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Life insurance and critical illness insurance address two very different concerns. Critical illness insurance helps you if you are diagnosed with a serious illness1. Life insurance helps your loved ones if you pass away. Let’s examine both in more detail:
With advances in medicine, more people are surviving a critical illness such as cancer, a heart attack or stroke. But recovery can be lengthy and come at a significant financial cost, such as:
If you survive the waiting period of a covered condition, your critical illness insurance payment will allow you to focus on your recovery and not your finances.
Life insurance is a benefit paid when you die to the person (or people) you name as your beneficiaries or to your estate (if there’s no named beneficiary).
The payment helps your family continue to have the life you would want them to live if you are no longer alive.
Having enough life insurance can help your loved ones pay expenses like:
Great to know facts about life insurance:
1 Diagnosis of a critical illness must occur after the effective date of coverage and you must complete a survival period (usually 30 days). The claim must be approved by Sun Life Financial.
2 Based on current tax laws, we believe that any cash benefit from a group critical illness insurance plan will not presently be taxed when the premiums are paid for by the plan member and the benefit is payable to the plan member.”
3 Statistics Canada, The Daily, January 17, 2001