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Group Insurance

Critical Illness

 

The payment occurs when the major tasks of your job cannot be performed.

Purpose of the coverage: To cover the daily expenses in the event of a disability (mortgage, taxes, groceries, telephone ect. ).

Percentage of your revenue
The maximum benefit obtained via all avenues cannot exceed the maximum permitted by law (ex. 85% ).

The protection stops at the same time as your employment.
The premiums increase.

 

Payment if a diagnosis of one of the illnesses covered in the policy is made by a physician.

Purpose of the coverage: increase the length of the sick leave, retire early, obtain treatments in a private clinic ( immediate acces to high level care ), reimburse the mortgage.

Lump sum (ex. $ 200 000)
No coordination

Possibility to maintain a lifelong coverage
Possibility of a guaranteed premium for life

Example:

 

A woman, earning a gross monthly revenue of $ 4 000, is diagnosed, at 45 years of age, with breast cancer.  If the only protection she has is the disability protection obtained through her group insurance, she will be obliged to work while waiting for her treatments.  During the disability period ( the duration of the treatments ) she will receive from her group insurance a total amount of $ 21 120 ($ 4 000  x 66% x 8 months).

She will be obliged to return to work immediately after the end of the treatments.

If she owns a critical illness protection of $ 200 000, over and above her group insurance disability protection, she will receive her disability insurance benefit and an non taxable lump sum of $ 200 000.

She can immediately undergo treatment in a private clinic abroad, have a longer sick leave and anticipate her retirement.