Peace of mind, for life.
Insurance protection can help give you the confidence to embrace every opportunity to live each day to the fullest
What are living benefits?
Living benefits insurance covers critical illness, disability, and health and dental expenses, providing financial protection for policyholders who may be unable to work. These policies can help cover expenses, giving policyholders and their families financial stability and peace of mind in difficult times.
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Critical Illness Insurance
Focus on your recovery knowing that you have money to help with your expenses if you’re diagnosed with a serious illness.
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Disability Insurance
Disability insurance works when you can’t. It can give you tax-free monthly income to help pay expenses if an illness or accident stops you from working.
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Health & Dental Insurance
Health & Dental plans can help you tackle medical costs not covered by your government health plan – at a price that works for you and your family.
What living benefits are available?
There are 3 main types of living benefits; critical illness insurance, disability insurance, and health & dental insurance. Each one is designed to give you peace of mind about your health and finances.
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Choose the coverage amount you want.
Pay your premium.
File a claim if you’re diagnosed with a critical illness.
Receive your payment. You may have to wait a set period of time depending on your condition.
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Choose the amount you want and add optional benefits to customize your coverage.
Pay your monthly premium.
File a claim if you become disabled.
Receive your monthly payments when the waiting period ends. The waiting period is the number of days from the date you’re disabled until the benefit start date.
Your payments stop when your benefit period ends or you return to work.
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Get up to $250,000 in prescription drug coverage.
No termination age, so you’re never too old for coverage.
Apply in less than 15 minutes, no medical exam needed.
Make claims online and get reimbursed fast.
See paramedical specialists like physios or psychologists without a doctor’s note.
Bundle coverage with extras like travel medical insurance or major dental.
Critical Illness Insurance
Coverage when it counts
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.
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.
Disability Insurance
Protect your paycheque
It can give you a tax-free monthly payment to help replace your income and cover your expenses if an illness or injury keeps you from working.
While a disability can often be visible to the naked eye, not all disabilities are so easily recognized. Chronic pain or a mental health issue can also qualify as a disability.
Health & Dental Insurance
Affordable coverage when you need it
Need help covering common medical expenses not included in your government healthcare? From dental checkups to prescription drugs and physiotherapy, there are affordable plans that can have you covered.
Do I need critical illness or disability insurance?
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.
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It's more common than you think
A serious, life-altering illness affects one in three Canadians in their lifetime.
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Cover daily costs and monthly bills
Use your payout to help with your expenses while you recover.
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Protect your retirement savings
Don’t dip into your RRSP or other investments to pay for additional medical costs.
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Fully focus on your recovery
Concentrate on getting healthy knowing your benefit payment can help with your finances.
Why do I need critical illness insurance?
A critical illness diagnosis is stressful enough, worrying about how you’re going to pay your bills is the last thing that will be on your mind. And it’s more than just a payout. Coping financially with an illness is just part of the picture. Having access to emotional support and medical treatments can help your recovery.
You’ll get access to the top 5% of specialists in their fields. They can provide a second opinion, help understand medical conditions, explain treatment options, and help navigate the health care system.
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, and even nutritional advice.
How much critical illness insurance do I need?
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 current 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?
Next, let’s look at your current expenses.
Mortgage or rent
Loans and other debts
Groceries and utilities
Credit card payments
Other living expenses
Lastly, you may incur additional expenses.
Healthcare (hospital room, drug costs, etc.)
Travel for treatments
Childcare during treatment and recovery
Domestic help (live-in nurse)
Why do I need disability insurance?
To protect your most valuable asset. Your ability to earn an income over a 30- or 40-year career, is your most valuable asset. In the event of an unexpected injury or disability, insurance can replace most of your income so you can still meet your financial goals and obligations.
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It's more common than you think
Up to 40% of Canadians become disabled for 90 days or longer before age 65.
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Replaces most of your paycheque
Potentially receive up to 80-90% of your take home pay.
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Protect your retirement savings
Disability insurance can help you meet your financial obligations so you may be able to avoid dipping into your retirement savings.
How much does disability insurance cost?
Premiums often range from 1-9% of your salary, but each case is different. Here are some factors that can affect cost:
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Coverage amount
The more you’d like to receive, the more it will cost.
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Benefit period
It’ll cost more the longer you want to receive payments.
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Waiting period
Your premiums will be less expensive if you’re willing to wait longer to receive payments.
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Age
Disability insurance may be less expensive when you’re young.
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Health
Your costs will be lower the healthier you are.
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Occupation
If you have a dangerous job, your premiums can be higher.
