Critical Illness Insurance

Life insurance provides payment of a non-taxable sum to beneficiaries following the death of the insured.

Critical illness insurance provides payment of a non-taxable sum as financial support following the diagnosis of a covered critical illness to assist you during your recovery.

It all depends on the insurance product and options you choose. To find out more about the illnesses covered, you can view the details for each product on the product page.

Note that in order for a benefit to be paid, the specialist’s diagnosis of the insured’s medical condition must meet the exact criteria set out in the contract.

Provincial health insurance covers only certain expenses for care that is required based on your medical condition. It does not reimburse certain additional expenses, such as home care and certain medications.

Critical illness insurance is an excellent complement to the provincial plan because the amount paid can allow you to:

• Replace your income, or even your spouse’s income so that he or she can take time off work to accompany you during your treatments
• Pay for assistance at home
• Pay for medications not covered by provincial health insurance
• Pay the costs of treatment abroad
• Continue repaying financial obligations such as your mortgage

These two products meet different needs.

Disability insurance provides a non-taxable monthly benefit during your disability to replace a portion of your income if you are unable to work due to injury or illness.

Critical illness insurance provides payment of a non-taxable lump sum that can be used to cover your financial commitments, treatment costs, medications, travel to medical appointments and other expenses incurred as a result of the illness.

Critical illness insurance offered by iA provides two types of coverage, depending on the critical illness that the insured is diagnosed with.

Coverage for certain early-detected, non-life-threatening illnesses provides for a partial benefit payment up to four times for the duration of the policy. Payment of this partial benefit does not terminate the policy.

Coverage for certain other, more serious life-threatening illnesses, such as cancer or heart attack, provides for a one-time lump sum payment during the policy term. This payment terminates the policy.

To learn more about critical illness coverage, contact an advisor.

Claims can be made directly online by completing the Critical Illness Claim Form.

You can make your claim as soon as you are diagnosed with a condition covered by your insurance.

No. The lump sum paid to you is non-taxable.

It all depends on your situation.

The Transition Index helps you assess your needs and the financial impact of a critical illness diagnosis.

You can also use our Critical Illness Insurance Calculator to quickly determine how much you would need if you were diagnosed with a critical illness and had to take an extended absence from work.

You can then speak with a financial security advisor for a complete evaluation.

Yes, it’s possible. Generally speaking, however, the person wishing to be insured must have been in recovery for a certain period of time before being able to obtain new insurance. The time between recovery and the purchase of a new product may vary.

Contact one of our advisors to evaluate your situation.