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Critical illness insurance

As a business owner, do I need critical illness insurance?

What is Critical Illness Insurance?

Critical illness insurance provides a lump sum payment for a diagnosis of a critical illness such as cancer, heart attack or stroke, to protect your family’s financial well-being and standard of living until you recover.

Critical Illness Insurance Can Help You

With Critical Illness insurance you will be covered for up to 26 illnesses and medical procedures.  The benefit is a tax-free lump-sum payment

  • Cover extra expenses that accompany a critical illness, such as in-home care, or medication that may not be covered by your medical plans.
  • Focus on getting better while meeting your financial obligations.
  • Pay for treatment that isn’t covered under your provincial plan.
  • Take time off work if you need to care for a critically ill child or loved one.
  • Keep your business running smoothly if you aren’t able to work.

Some Advantages and Options We Have Available

A Desjardins Financial Security Independent Network (DFSIN) advisor will evaluate different insurance strategies and help you choose benefit amounts that are adapted for your personal needs.

  • Return of premium options in the event of premature death - your beneficiary could receive 100% return of the premiums you paid.
  • Full return of all premiums if no claims are made during your contract.
  • Coverage for children to protect their insurability.
Business Owner

Self-Employed, Freelancers and Business Owners

We specialize in delivering solutions for personal, self-employed workers, and business owners and we have many options to work with.

Questions all Business Owners Should Ask

If you’d like help with any of these questions, our advisors will help design a plan that allows business owners like you to take out critical illness insurance within your company. 

  • Would your company survive if you were unable to work for a long period of time due to a cancer, stroke or heart attack?
  • Who would be in a position to reassure your creditors, suppliers, clients?
  • Who would be able to take your place?
  • If you are not the only shareholder in your company, how would the others react? Would they want to buy you out?
  • Would you be able to recover worry-free and resume your business life where you left off
  • Would employee productivity and the company’s profitability be affected?

Did you know you and your business can share the insurance costs, and share in tax advantages?

If you are in a partnership, our advisor will help fit your business with a plan that will pay if you or one of your partners suffers a critical illness or dies prematurely and if you if you remain healthy until your coverage ends, and no claims have been made,  there are options that will allow you to get back all the premiums you and your company have paid through a Health Benefit, which is a tax-free amount of all disbursements made by the company and the shareholder.

 

Learn more about the benefits of Critical Illness Insurance with these related posts.