Protect your lifestyle with critical illness insurance
Nobody wants to spend time thinking about the possibility of a major illness. But life is unpredictable. And it pays to be protected and prepared, if you or a family member are diagnosed with a life-altering illness and you’re suddenly unable to work. The right critical illness insurance can offer financial stability at an especially challenging time, allowing you to focus on what’s most important: a strong and full recovery.
What We Offer
If you’re shopping for critical illness insurance in Canada, Critical Assist® or Critical Assist® – Head Start from Co‑operators is a great place to start. Adding to your standard coverage (for a wide range of conditions) are valuable benefits, like family-counselling services and direct access to medical experts. Read more about our solutions below and see if critical illness insurance is worth it for you.
Critical Assist® provides you and your family with a tax-free1 lump-sum payout if you’re diagnosed with one of 25 covered illnesses, or one of four Early Assist conditions. It can range from $25,000 to $2,000,000, depending on your level of coverage. If the illness falls under our Early Assist program, you’re eligible for a partial payment of 10% of the policy face amount, up to a maximum of $50,000. Our Early Assist program offers financial support for these less severe conditions and allows your policy to remain in force should you need to make a claim for the full amount in the future. In either case, the benefit can be used any way you wish. For example, it can help you:
- Pay off a mortgage or loan
- Cover childcare, housekeeping and other day-to-day costs
- Subsidize additional health care that isn’t covered by a provincial plan
- Keep up on TFSA, RRSP and RESP contributions
Critical Assist® – Head Start is designed to bring financial peace of mind, if your child is diagnosed with a covered condition. This helps you meet new or ongoing expenses, while you focus on your child’s illness and recovery. Benefits are paid in a tax-free1 lump sum and can range from $25,000 to $250,000, depending on the level of coverage you choose. You can initiate a plan for any child between the age of 30 days and 17 years. Every policy expires at the anniversary nearest age 75.
1Tax rules and regulations may change at any time.
2Coverage for Loss of Independent Existence begins at age 18. It is defined as a definite diagnosis of the total inability to perform, by oneself, at least two of the six activities of daily living (bathing, dressing, toileting, bladder and bowel continence, transferring, or feeding) for a continuous period of at least 90 days with no reasonable chance of recovery.
3There is no coverage for cancer or benign brain tumours during the first 90 days following issue or every reinstatement of the policy. There is no coverage for Parkinson’s Disease during the first year following issue or every reinstatement of the policy.
Coverage for Autism and Rett Syndrome ends one day prior to the Insured child’s third birthday.
