Critical Illness Coverage
Protect your family, protect your future
What is critical illness insurance?
Critical illness insurance (CI) offers protection and financial support if you’re diagnosed with a covered serious illness such as cancer, heart attack, Alzheimer’s disease or a stroke. Unlike health insurance that pays doctors and hospitals, this is a lump-sum, tax free payment that is paid directly to you - to use however you need it.
A serious diagnosis can bring on unexpected costs that can impact you, your family or your business. Critical illness insurance helps reduce financial stress while you focus on recovery and can be used for various expenses such as:
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Medical and treatment costs
Includes expenses for prescription medicines, in-home medical care, and travel for specialized treatment.
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Living and daily expenses
Covers routine expenses, credit card bills, and costs for home or vehicle modifications.
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Income and savings protection
Covers lost income during treatment and recovery and protects your savings from being depleted.
Chronic Kidney disease affects approximately 1 in 10 Canadians.
In Canada, someone has a stroke every 5 minutes.
45% of Canadians are expected to be diagnosed with cancer in their lifetime.
By 2030, researchers predict that nearly 1 million Canadians will be living with dementia.
Who is critical illness insurance for?
Critical illness insurance is designed to help alleviate financial hardships from a covered illness. Regardless of your age, family status or if you own a business, Critical illness insurance should be an essential part of your financial planning.
Emma and Jason were saving for their first home when Emma was diagnosed with multiple sclerosis. Their $50,000 critical illness benefit allowed Jason to reduce his work hours and help with Emma's care. They used the funds for specialized treatments not covered by insurance and modified their apartment for Emma's changing mobility needs—all without touching their home down payment.
When Miguel, a 45-year-old restaurant owner, suffered a stroke, his $75,000 critical illness payment helped him hire temporary management while he recovered. This prevented his business from closing and protected the livelihood of his 12 employees. The financial cushion gave him time to rehabilitate properly instead of rushing back to work too soon.
Our critical illness insurance products
Wawanesa offers two plans designed to fit the needs of you, your family or your business. When considering critical illness insurance, take into account your age, health, current lifestyle, family medical history and your long-term financial goals. The younger and healthier you are today, the lower your rates will be.
| Benefits | Critical Illness Comprehensive | Critical Illness Core |
|---|---|---|
| Benefits Conditions covered | Critical Illness Comprehensive 26 | Critical Illness Core 4 |
| Benefits Medical exam required | Critical Illness Comprehensive Yes, a medical questionnaire. Additional tests depending on age | Critical Illness Core No medical required. 8 qualifying questions required |
| Benefits Amount of coverage available | Critical Illness Comprehensive $10,000 – $2,000,000 | Critical Illness Core $10,000 - $100,000 |
| Benefits Age eligibility to apply | Critical Illness Comprehensive 18-60 | Critical Illness Core 18-60 |
| Benefits Coverage to age 75 | Critical Illness Comprehensive Yes | Critical Illness Core Yes |
|
Benefits
Available plans:
|
Critical Illness Comprehensive Yes | Critical Illness Core Yes |
|
Benefits
Renewable Term 10 plan Renewable every 10 years after the initial term to age 75 |
Critical Illness Comprehensive Yes | Critical Illness Core Yes |
| Benefits Premiums guaranteed at issue | Critical Illness Comprehensive Yes | Critical Illness Core Yes |
| Benefits Lump-sum, tax free payout | Critical Illness Comprehensive Yes | Critical Illness Core Yes |
|
Benefits
Partial Payment Benefit[1] On the diagnosis of one of the Early Diagnosed Conditions or the Temporary Loss of Independent Existence Condition (LOIE) |
Critical Illness Comprehensive Yes | Critical Illness Core No |
| Benefits Return of Premium on Death Benefit | Critical Illness Comprehensive Yes | Critical Illness Core Yes |
| Benefits Exchangeable[2] | Critical Illness Comprehensive Yes | Critical Illness Core Yes |
| Benefits Child Critical Illness rider (optional) | Critical Illness Comprehensive Yes | Critical Illness Core Yes |
| Benefits Disability Waiver of Premium benefit (optional) | Critical Illness Comprehensive Yes | Critical Illness Core No |
|
Benefits
Teledoc Medical Experts Services Access to expert medical advice for you and your family when you need it most |
Critical Illness Comprehensive Yes | Critical Illness Core Yes |
- Partial payment is 15% of the selected coverage amount to a maximum to $50,000.↩
- Term 10 can be exchanged to Term to Age 75 or Term to Age 75 with Return of Premium on Surrender or Expiry prior to age 60.↩
Return of Premium on Surrender or Expiry
With Return of Premium on Surrender or Expiry (ROPS), you can recover some of your investment in the policy if it is no longer needed it or if you choose to cancel it early.
Starting at age 60 or the 10th policy year (whichever is later), you can receive a portion of your premiums back. The percentage of the return increases as you get older, reaching 100% at age 75.
| Age (surrendered or cancelled) | % of Return of Premium |
|---|---|
| 60-64 | 70% |
| 65-69 | 80% |
| 70-74 | 90% |
| 75 | 100% |
Ready to talk?
Your insurance broker can provide a customized plan and quickly answer all your questions.
Critical Illness Comprehensive
Critical Illness Comprehensive is Wawanesa Life’s fully underwritten CI product covering a number of conditions:
- Acquired Brain Injury
- Aortic Surgery
- Aplastic Anemia
- Bacterial Meningitis
- Benign Brain Tumour
- Blindness
- Cancer
- Coma
- Coronary Artery Bypass Surgery
- Deafness
- Dementia, including Alzheimer’s Disease
- Severe Heart Attack
- Heart Valve Replacement or Repair
- Kidney Failure
- Loss of Independent Existence
- Loss of Limbs
- Loss of Speech
- Major Organ Failure on Waiting List
- Major Organ Transplant
- Motor Neuron Disease
- Multiple Sclerosis
- Occupational HIV Infection
- Paralysis
- Parkinson’s Disease and Specified Atypical Parkinsonian Disorders
- Severe Burns
- Severe Heart Attack
- Stroke
Critical Illness Core
Critical Illness Core is Wawanesa Life's simplified issue CI product covering the most common covered conditions:
- Cancer
- Coronary Artery Bypass Surgery
- Severe Heart Attack
- Stroke
Temporary Loss of Independent Existence
Temporary Loss of Independent Existence means you can't do at least 2 out of 5 basic daily activities on your own due to illness or injury for at least 90 days including bathing, dressing, managing bladder and bowel functions, moving around and feeding yourself. A doctor and an occupational therapist must confirm this condition to be eligible for partial payment. Speak to your Broker for more details including exclusions.