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Facing a critical illness insurance can be one of the most difficult challenges in life. There is so much to consider: making decisions about your care, remaining financially stable, meeting your family's day-to-day needs, coping with the emotional stress and more. Critical illness insurance is designed to help you when you need it most. A Critical Illness Insurance policy provides you with a tax-free lump-sum payment 30 days after a critical illness insurance is diagnosed. As a result, you can devote 100% of your energies to your recovery, without worrying about the financial impacts of the illness. This payment may be used in any way you wish, without restrictions.

The Origin of Critical Illness Insurance

Critical illness insurance saw the light of day in South Africa at the beginning of the 80s. It was designed by a renowned heart surgeon, Marius Barnard, who based the product on his own experience.

During his career, Dr. Barnard noticed that patient recovery was primarily affected by financial worries that arose during convalescence, rather than medical complications. Because of his beliefs and the obvious need for such insurance, the first critical illness insurance insurance was marketed by a South African insurance company in 1983. It was only a few years ago that critical illness insurance insurance was introduced in a number of industrialized countries, such as the United Kingdom, Japan, Australia, the United States and, more recently, Canada. Since then, it has continued to gain in popularity.


Heart disease
  1. 82% of victims survive their first heart attack.
  2. One out of four Canadians will develop some form of heart disease over the course of their life.
  3. One out of two heart attack victims is younger than age 65.
  1. 75% of victims survive a first stroke.
  2. One person in 20 is at risk of suffering a stroke.
  3. 50,000 Canadians suffer a stroke every year.
  1. One out of three people will develop cancer in their lifetime.
  2. Three out of four families will be affected.
  3. More than 70% of the costs linked to cancer are not covered by the provincial health insurance plan.

Critical illness financial coverage

The statistics speak for themselves. They reveal the fact that more and more Canadians, at even younger ages, will be confronted by a critical illness insurance in their lifetime. Fortunately, statistics also show that progress in medical science and improvements in our lifestyle have helped people to survive these illnesses, and to live longer.

How you can face a critical illness insurance without financial worries...

To give you the peace of mind that your finances will remain healthy when your life is in transition between illness and recovery, we offer you Transition – a medical crisis recovery plan.

Being diagnosed with a critical illness is a devastating event, not just for you, but also for your spouse, your family, and even your business partners.

A critical illness often requires you to leave your job to focus on getting well. Even though you may be experiencing a loss of income, your expenses and loans still have to be paid, not to mention the additional costs that go along with a critical illness (medication, special treatment, specialized equipment, home renovations, etc.). The financial burden can be worrisome, especially if you don't have any other source of income during your recovery period.

What if it happens ?

Would you like to be able to work less and take the time you need to recover, without having the pressure of returning to work as soon as possible for financial reasons?

Transition provides you and your family with a cash benefit when you are diagnosed with a critical illness. It allows you to focus your energy on recovery and not worry about your finances.

Transition provides the payment of a lump-sum, from $10,000 to $2,000,000, 30 days* after the diagnosis of one of the critical illness insurancees or medical conditions covered in the contract.

In addition, the Transition benefit in no way affects your disability insurance benefits. It is paid on top of your other medical insurance plans. During this time of transition in your life, this plan minimizes the disruptions that you and your loved ones may experience. Transition fills the inevitable financial gap between your health plans and real life.

This benefit is tax-free and can be used as you wish, with no restrictions to:

  1. Pay medical costs for specialized treatments abroad;
  2. Provide you with home nursing care;
  3. Enable your spouse to take a leave without pay to be by your side;
  4. Pay for childcare expenses;
  5. Reduce your financial obligations (pay down the mortgage or personal debts);
  6. Adapt your home to accommodate your medical condition;
  7. Preserve your retirement capital;

Prevention + Benefit

Transition also provides for a Prevention + Benefit, equal to 10% of the amount of your protection (to a maximum of $50,000) that covers medical conditions which are not life-threatening:

  1. Coronary angioplasty (procedure to unblock heart vessels)

Cancers detected in early stages

  1. Skin cancer (malignant melanoma in the dermis equal to or lower than a depth of 1.0 mm)
  2. Breast cancer (ductal carcinoma in situ of the breast)
  3. Stage A prostate cancer

When the diagnosis is more serious, your Transition coverage takes over and pays the benefit provided for in the contract.

to complete your coverage

  1. If for any reason you have to terminate your coverage, the Return of Premiums rider provides for the refund of all paid premiums, according to the option you selected.
  2. All premiums paid since the issue of your coverage will be refunded if you die when your coverage is still in effect, through the Return of Premiums Upon Death rider.
  3. You can guarantee your current state of health, and therefore increase your coverage, in the future, without having to fulfil new medical requirements. The Increased Benefit rider is an important addition to coverage for children.
  4. You have the possibility of adding coverage for your current and future children. They will be covered up to age 21 for an amount between $2000 and $20,000.

Protect the investment of your life: your company

Transition is also designed to protect business owners. In the event of critical illness insurance, your business will receive the tax-free cash it needs to:

  1. Recover lost income caused by your absence
  2. Ensure the payment of key employee salaries
  3. Provide you with an income during your recovery
  4. Pay for non-covered medical fees, private care, etc.
  5. Alleviate the concerns of lending institutions, creditors, suppliers, etc.

Whatever the situation, a benefit will be paid...

Critical Illness Insurance Benefit: ensures the payment of a lump-sum of up to $2,000,000, 30 days after the diagnosis of one of the illnesses or medical conditions covered by the contract.

Return of Premiums Benefit: provides for the refund of all premiums paid since the coverage was issued, if the insured person decides to terminate their coverage, according to the option selected.

Return of Premiums Upon Death Benefit: pays the beneficiary a refund of all premiums paid since the coverage was issued, should the insured die while the coverage is still in force.

Critical illness coverage guarantees the payment of a lump-sum amount 30 days after the diagnosis of one of the following critical illness insurancees and medical conditions:

  1. Alzheimer's Disease
  2. Aortic Surgery
  3. Aplastic Anemia
  4. Bacterial Meningitis
  5. Benign Brain Tumour
  6. Blindness
  7. Cancer (life-threatening)
  8. Coma
  9. Coronary Artery Bypass Surgery
  10. Deafness
  11. Heart Attack (myocardial infarction)
  12. Heart Valve Replacement
  13. Kidney Failure
  14. Loss of Independent Existence
  15. Loss of Limbs (dismemberment)
  16. Loss of Speech (muteness)
  17. Major Organ Failure on Waiting List
  18. Major Organ Transplant
  19. Motor Neuron Disease
  20. Multiple Sclerosis
  21. Occupational Injury-HIV
  22. Paralysis
  23. Parkinson's Disease
  24. Severe Burns
  25. Stroke (CVA)

Critical illness coverage also includes the following critical illnesses and medical conditions up to the insured's 25th birthday:

  1. Cerebral Palsy
  2. Congenital Heart Disease
  3. Cystic Fibrosis
  4. Muscular Dystrophy
  5. Type 1 Diabetes (Mellitus)

Transition critical illness insurance insurance, to look out for your financial health...

  1. Complete coverage for 25 illnesses and medical conditions
  2. A tax-free lump-sum benefit of up to $2,000,000, to let you concentrate on getting well by making up for loss of income; to pay additional costs of non-covered medical fees; to offer your spouse leave without pay in order to stay by your side; to hire help at home; etc.
  3. Partial benefit for non-life-threatening illness equivalent to 10% of your face amount
  4. Return of Premiums option to recover all premiums paid if you didn't need to make a claim
  5. Professional assistance services from Best Doctors ® and Sigma Assistel at no additional cost
  6. Guaranteed premium coverage and guaranteed renewal for some plans regardless of your state of health

Our financial coverage in case of critical illness plays a key role in any financial plan. It will support you during your transition toward a new lifestyle following a critical illness. Contact your advisor to find out more about this coverage.

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Call us:
Kabir Parikh: 647-408-1602
Jasu Parikh: 416-843-6419
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