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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 flexible and comprehensive critical illness insurance coverage 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 process. 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 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 diseases covered by your contract. You can use the payment 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 illness
- A parent and you want to insure your family against the unexpected expense of critical illness – for example, this protection could allow you to take time off from work to remain at the bedside of a sick child or spouse
- 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+)
- Included: unlimited access to MediGuide’s second medical opinion service
- Several flexible options are available for added protection: Transition Child, Supplementary Income, Paramedical Care, etc.
Additional information
Eligibility
Age at issue: 0 to 65 years (varies according to length of coverage selected).
Some medical requirements must be met. These requirements may vary depending on age and face amount.
Illnesses covered
Transition offers two versions to meet your needs:
- Transition – 4 Illnesses
- Transition – 25 Illnesses
In addition to the 4 or 25 illnesses covered, Transition includes coverage for 5 juvenile illnesses and 7 non-life-threatening critical illnesses (Prevention+ benefit).
Juvenile illnesses: 5 Juvenile illnesses up to age 25.
Prevention+: Transition coverage includes the Prevention+ benefit, which covers 7 critical illnesses that are not life-threatening. 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 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+):
- 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+):
- 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 plans are available.
- Term: 10, 20, 25 or up to age 75
- Permanent: for life, or up to age 100 (available in 10-year and 20-year payments)
All term riders can be renewed up to age 75. You can also convert term coverage to permanent coverage up to age 65, or to age 50 for 20-year permanent coverage.
Flexible optional coverage
Transition offers several flexible optional coverages to meet your needs.
Increased Benefit: You can increase your coverage up to 50% of the initial face amount without a medical examination. This option allows you to change your coverage as your needs change at specific points in your life.
Hospitalization: Provides a lump-sum payment for each day of hospitalization due to an accident or an illness. An additional sum is provided when the insured requires intensive care or is hospitalized out of the province of residence.
Hospitalization and Home Care: Provides the above Hospitalization coverage plus Home Care coverage, to absorb some of the costs accrued after hospitalization (purchase of medical supplies, assistance in daily activities, etc.).
Child Critical Illness: Provides a lump sum for each living or unborn child after diagnosis of one of the illnesses covered by your contract
Supplementary Income: Provides a monthly income in the event of total disability following an accident or illness covered by your contract.
Paramedical Care in the Event of an Accident: Provides several benefit types to cover the costs of an accident suffered by the insured. For example, the cost of a private or semiprivate hospital room, rental or purchase of medical equipment, physical rehabilitation treatments, etc.
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. It also provides for the cancellation of insurance premiums if the applicant dies before age 65.
Accidental Fracture: Pays a benefit in the event of an accidental fracture.
Second Medical Opinion Service (MediGuide)
Transition coverage includes unlimited and free access to the MediGuide second medical opinion service in the event of a cancer or 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.