Your Guide to Life, Disability & Critical Illness Insurance

Life Insurance provides a lump sum payment directly to your beneficiaries, offering crucial financial protection in the event of your passing. This payout can cover various expenses:

• Debt Coverage: Settles outstanding debts, including mortgages, credit cards, and loans.
• Tax-Free Benefit: The proceeds are not subject to income tax.
• Funeral Expenses: Covers costs related to funeral and burial, easing the financial burden on your family.

• Types: Level or permanent insurance available.
• Coverage Amounts: From $50,000 to $10,000,000.
• Policy Ownership: You can own the policy and designate beneficiaries.
• Flexibility: Convertible to permanent insurance and automatically renews.
• Cash Value Growth: Some policies offer a cash value component that grows over time, usable for loans or withdrawals.
• Age Limits: Apply up to age 75 with coverage extending up to age 85.

Disability Insurance ensures income replacement if you're unable to work due to illness or injury. This policy helps maintain your financial stability by covering:

• Income Replacement: Provides regular payments during your disability.
• Debt and Living Costs: Covers debts and daily expenses, including credit cards and loans.
• Coverage Amounts: Ranges from $300 to $5,000 per month.
• Waiting Period: Benefits begin after a 90-day waiting period.
• Payout Duration: Benefits can extend up to two years for certain conditions.

Critical Illness Insurance offers a lump-sum payment upon diagnosis of a covered critical illness. This coverage helps with:

• Lump-Sum Payout: Available upon diagnosis of covered illnesses.
• Coverage: Includes conditions like cancer, heart attack, stroke, and organ transplants.
• Medical Expenses: Assists with expenses not covered by standard health insurance.
• Flexible Use: Funds can be used at your discretion.

• Cancer: The leading cause of death in Canada; 2 in 5 Canadians will be diagnosed with cancer, and 1 in 4 will die from it.
• Disability: Over 6.2 million Canadians live with some form of disability, nearly 22% of the population.
• Younger Generations: People born after 1990 are more likely to develop cancer before age 50, impacting healthcare and family economics significantly.

Sources: Statistic Canada, WFG, Nature Reviews Clinical Oncology