*Please note: To qualify for any of these insurance plans, you must meet the policy’s requirements.
** Diagnosis of a critical illness must occur after the effective date of coverage, you must complete a survival period (usually 30 days).
June 22, 2022
By Sun Life Staff
Read time: 2.5 minutes
Do you know how much your government health insurance covers? Chances are, it doesn’t cover all the medical, dental or other health-care costs you might face throughout your life.
Perhaps you know someone who’s had a serious accident or illness and hasn’t been able to earn income or provide for their family. Or, maybe you have family members with various health conditions. In any case, this means they may have had to:
None of these options seem like an ideal solution. But what can you do to help protect your family, your income and your savings from unexpected health-care expenses? Luckily, there are various types of health insurance that can help.
Here's a quick comparison of the four kinds of health insurance. We’ll look at what they cover, when and how they pay, who should consider them, and how to get a quote.
Type of health insurance | Personal health insurance* | Disability insurance* | Critical illness insurance* | Long-term care insurance* |
---|---|---|---|---|
What it covers | Medical, dental and other healthcare expenses not covered or not fully covered by your provincial or employer plan. | Replacement of part of your income if you can't work. | You decide how to spend the money. If you want, you can use it for expenses related to coping with and recovering from a covered critical illness. | Cost of your care over an extended period. |
When it pays a benefit | When you incur eligible expenses. | When you can't work (as defined by your policy). | When you're diagnosed with one of the illnesses listed in your policy** and your claim is approved. | When you need:
|
How it pays a benefit | Reimbursement for eligible expenses that you submit. | A regular monthly payment. | A lump-sum payment. |
A regular payment to help cover the cost of care. |
You should consider it if… | You're a small business owner, self-employed or a contract worker. You're leaving your group plan because you've retired or been let go. You don't have group insurance. |
You're a working-age adult who relies on your income. | You want to help protect your assets during recovery from a critical illness. You want to provide protection for your children. You want options for your care and treatment. |
You want to protect your assets for retirement and/or to leave to your heirs. You want flexibility and control so you won't have to rely on the government or depend on family members for your care. You want the freedom and ability to choose the level of care you need. |
How to get a quote |
or |
Talk to an advisor for a customized quote. |
or |
Talk to an advisor for a customized quote. |
*Please note: To qualify for any of these insurance plans, you must meet the policy’s requirements.
** Diagnosis of a critical illness must occur after the effective date of coverage, you must complete a survival period (usually 30 days).
A Sun Life advisor can help you understand the different products available. They can also explain how these products fit together and the protection they provide against specific financial risks.
This article is meant to only provide general information. Sun Life Assurance Company of Canada does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.
We acknowledge that Sun Life operates in many Territories and Treaties across Canada. Our Canadian headquarters in Waterloo are on the traditional territory of the Anishnaabeg, Haudenosaunee Confederacy and the Mississaugas of the Credit First Nations.
Today, Canada is still the home to many Indigenous, First Nations, Inuit, and Metis peoples from all across Turtle Island. We are grateful to have the opportunity to work in this territory. We offer this acknowledgment as a stepping stone towards honouring the original occupants, as a testimony to the oppression faced by Indigenous peoples, and our commitment to Indigenous communities and employees of Sun Life.
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