Stay in control with:
Critical Illness Insurance
Critical Illness Insurance
We all know someone who’s battled cancer, had a heart attack, or had a stroke. Do you think an influx of tax-free cash during that difficult time would have helped?
It’s no longer IF it’s WHEN.
In Canada:
50% of people
will be affected by Cancer in their lifetime
9% of adults
over 20 live with a diagnosed heart disease
108,700 strokes
occur each year (every 5 minutes)
60,000 first heart attacks
occur each year
90,000 Canadians
live with multiple sclerosis (1 in 400)
In Canada:
50% of people
will be affected by Cancer in their lifetime
9% of adults
over 20 live with a diagnosed heart disease
108,700 strokes
occur each year (every 5 minutes)
60,000 first heart attacks
occur each year
90,000 Canadians
live with multiple sclerosis (1 in 400)
In Canada:
50% of people
will be affected by Cancer in their lifetime
9% of adults
over 20 live with a diagnosed heart disease
108,700 strokes
occur each year (every 5 minutes)
60,000 first heart attacks
occur each year
90,000 Canadians
live with multiple sclerosis (1 in 400)
What is Critical Illness Insurance?
What is Critical Illness Insurance?
It’s a tax-free, creditor protected lump sum payment to you if you’re diagnosed with a covered condition and survive 30 days.
Beyond the basics, you can tailor your coverage to fit your life! Personal or corporate-owned, long-term or temporary, return-of-premium (ROP) features if you never make a claim, and you can even pull money out of your corporation tax-free.
It’s a tax-free, creditor protected lump sum payment to you if you’re diagnosed with a covered condition and survive 30 days.
Beyond the basics, you can tailor your coverage to fit your life! Personal or corporate-owned, long-term or temporary, return-of-premium (ROP) features if you never make a claim, and you can even pull money out of your corporation tax-free.
Practical uses for Critical Illness Insurance
Draw tax-free cash out of your corporation if you never make a claim (Split-Dollar CI)
Draw tax-free cash out of your corporation if you never make a claim (Split-Dollar CI)
Draw tax-free cash out of your corporation if you never make a claim (Split-Dollar CI)
Hire a temporary replacement for your business so clients don’t leave
Hire a temporary replacement for your business so clients don’t leave
Hire a temporary replacement for your business so clients don’t leave
Keep the mortgage or rent paid
Keep the mortgage or rent paid
Keep the mortgage or rent paid
Adapt your home or vehicle while you recover
Adapt your home or vehicle while you recover
Adapt your home or vehicle while you recover
Cover medications and therapy’s not covered by your province
Cover medications and therapy’s not covered by your province
Cover medications and therapy’s not covered by your province
Let your spouse/partner take time off work
Let your spouse/partner take time off work
Let your spouse/partner take time off work
Pay for travel and accommodations for treatment abroad
Pay for travel and accommodations for treatment abroad
Pay for travel and accommodations for treatment abroad
Bring in help at home like childcare, meals, and cleaning
Bring in help at home like childcare, meals, and cleaning
Bring in help at home like childcare, meals, and cleaning
Replace your paycheque while you recover
Replace your paycheque while you recover
Replace your paycheque while you recover
Real World Examples:
Corporate Client:
Evan, 46, runs a successful dental clinic and had idle cash inside the corporation. We set up a Split-Dollar Critical Illness Policy: the clinic owns coverage that pays a lump sum if he gets a serious illness; Evan owns the “money-back if healthy” part (ROP). The clinic pays for the protection, Evan pays for the money-back. If he gets sick, the business keeps payroll and bills covered. If he stays healthy, he later gets his payments back AND the clinic’s payments, tax-free - letting him pull value out without extra dividend tax.
It’s not what it costs mom & dad now, it’s how much you’re saving THEM later:
Melissa beat cancer at 37, and it runs in the family. For her 7-year-old, Lily, we set up a children’s critical illness policy. They pay a very manageable monthly amount for only 20 years. If illness hits, the cash covers whatever the family needs. If Lily stays healthy, she can keep the coverage with no more payments, or cancel and get all the premiums back for goals like school or a first home. Locking it in now avoids much higher adult rates and future health hurdles.
Everyday Joe:
Iain lost his dad to prostate cancer 4 years ago and didn’t want money worries added to a health crisis of his own. We set up critical illness insurance with coverage to match his annual income. He added a simple “money-back if you stay healthy” option (ROP): if he never claims, he can get his payments back.
Corporate Client:
Evan, 46, runs a successful dental clinic and had idle cash inside the corporation. We set up a Split-Dollar Critical Illness Policy: the clinic owns coverage that pays a lump sum if he gets a serious illness; Evan owns the “money-back if healthy” part (ROP). The clinic pays for the protection, Evan pays for the money-back. If he gets sick, the business keeps payroll and bills covered. If he stays healthy, he later gets his payments back AND the clinic’s payments, tax-free - letting him pull value out without extra dividend tax.
It’s not what it costs mom & dad now, it’s how much you’re saving THEM later:
Melissa beat cancer at 37, and it runs in the family. For her 7-year-old, Lily, we set up a children’s critical illness policy. They pay a very manageable monthly amount for only 20 years. If illness hits, the cash covers whatever the family needs. If Lily stays healthy, she can keep the coverage with no more payments, or cancel and get all the premiums back for goals like school or a first home. Locking it in now avoids much higher adult rates and future health hurdles.
Everyday Joe:
Iain lost his dad to prostate cancer 4 years ago and didn’t want money worries added to a health crisis of his own. We set up critical illness insurance with coverage to match his annual income. He added a simple “money-back if you stay healthy” option (ROP): if he never claims, he can get his payments back.
