Critical Illness Insurance

Get Financial Protection If A Critical Illness Strikes

No matter how diligently you invest for retirement, or how carefully you review your financial and estate plans, unforeseen circumstances may still prevent you from meeting all your financial goals. Difficult as it is to imagine, it is essential when planning for your future to consider the possibility of your being diagnosed with a critical illness. A critical illness can place not only an emotional burden, but also a substantial financial burden on both you and your family.

If you are depending on government benefits or your employee group plan in the event of a critical illness, you should be aware that you may need to meet stringent definitions to qualify for benefits. The cost of such coverage could also exceed any payout you may receive.

Bridging The Gap Between Life and Disability Insurance

Critical Illness Insurance can help ease the unanticipated burden by bridging the gap between life insurance, which pays out upon death, and disability insurance, which covers lost wages due to an accident or sickness. Critical illness insurance pays a benefit when the policyholder is diagnosed with an illness specifically covered by the policy.

Critical Illness Insurance Benefits

Critical illness insurance may provide protection for the various aspects of your life including:

  • Your family 
    Maintain your current lifestyle through your recovery time and ensure that the basic needs of your family – protecting the ownership of your home, or paying for education.
  • Your business 
    Lump-sum payment can be used to keep your business going during your crucial recovery period.
  • Your assets 
    Access to another source of revenue, so you won't have to liquidate your accumulated assets at a potential loss.

Find Out How We Can Help

A CIBC Wood Gundy Investment Advisor, in conjunction with an Estate Planning Specialist (Financial Security Advisor in Quebec), is an excellent resource to help you weigh the benefits of including critical illness insurance as part of your long-term financial and estate plan. To find out how we can help you, use our Find An AdvisorOpens a new window in your browser. tool to locate a CIBC Wood Gundy Investment Advisor near you.