Critical illness insurance
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How can life insurance help you and the people you care about?
When you die, it will be a stressful time for your loved ones, who will have a lot of important decisions to make. Life insurance can give them the money they need – quickly – to help cover expenses like:
- Legal fees and funeral costs
- Student or car loans
- Mortgage payments
- Credit card bills
- Child care
Beyond meeting these immediate needs, life insurance can also help you:
- Ensure that your loved ones will be financially secure.
- Set your children up for success through an educational fund.
- Leave a legacy by supporting the causes you care about.
- Transition your business by covering ongoing expenses and replacing lost income.
- Protect the wealth you’ve grown over your lifetime.
You may have other needs or goals that are unique to you and your life.
Critical Illness Insurance
Critical illness insurance can help you:
- Reduce debt and other financial concerns while you cope with your illness
- Replace any reduced or lost income for you and your spouse, who may wish to take time off work to care for you
- Bring in additional help at home for you and your family
Consider new medical treatments and medications not covered by private or government health insurance plans
Critical Illness Insurance with Paid Premium Return:
- Return-of-premium option that pays back the insured’s premium cost if he or she does not make a critical illness claim within a prescribed length of time.
Disability Insurance provides a portion of income for working individuals who become ill or injured and are unable to work.
Help protect your loved ones, your home and your savings with life and disability insurance for your mortgage.
Mortgage insurance is very different from individual life insurance because the coverage declines each year or declines as the mortgage declines.
The bank is the beneficiary in mortgage insurance while in an individual life insurance policy, the insured can choose their own beneficiary.
The coverage is not transferrable. This means that the insurance is tied to a specific mortgage. With an individual policy, the insured can keep their coverage if they move homes, switch banks, or eventually pay off their mortgage.
The plan ends as soon as one spouse passes away. An individual policy can be set up as a joint policy, meaning a joint or multi-life policy, which allows the beneficiary to receive a double benefit in the event that both spouses pass away.
The coverage is not convertible. A mortgage life insurance policy is not convertible to a permanent policy, but an individual term life policy is convertible to a permanent plan without a medical. This allows the insured, who may have developed some health issues over the life of the policy, to convert to a permanent level rate plan without any health questions or without any medical tests.