on recovery
A critical illness doesn’t have to derail your financial security plans and goals. If you’re diagnosed with a serious health event covered by your policy, critical illness insurance is an option that gives you a one-time payment you can use however you want. You’ll have the flexibility to help keep your finances on track so you can focus on recovery.
You might use the money to:
Supplement lost wages because of time away from work (for you or your spouse)
Manage everyday costs (mortgage, food, vehicle costs, etc.)
Access private or out-of-country
medical treatment
Enroll your children in activities and pay for childcare
Cover your business’ operating expenses
Most Critical Illness Policies give you coverage that provides a one-time payment benefit
if you’re diagnosed with one of the following critical conditions*:
• Acquired brain injury
• Aortic surgery
• Aplastic anemia
• Bacterial meningitis
• Benign brain tumour
• Blindness
• Coma
• Coronary artery bypass surgery
• Deafness
• Dementia, including Alzheimer’s disease
• Heart attack
• Heart valve replacement or repair
• Kidney failure
• Life-threatening cancer
• Loss of limbs
• Loss of speech
• Major organ failure on waiting list
• Major organ transplant
• Motor neuron disease
• Multiple sclerosis
• Occupational HIV infection
• Paralysis
• Parkinson’s disease and specified atypical Parkinsonian disorders
• Severe burns
• Stroke
*Must meet the definition in your policy and any applicable survival period has been satisfied
Beyond financial support
A critical illness diagnosis can change everything. You’ll likely need more than
just financial support, which is why other services and support are also available and offer access to medical and emotional support through services such as Best Doctors, Inc. and Shepell.
Best Doctors
Best Doctors® provides you and your family with access to their network of 50,000
world-renowned medical experts to get an expert opinion and find the right diagnosis
and treatment information. Best Doctors can also help you find specialists locally and
internationally** and make sure your medical questions are being answered by the best
specialists for that condition.
Shepell
Shepell offers professional counselling, family support services, registered dietitians and
more, to help you and your family deal with the emotional impact of your condition. **
Personalize your critical illness coverage
During the life of your policy, you can use these services at any time for any medical
condition, not just for conditions included in your critical illness policy. Other family
members can use the service too, like your spouse, children under the age of 21, children
up to the age of 25 if full-time students, parents and parents-in-law.
Get your money back if you don’t make a claim
With the return-of-premium option, if you
aren’t diagnosed with a critical illness, you can end your coverage and get back up to
100% of your premium payments. Depending on what you choose, you can get money back:
• At year 15, year 20 or age 65
• At expiry
• At death
• With a partial withdrawal – if you need less coverage in the future, you can reduce your benefit amount and get money back for the coverage you’ve ended.
• With the paid-up option with lifetime coverage – instead of getting money back, use the money from your return-of-premium option to pay for future policy payments.
Don’t pay if you become disabled
With the disability waiver-of-premium option, we’ll cover your critical illness insurance
payments for up to two years if you become disabled.
Continue your coverage even after a critical illness
With most critical illness insurance plans, your coverage ends if you make a claim on your
policy and receive your one-time payment.
With the second event option, part of your coverage can stay in place in certain
circumstances related to the conditions of heart attack, stroke and life-threatening cancer.
Broaden your coverage
With the loss of independent existence option, you get the one-time payment if you can’t
perform at least two of six activities of daily living (like bathing, dressing or feeding). To
claim the payment, you’d have to be unable to perform the activities for at least 90 days
with no reasonable chance of recovery.
Keeping your plans on track
We can help you stay on track financially even if the unexpected happens. If you have
a serious health event, worrying about your finances is stress you don’t need.
1. Source: Canadian Cancer Society Advisory Committee on Cancer Statistics. Canadian Cancer Statistics 2017. Toronto, ON: Canadian Cancer Society 2017. www.cancer.ca/~/media/cancer.ca/CW/cancer%20information/cancer%20101/Canadian%20 cancer%20statistics/Canadian-Cancer-Statistics-2017-EN.pdf?la=en
2. Source: “2014 report on the health of Canadians creating survivors,” www.heartandstroke.ca/-/media/pdf-files/canada/2017- heart-month/heartandstroke-reportonhealth-2014.ashx?la=en&hash=9860137823BF864C3DE8B4CBBD9F57826A7C40C3
3. Source: 2015 report on the health of Canadians getting to the heart of the matter www.heartandstroke.ca/-/media/pdf-files/canada/ 2017-heart-month/heartandstroke-reportonhealth-2015ashx?la=en&hash=497A83F1FE8388479DC5D7DB27322C191B866D57
4. Source: Mind the connection: Preventing stroke and dementia 2016 Stroke Report www.heartandstroke.ca/-/media/pdf-files/ canada/stroke-report/hsf-stroke-report-2016.ashx?la=en&hash=B84FFD2C434B4E3F5CF4585D9CB35713E6C406E5
** The costs of any travel, lodging and medical treatment associated with FindBestDoc and FindBestCare services are the responsibility of the insured. Provisions of these services are conditional on a demonstrated ability to pay for all such costs. We recommend that you inform the treating physician that these services are available.
The Canada Life Assurance Company is not obligated to provide the services of Best Doctors, Inc. or Morneau Shepell Ltd. described in this brochure and may change or cancel access to these services at any time without notice. In some cases, these services may be provided even though you may not be entitled to benefits under the LifeAdvance
or Child LifeAdvance policy. Any representations or warranties concerning these services are those of Best Doctors or Shepell and not The Canada Life Assurance Company.
Best Doctors and Shepell will not charge for the services described in this brochure.
Best Doctors does not make referrals or appointments for members.
Shepell is a trade name of Morneau Shepell Ltd. Best Doctors is a registered trademark of Best Doctors, Inc. used with permission.
Canada Life and design, LifeAdvance and Child LifeAdvance are trademarks of The Canada Life Assurance Company.
70-0050-5/20