Understanding health insurance

You do your best to get the most out of each day – making healthy decisions and taking care of yourself and the people you love. Including health insurance in your financial planning can provide you with the care you need at each stage in life.

There are various types of health insurance products that can work together to protect your savings from healthcare costs.

During your working years, it's important to focus on protecting your family income. As you move toward retirement, it becomes more important to protect the financial resources you've worked so hard to build.

Choosing the right health insurance can be easy with help. An advisor can help you understand the different health insurance products, how they fit together and the protection they provide against specific financial risks.

Insurance and Income protection / Retirement income protection Pays for costs of care over a lengthy period. Links to Long term care insurance. Pays for expenses related to coping with and recovering from a serious illness. Links to Critical illness insurance. Replaces a portion of your income if you're disabled and unable to work. Links to Disability insurance. Pays for medical, dental and other expenses not covered or not fully covered by your provincial or employer plan. Links to Personal Health Insurance.

Comparing your health coverage solutions Adobe PDF document

  Personal health insurance Disability insurance Critical illness insurance Long term care insurance
What does this cover?
  • Medical, dental and other expenses not covered or not fully covered by your provincial or employer plan
  • It replaces a portion of your income if you're unable to work
  • Expenses related to coping with and recovering from a serious illness
  • Cost of your care over a lengthy period
When does a benefit become payable to me?
  • When you incur eligible expenses
  • When you're unable to work as defined by the coverage you've chosen
  • When you are diagnosed with and meet the requirements of a covered condition
  • When you're unable to perform two or more activities of daily living or require continual supervision due to deterioration in mental abilities
How is the benefit paid to me?
  • Reimbursement of eligible expenses that you submit
  • You receive a recurring monthly payment
  • You receive a lump sum cash payment
  • Reimburses your expenses or pays a benefit
  • May be a regular recurring payment or a reimbursement style plan to cover the cost of care
When should I consider coverage?
  • You're a small business owner, self-employed or a contract worker
  • You are leaving group coverage due to retirement or termination
  • You do not have group insurance
  • You're a working age adult who relies on an income to support your lifestyle
  • You are concerned about protecting your assets during recovery
  • You're a parent or a grandparent looking to provide lifetime protection for children
  • You want options for care and treatment
  • You want to protect your assets for retirement and/or estate planning
  • You want flexibility and control so you won't have to rely on the government or others for your care
  • You want freedom and the ability to choose the level of care you need

Did you know?

Health insurance is also known as a "living benefit". That's because, unlike life insurance, you'll receive the money while you're alive.

As a member of the Canadian Life and Health Insurance Association (CLHIA), we're committed to the insurance industry's initiative to give consumers clear information about insurance products and companies.

Choosing the right Health Insurance is easy with help from an advisor

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Have questions?

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