Canada Life Critical Illness Insurance

Features and Benefits

If diagnosed with a critical illness condition, you will receive a tax-free lump sum after surviving the survival period specified in the policy. In addition, you are free to spend the lump sum amount the way you want and as you deem fit such as covering lost income, paying off a mortgage, paying for private nursing and so forth. This helps you to focus on your recovery.

• The critical illness insurance plan will pay you a tax-free lump sum if diagnosed with a critical illness. The amount can be used the way you want to help you focus on your recovery.
• The tax-free lump sum is paid to the insured if he survives the waiting period specified in the insurance policy.
• You can use the amount paid in this plan for several purposes such as paying for private nursing, covering lost income, paying off a mortgage, or for medical equipment.
• The critical illness insurance offers a number of benefits such as support services that help you to survive or cope with difficult times. It provides coverage for uncovered expenses such as certain drug prescriptions, and other treatments out of pocket.
• If you don’t experience a covered critical illness, you can opt for the return of premium option to get your money back 100%.
• The critical illness plan will help you to protect your retirement. It prevents you from withdrawing from your retirement savings due to a critical illness condition.

Similar Canada Life Insurance Products

• Health & Dental

Health & Dental

• Canada Life Disability Insurance
• Canada Life Critical Illness Insurance

Additional resources

Learn more about health insurance from these informative articles to help you decide in choosing the best plan for you.