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Critical illness insurance provides a lump sum tax-free payment if you are diagnosed with one or more of 26 critical illnesses or conditions such as cancer, a heart attack, or stroke. While the details of the coverage are included in each policy, the key benefit of criticall illness vs. disability coverage is that you recevieve a large lump sum tax-free payment versus an ongoing stream of smaller amounts. While the lump sum payment is yours to do with what you want, typically people may use the lump sum to:
- Consider new/alternative medical treatments that may not be covered by govenrment health plans
- Replace lost income or pay off debts while you cope with your illness
- Bring in additional help at home whether it is for you or your family
Outline Financial can answer any questions you may have when it comes to critical illness insurance. We can walk you through the process from start to finish making sure that the policy is tailored to you at a cost you can afford.
Professional Insurance Advisors
Variety of Options Available
Designed to Fit Your Life
Professional Insurance Advisors
Variety of Options Available
Designed to Fit Your Life
Critical Illness Insurance From Outline Financial
With direct access to over 15 of the largest insurance companies in Canada, we are uniquely positioned to offer not only professinoal advice, but a tailored solution for your needs and goals. We work with you to determine if Critical Illness is a good fit within your overall insurance plan, and compare costs and benefits based on your needs.
While you can use the tax-free lump sum benefit payment for whatever you want, often people will use it to replace reduced or lost income, pay off or reduce existing debts, assist in bringing additional support or healthcare help to their home, and/or use the funds to explore new medical treatments or medications not covered by health insurance plans.
Looking for other features? A critical illness policy may offer a unique option where you can add a Return of Premium Endorsement. While options can differ, in general, if you don’t have a claim by the expiry of your policy, you will receive your premiums back.
Benefits of Working with Outline Financial?
- Professional Insurance Advisors
- Variety of Options Available
- Exceptional Guidance & Advisory
- Customer-Focused
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Outline Financial FSCO Insurance Agency #36641M
Outline Financial
Outline Financial is one of Canada’s top-rated mortgage and insurance companies offering direct access to rate and product options from over 30 banks, credit unions, mono-line lenders and insurers all in one convenient service. The Outline team was formed by senior level bankers and financial planners that wanted to offer clients choice with an exceptional service experience.
