Critical Illness Insurance
A critical illness protection plan is a comprehensive insurance product that shields you from the financial burdens that often accompany a severe illness. Critical illness insurance is a living benefit that pays a lump-sum amount to you as the policy owner (not to your dependents) based on your survival of a critical illness. When we think of insurance, the term “Life Insurance” can be confusing. In reality, Life Insurance is actually death insurance. It pays a beneficiary upon your death.
Critical Illness insurance, on the other hand, is life insurance. It pays you benefits when you need help. The product is designed to protect you, your family and/or business in the event of a critical illness and assist with your physical and financial recovery. It ensures you maintain a quality of life and promotes independent living.
Benefits of Insurance
- Most insurance products offer creditor protection
- Can protect your family against sudden loss
- Provides an important part of your estate planning
Here’s Where We Can Help!
Our professional financial advisors will prepare an analysis to first help you determine your insurance needs. Then, we help you decide on the protection that is best for you.
Related Information
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Types of Critical Illness Insurance
Learn about the Different Types of Critical Illness Insurance
A tax-free lump sum of money is paid if you survive for 30 days* after the diagnosis of one of the listed covered illnesses. There are three plans to choose from:
- Ten Year Renewable and Convertible Plan (Renewable to age 75, Convertible to age 65)
- Level to 75 Plan
- Lifetime Level Plan
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Critical Illness Insurance FAQ
Frequently Asked Questions About Critical Illness Insurance
In this FAQ, we answer the most common questions asked about critical illness insurance. If you have any specific questions, send us an email and we would be pleased to help.
What types of illnesses are covered?
It is important to understand that not all illnesses are covered and all carriers do not cover the same illnesses. The plan you choose determines the critical illnesses that are covered.
Types of Illnesses Typically Covered
Cancer Alzheimer's Disease
Heart Attack Parkinson's Disease
Stroke Coma Coronary Artery Bypass Surgery Loss of Speech
Paralysis Severe burns
Multiple Sclerosis Occupational HIV
Kidney Failure Loss of Limbs
Blindness Motor Neuron Disease
Deafness Benign Brain Tumour
Major organ transplant Angioplasty What is the difference between critical illness insurance and disability insurance?
It should be noted that critical illness insurance is NOT the same thing as disability insurance. The following chart indicates the main points of difference.
Type of Fund Critical Illness Insurance Disability Insurance When Paid Specific Illness When you can't work How Paid Lump Sum Monthly Income End of Benefits N/A When Return to Work Proof of Claim Medical Criteria When Able to Work Residual Disability Full Payment Regardless Reduced or None Continual Coverage No, One Claim Only Yes, Future DI Claims Are benefits paid if you make a full recovery from an illness?
The benefit is not based on your inability to work or the severity of your condition. Payment is made in full – even if you fully recover.
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Insurance Companies Represented
Through GP Capital Insurance Agency Ltd., we offer a wide variety of insurance products from 15 leading insurance companies to satisfy individuals, families and business owners. With every new stage of life comes a need to review your insurance plan.
Life Insurance Companies Represented
ASSUMPTION LIFE HUNTER MCCORQUODALE BLUE CROSS INDUSTRIAL ALLIANCE INSURANCE BMO INSURANCE Humania Assurance Canada Life Manulife Financial DESJARDINS FINANCIAL SECURITY RBC Insurance EMPIRE LIFE Sun Life Financial Equitable Life IVARI FORESTER LIFE Segregated Funds Represented
Invesco Segregated Funds Great West Life Assurance Co. CI Segregated Funds Mackenzie Segregated Funds Canada Life Standard Life Empire Life TD Guaranteed Funds If you have any questions about purchasing critical illness insurance, send us an email and we would be pleased to help.
Important Information
GP Wealth Management offers insurance products through GP Capital Insurance Agency Ltd.
Investor Protection
Insurance products provided by GP Capital Insurance Agency are covered by Assuris.
Client Relationship Document
We’ve developed a plain-language document that describes the relationship between you and your GP Wealth Financial Advisor or Planner.