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Back to Basics - Living Benefits

What's your biggest asset? You might be surprised to learn it's you.


Critical Illness

Don’t put your retirement savings at risk

You’re investing a lot of time and effort in building up your retirement savings. Why take a chance that a serious illness could set you back, possibly jeopardizing the retirement lifestyle you are saving towards?

No one ever expects to become critically ill. But unfortunately it happens. The good news is that you are very likely to recover. The bad news is that treating a critical illness can be a huge financial burden.

Many Canadians assume the provincial government will pay all the costs to treat an illness. But in reality, you may be required to pay for a lot of your treatments, prescriptions and services yourself. Plus you may need to take time off work without pay.

How would you pay for treatment? If you need to dip into your retirement savings, it could have a significant impact on your retirement plans.

Critical illness insurance covers conditions that pose a threat to your health and a potential financial challenge. If you’re diagnosed with one of the covered conditions, and survive the waiting period, your critical illness coverage will provide you with a lump-sum cash benefit.

You can use the money you receive however you want. For example, it can help you pay for:

  • the best treatment available – anywhere
  • a nurse, caregiver or cleaning service to help out at home
  • mortgage or rent and household bills
  • renovations you need to make to your home because of your illness

And while you’re focusing on getting better, your retirement savings continue to grow.


Disability insurance

Disability insurance helps protect your income and business if you become disabled and can’t work. With different products available for full-time, part-time or home-based workers, disability insurance is the perfect solution for professionals, business owners, business executives and other employed Canadians.  An individual disability insurance plan can help you meet your income requirements so you can concentrate on recovering and returning to an active life.

Whether you need to secure your main source of income or supplement the coverage you receive from your employer or an association, disability insurance can help by providing a comprehensive and portable plan you can rely on throughout your working years.


Personal Accident & Personal Accident Disability Insurance (PADI)

If you become totally or partially disabled due to an accident or sickness, Personal Accident Disability Insurance offers flexible coverage that provides you with a monthly benefit for income replacement, funding for medical costs and income/business expense coverage if you are self-employed. Plus, if you’re looking for guaranteed issue coverage in the event that you are hospitalized as a result of an accident or illness, you can purchase the Cash Hospital Plan.

Personal Accident is ideal for:

  • Non-working (students, at-homes, unemployed, seniors)
  • Working (full or part-time employees, or self-employed) individuals