Terry Zavitz

Terry Zavitz

More and more Canadians who are concerned about the financial costs of major disease are turning to Critical Illness Insurance (CII) to gain peace-of-mind and protect their savings. CII pays a tax-free, lump-sum benefit, for a coverable illness/accident defined in the policy contract, typically 30 days after diagnosis, as long as the insured is alive. The most common illnesses insured include cancer, stroke, heart attack, and multiple sclerosis (MS), with most contracts covering over 20 ailments. 

While Disability Insurance (DI) provides a monthly benefit to replace lost income due to a critical illness, CII helps to pay for the extra costs so often associated with being diagnosed with one. 



CII also helps to cover income lost during the waiting period,

a period of time in which no benefits are paid under a

DI plan, as well as top up the benefit since DI typically

covers only 85% of after tax income.