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Critical illness insurance

The Canadian Cancer Society recently reported that nearly 500 Canadians are diagnosed with cancer every day. Similarly, according to the Heart and Stroke Foundation, each year in Canada there are approximately 50,000 strokes, 70,000 heart attacks, and more than 1,000 deaths from cancer.


Critical illness insurance pays a cash benefit, tax-free, if the insured survives 30 days after being diagnosed with a covered illness. There are several types of critical illness insurance on the market that can meet your needs. The critical illness insurance in co-ownership allows you to insure a key employee of the company or the contractor himself.


The critical illness portion

The company pays the premiums for the critical illness portion. These premiums are not deductible for the company, but it is the company that will collect the insured amount if the employee suffers a critical illness. Otherwise, all these premiums will have been paid in vain unless ....


Return of premium portion

The company can add the return of premium rider when the policy expires or is terminated. The insured is the beneficiary of this rider. The insured pays the premiums for the rider. If he or she remains healthy, at the end of the policy, he or she will collect the total premiums paid by him or her and the company.


The insured and the company are co-owners of the policy. A private agreement must be reached between the two parties regarding who pays what and who benefits from what?


Contact us to find out more.

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