Critical Illness Benefits
Financial support when it's needed most...
One out of every three Canadians will experience a serious illness or disease during their lifetime. Thankfully, modern medical advances mean many will survive. But a severe stroke or a debilitating disease can drain resources — physical, emotional and financial.
Unexpected expenses such as special equipment, private nursing or even childcare add to the burden.
BC Life helps restore security through a critical illness plan that provides a cash payment when it is needed most. By easing the financial pressure, critical illness coverage gives your employee financial stability and security should life take a catastrophic turn.
Critical Illness Insurance can be provided as a specific flat dollar amount to all employees through a “mandatory” critical illness plan, or on an optional basis where employees can purchase coverage that meets their own unique needs, through payroll deduction. Depending on a group’s size, levels of optional critical illness coverage can be purchased without the need for completing a medical questionnaire. Both mandatory and optional Critical Illness Insurance coverage can also include coverage for the spouse.
How Critical Illness Insurance Works
When diagnosed with an eligible condition, the covered person is paid a lump sum upon their approval of their claim. They can then use the money to help pay for any expenses they have. This could be for private nursing or other medical care, making modifications to their home, childcare costs, or however else they choose. The point is they have the financial support when they need it the most so they can focus on their recovery.
Our Critical Illness plans cover up to 23 critical conditions within four categories*:
- Category 1 – Cancer (Cancer - Life Threatening)
- Category 2 – Cardio (Aortic Surgery, Coronary Artery Bypass Surgery, Heart Attack, Heart Valve Replacement or Repair, Stroke)
- Category 3 – Sensory/Accident (Blindness, Deafness, Loss of Speech, Loss of Limbs, Occupational HIV, Severe Burns)
- Category 4 – Other (Dementia including Alzheimer’s Disease, Benign Brain Tumour, Coma, Kidney Failure, Motor Neuron Disease, Multiple Sclerosis, Organ Transplant on Waiting list, Major Organ Transplant, Paralysis, Parkinson’s Disease and Specified Atypical Parkinsonian Disorders, Loss of Independent Existence)
Plus four Partial Payout Benefit conditions:
- Coronary Angioplasty
- Ductal Carcinoma in Situ (DCIS) of Breast
- Stage A (T1a or T1b) Prostate Cancer
- Stage 1A Malignant Melanoma
The plans also include multiple event coverage so that an employee can claim under more than one coverage category.
*Full definitions of the conditions are contained in the policy.