LIVING BENEFITS
Critical illness coverage
A lump sum paid on the diagnosis of a condition the contract names, while you are alive, whether or not you ever go back to work.
What actually decides a claim
- The definition, not the name of the illnessEvery covered condition carries a written definition setting out the severity, the tests and the circumstances. That paragraph is the cover.
- The survival periodMost contracts require the insured to survive a stated number of days past diagnosis before the benefit is payable.
- It pays whether or not you return to workThis is what separates it from disability coverage, which replaces income while you cannot work and stops when you can.
Send this to a licensed advisor
No price appears on this page, and none is sent by email. What a contract costs depends on the person and the design, and no honest figure can be produced from three answers.
The cornerstone guide
Start here: the whole strategy in one page
What it is, how it works in Canada, what it costs, what it risks, how long it takes and who it does not suit.
Read the guideOther products
A thirty-minute discovery meeting
A first conversation establishes whether this fits. No illustration is prepared and nothing is arranged.
Often the answer is no, and you will hear it during the call rather than in a proposal afterwards.
About the author
Jose Salloum is a Financial Security Advisor (Conseiller en sécurité financière) licensed by the Autorité des marchés financiers in Quebec, by the Financial Services Regulatory Authority of Ontario, and by the Insurance Council of British Columbia. Licensed since 2001, he works with Canadian families, business owners and incorporated professionals.
He is the founder of Canadian Wealth Creation Centre Inc. (CWCC), registered with the AMF, and of its educational branch IBCFinancial.com. He holds the Infinite Banking Concepts® Authorized Practitioner certification from the Nelson Nash Institute, a private certification rather than a regulatory licence.
CWCC is not registered with CIRO and does not provide securities advice. This page is general education and not advice on any individual file.
Important disclosures
This page is education, not advice. The content is general information prepared by Canadian Wealth Creation Centre Inc. It does not take your circumstances into account and is not a recommendation to buy, hold or cancel any contract. CWCC is not registered with CIRO and does not provide securities advice. The firm places insurance in Quebec, Ontario, Alberta, British Columbia, Manitoba and New Brunswick; clients elsewhere are served by advisors licensed in their province.
Nothing here was written with your file in front of us. Read it to understand the subject, then judge it against your own situation, ideally with someone who is licensed where you live and who has seen your numbers.