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TRANSITION
Discover the most popular critical illness insurance product in Canada! Transition offers comprehensive and flexible coverage that pays you a tax-free lump-sum amount if you are diagnosed with a critical illness, so you can focus fully on your recovery.
What is Transition?
Transition is a flexible and comprehensive critical illness insurance product that adapts to your needs. It helps protect your financial health and your quality of life, because your recovery is all that matters!
Two versions of Transition are available:
Transition — 4 Illnesses offers an affordable solution with a quick application and simplified selection process to make the product accessible to as many people as possible. It covers the 4 critical illnesses that represent more than 85% of claims: a one-of-a-kind insurance solution!
Transition — 25 Illnesses is ideal for those who want complete coverage. In addition to the most common critical illnesses, it covers other conditions such as paralysis and loss of independent existence.
In addition to basic coverage, several optional protections are available. Among other things, you can insure children and adolescents under age 18.
How does it work?
Transition pays a tax-free lump-sum amount in the event of diagnosis of any of the critical illnesses covered by your contract. You can use the benefit paid as you see fit: for yourself, your family or your business.
The contract imposes no restrictions on how the money is used. For example, you can use it to pay for home care, to take a trip to rest up and spend quality time with your loved ones, or to have the financial freedom to remain at the bedside of your sick child or spouse.
It’s an ideal solution if you are:
- A salaried employee or a self-employed worker looking for comprehensive coverage to protect your financial health in the event of a critical illness
- A parent and you want to insure your family in case of unexpected expenses caused by a critical illness
- Concerned about protecting your estate and retirement plans in the event of critical illness
- A small business owner and you want insurance protection for your financial health and that of key employees
Protections adapted to your needs
Ying, age 25
- Newcomer to Canada
- Single, lives in an apartment
Ying has just graduated from university in Canada. She’s looking for coverage that will protect her financial health in case of a critical illness so that she’ll be able to keep paying off her student loans and the loan for the car she just purchased.
The solution
$12 / month
Basic coverage – 4 illnesses
Coverage: $25,000
Priya and Amar, age 36
- Parents to 7-year-old twins: Asha and Faiza
- Live in a small town, far from an urban centre
If one of the twins were to be diagnosed with a critical illness, the parents would face many challenges in caring for both a sick little girl and a healthy one. They might consider taking unpaid leave to care for their daughter, but that would be financially difficult.
The solution
$80 / month
Premium coverage – 25 illnesses
Coverage: $50,000
Laura, age 36
- IT consultant
- Single mother of an 8-year-old girl
In the event of an illness, Laura will have to continue providing for her daughter and paying her household expenses alone. Complete coverage will help her make up for lost income and pay for childcare while receiving treatment. She will even be able to afford help at home while recovering.
The solution
$35 / month
Premium coverage – 25 illnesses
Coverage: $50,000
Advantages of Transition
- Face amount up to $3,000,000
- Unique protection in the marketplace: you can choose more affordable protection that covers 85% of critical illness claims (Transition – 4 Illnesses)
- Included: coverage for 5 additional juvenile illnesses up to age 25
- Included: coverage for 7 additional conditions that are not life-threatening (Prevention+ benefit)
- Included: unlimited access to MediGuide’s second medical opinion service
- Several optional and flexible coverages available: guaranteed insurability, waiver of premiums in the event of disability or death, return of premiums rider, etc.
Additional information
Eligibility
Age at issue: 0 to 65 years (varies according to length of coverage selected).
Some medical evidence must be provided. This evidence may vary depending on the client’s age and the face amount.
Illnesses covered
Transition offers two versions to meet your needs:
- Transition – 4 Illnesses
- Transition – 25 Illnesses
Both versions include coverage for 5 juvenile illnesses and 7 non-life-threatening critical illnesses (Prevention+ benefit).
Juvenile illnesses: 5 juvenile illnesses if they occur before age 25.
Prevention+ benefit: 7 non-life-threatening critical illnesses. The Prevention+ benefit pays an amount equal to 15% of the face amount of the coverage up to $50,000 per benefit, payable up to 4 times per contract, once per illness, with no reduction in the initital face amount.
| Transition – 4 Illnesses | Transition – 25 Illnesses |
|---|---|
|
- Cancer (life-threatening) 5 Juvenile illnesses (covered up to age 25)
- Type 1 diabetes mellitus 7 illnesses covered for 15% of the face amount (Prevention+ benefit):
- Coronary angioplasty |
- Cancer (life-threatening) 5 Juvenile illnesses (covered up to age 25)
- Type 1 diabetes mellitus Seven illnesses covered for 15% of the face amount (Prevention+ benefit):
- Coronary angioplasty |
Face amount
The face amount can range from $10,000 to $3,000,000. However, the maximum face amount for individuals under age 18 is $500,000.
Coverage duration
Two types of coverage are available.
- Term: 10, 20, 25 or up to age 75
- Permanent: for life, or up to age 100 (available with 10-year and 20-year quick payment options)
All term riders can be renewed up to age 75. You can also convert term coverage to permanent coverage up to age 65, except with the 20-year quick payment option, which is offered up to age 50.
Flexible optional coverage
Transition offers several flexible optional coverages to meet your needs.
Guaranteed Insurability: Allows you to increase the face amount of your critical illness insurance at key moments in your life, without having to provide medical evidence. You can exercise this option within 31 days following the 5th and 10th coverage anniversaries of the guaranteed insurability or, in advance, within 31 days following a life event (such as a marriage or the birth of a child). This therefore gives you the flexibility to adapt your coverage to your changing needs.
Waiver of premiums in the event of the applicant’s or the insured’s disability or in the event of the applicant’s death: Allows for the cancellation of payments if the applicant or the insured becomes totally disabled before age 60 and the disability lasts longer than 6 months. Depending on the coverage purchased, it can also provide for the waiver of premiums if the applicant dies before age 65.
Return of Premiums upon Death and Flexible Return of Premiums: Allows clients to benefit from liquidity as early as the 5th year of coverage when both coverages are taken out.
Second Medical Opinion Service (MediGuide)
The Transition product includes unlimited access at no additional charge to the MediGuide second medical opinion service in the event of a critical illness diagnosis, whether covered by the contract or not. The service is provided by advisory teams and covers both the diagnosis and the treatment plan. You get the help you need to make the best decision for your health.