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Critical Illness Insurance in Ontario

What is Critical Illness Insurance?

Woman after chemotherapy resting at home. She's relaxing because she took Critical Illness Insurance in Ontario from DFSIN Toronto West

Critical illness insurance in Canada is a vital financial safeguard that offers a lump-sum payment upon the diagnosis of severe medical conditions, including but not limited to cancer, heart attacks, and strokes. This insurance plays a crucial role in protecting your family’s financial stability and maintaining your standard of living during the recovery process.

When diagnosed with a critical illness, the financial impact can extend beyond the medical bills and the threat to your life. It can also lead to increased childcare expenses, out-of-pocket travel costs for specialized treatments, and the necessity of home modifications or in-home care. Moreover, some essential medical expenses may not be covered by either government or private healthcare plans.

Critical Illness Insurance Can Help You

With critical illness insurance from DFSIN Toronto West Financial Centre, you gain the peace of mind of being covered for up to 26 specific illnesses and medical procedures. What makes this even more appealing is that the benefit you receive is in the form of a tax-free lump-sum payment. Here’s how it can assist you:

Focus on Recovery:

With the financial protection offered by this insurance, you can focus entirely on your health and well-being while meeting your financial obligations without stress.

Cover Uninsured Treatment:

It is common for provincial healthcare plans to cover only some necessary treatments. Critical illness insurance helps you bridge the gap by providing the funds needed for these uncovered medical expenses.

Care for Loved Ones:

If you need to provide care for a critically ill family member, this insurance can be a financial lifeline, ensuring you can provide the support they need without worrying about the financial burden.

Business Continuity:

For business owners, critical illness insurance ensures that your business keeps running smoothly even when you can’t work. Your business can continue to meet its commitments, and you can return to a thriving business once you’ve recovered.

Advantages and Options for Critical Illness Insurance

At DFSIN Toronto West (Desjardins Financial Security Independent Network), our experienced advisors go above and beyond to tailor insurance solutions that fit your unique needs. Here are some additional advantages and options you can explore:

  • Return of Premium: You have the choice to select options that provide a 100% return of premiums in the event of premature death, giving you added peace of mind.
  • Coverage for Children: Protect your children’s insurability with specialized coverage options designed to secure their financial future.
  • Business Owners: If you are a business owner, we specialize in providing tailored critical illness insurance solutions for self-employed individuals, freelancers, and business owners in Ontario. We understand the unique challenges you face, and we are here to help you mitigate those risks.
Business Owner

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

At DFSIN Toronto West (Desjardins Financial Security Independent Network), 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, a stroke or a 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?

At DFSIN Toronto West, we specialize in efficient financial strategies for businesses. Partner with us to explore insurance solutions that not only safeguard your enterprise but also offer significant financial benefits.

Tailored Insurance for Business Partnerships

In business partnerships, our experienced advisors create custom critical illness insurance plans to protect your collective interests. These policies provide financial support in the event of a critical illness or premature loss of one of the partners. Moreover, some policy options may even return all premiums paid in the absence of claims, ensuring your financial security. Contact us today to discuss how we can enhance your financial resilience and optimize costs while leveraging tax advantages.

 

Other FAQs Regarding Critical Illness Insurance

Why choose DFSIN Toronto West?

When you choose DFSIN, you’re not just getting insurance; you’re getting support from a multi-disciplinary team of financial professionals. We’re committed to providing you with the best offers available in the market.

What illnesses are covered by critical illness insurance?

Critical illness insurance typically covers a wide range of conditions, including cancers, cardiovascular issues like aortic surgery and stroke, major organ failure, dementia, bacterial meningitis, motor neuron disease, and more. Our advisors can provide you with a comprehensive list of covered illnesses.

What types of critical illness insurance is available?

DFSIN Toronto West offers various types of critical illness insurance, including options for the self-employed, child critical illness insurance, and specific coverage tailored for business owners. We can help you choose the right policy for your unique circumstances.

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

While life insurance provides a payout to your beneficiaries after your passing, critical illness insurance pays out when you’re diagnosed with a critical illness. This means you get the financial support you need to cover daily living expenses and medical bills while you’re still alive. 

What is the waiting period for critical illness insurance?

Typically, your critical illness insurance will become effective the first month following the acceptance of your application. This means you’ll have the protection you need without a lengthy waiting period. 

What are the premium payment options available?

Learn more about critical illness insurance terms and premiums on our website. We offer flexible premium payment options that can be tailored to your financial situation. 

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

If you are diagnosed with more than one covered illness, our policies typically provide coverage for each of them. This ensures you have the support you need during challenging times.

What Happens If I Want to Cancel My Critical Illness Insurance Policy?

Most critical illness insurance policies offer a grace period during which you can cancel the policy and receive a refund of premiums if you change your mind shortly after purchase. Be sure to review your policy’s cancellation terms.

Can I Add Critical Illness Insurance as a Rider to My Life Insurance Policy?

Some life insurance policies allow you to add critical illness coverage as a rider or endorsement. This can be a convenient way to bundle protection, but it’s essential to understand the terms and conditions.

Can I Purchase Critical Illness Insurance for My Employees?

Yes, if you’re a business owner, you can explore options for offering critical illness insurance as part of your employee benefits package. This can be a valuable perk that helps retain and attract talented employees.

 

Are There Any Exclusions in Critical Illness Insurance Policies?

Critical illness insurance policies may have specific exclusions or waiting periods for pre-existing conditions. It’s important to thoroughly review your policy to understand any such limitations.

Can I Customize My Critical Illness Insurance Policy?

Yes, many insurers offer flexibility in policy customization. You can often tailor the policy to meet your specific needs and budget. Discuss your requirements with your insurance advisor.

Is Critical Illness Insurance Affordable?

The cost of critical illness insurance can vary depending on factors such as your age, health, and the coverage amount. In general, premiums are designed to be affordable, especially considering the significant financial protection it provides.

Is the Payout from Critical Illness Insurance Taxable?

In Canada, critical illness insurance payouts are typically tax-free. This means you receive the full benefit amount without deductions for income tax.

What Happens if I Don't Make a Claim on My Critical Illness Insurance Policy?

Suppose you don’t make a claim during the policy term. In that case, some insurers offer a return of premium option, providing you with a refund of the premiums you’ve paid, which can be a valuable feature for some policyholders.

Can I Get Critical Illness Insurance if I Have Existing Health Conditions?

It is possible to secure critical illness insurance if you have pre-existing health conditions, but it may affect the terms and cost of the policy. Discuss your specific situation with your insurance advisor to find the best solution.

What Is the Difference Between Critical Illness Insurance and Disability Insurance?

Critical illness insurance provides a lump-sum payout upon the diagnosis of a specific critical illness, while disability insurance offers income replacement if you’re unable to work due to any illness or injury. They serve different purposes and can complement each other.

Contact us today to learn more about critical illness insurance!

At DFSIN Toronto West, we’re committed to helping you make well-informed decisions about your insurance needs. To explore your options, clarify any doubts, or receive personalized guidance, reach out to our Life and Health Insurance Advisor today. You can contact us online or call (416) 695-1433. Your financial security and peace of mind are our top priorities.

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