Key Features
- Monthly Income – Replaces part of your paycheck each month.
- Guaranteed Rates – Your premiums stay the same until age 65.
- Personalized Plans – Customize coverage to match your needs.
What Affects the Cost of Coverage?
- Coverage Amount – The more you want, the higher the premium.
- Benefit Period – Longer coverage = higher cost.
- Waiting Period – Longer wait before payments = lower premium.
- Age – Younger = lower premiums.
- Health – Better health = lower premiums.
- Occupation – Riskier jobs = higher premiums.
How Disability Insurance Works
In Canada, Critical Illness Insurance typically covers:
Choose your coverage – Decide how much monthly benefit you want and add optional benefits if needed.
Pay premiums – Regular monthly payments keep your coverage active.
File a claim – If you become disabled.
Wait for the benefit period – Payments begin after the waiting period ends.
Receive tax-free monthly payments – Until your benefit period ends or you return to work.