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Critical Illness Insurance in Ontario

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.

Often, being diagnosed with a critical illness means more than simply having a life-threatening illness, it can also cause childcare expenses to increase. Additionally, you may incur out-of-pocket travel expenses to receive treatment, and be forced to invest in vehicle modifications and in-home care. Lastly, some medical expenses may not be covered by government or private healthcare plans.  

Critical Illness Insurance Can Help You

With critical illness insurance from DFSIN Toronto West Financial Centre, you will be covered for up to 26 illnesses and medical procedures and the benefit is a tax-free lump-sum payment.

You can:

  • 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 for Critical Illness Insurance We Have Available

A DFSIN Toronto West advisor will evaluate different insurance strategies and help you choose benefit amounts that are adapted for your personal needs. These can include:

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

Critical Illness Insurance for Self-Employed, Freelancers and Business Owners

We specialize in delivering the best critical illness insurance solutions for individuals, self-employed workers, and business owners in Ontario 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 cancer, or a stroke or heart attack?
  • Who would be in a position to reassure your creditors, suppliers, and 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 advisors will help fit your business with a critical illness insurance quote that will pay if you or one of your partners suffers a critical illness or dies prematurely. If you remain healthy until your critical illness coverage ends and no claims have been made, some options will allow you to get back all the premiums you and your company have paid through a tax-free, health benefit disbursement.

 

Other FAQs Regarding Critical Illness Insurance

Why choose DFSIN Toronto West?

When you choose DFSIN, you can count on support from a multi-disciplinary team of financial professionals that provide the best offers available in the market.

What illnesses are covered by critical illness insurance?

Some of the most common illnesses covered by critical illness insurance include cancers and benign tumors, cardiovascular issues like aortic surgery and stroke, major organ failure, dementia, bacterial meningitis, motor neuron disease, and more.

What types of critical illness insurance is available?

DFSIN Toronto West offers critical illness insurance for the self-employed, as well as child critical illness insurance and critical illness insurance for business owners.

I already have life insurance, do I really need critical illness insurance?

Life insurance is paid to your beneficiaries when you die. Critical illness insurance is paid out when you’re diagnosed with a critical illness, giving you the financial benefits, you need to cover daily living expenses.

What is the waiting period for critical illness insurance?

Your critical illness insurance will become effective the first month following the acceptance of your application.

What are the premium payment options available?

You can learn more about critical illness insurance terms and premiums by going here.

If I am diagnosed with one covered illness and am then diagnosed with another, will I be paid for both illnesses?

No. The critical illness insurance benefit is only payable once.

Contact us today to learn more about critical illness insurance!

If you want to make certain you and your family or business are protected should you be diagnosed with a critical illness, contact our Life and health insurance advisor today online or call (416) 695-1433.

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