FAQ - Critical illness insurance – Personalized solutions

Unfortunately, our healthcare system doesn’t cover everything. If you were to suffer a serious illness like cancer, a heart attack or a stroke, you could run into unexpected expenses or have to make a serious lifestyle change.

With critical illness insurance, if you’re diagnosed with a covered illness, you’ll receive your policy’s insurance amount, tax-free. You can use the money however you want. For example:

• To get access to the best possible care, without having to wait
• To focus on your recovery without worrying about lost income (your own or that of a caregiver)
• To avoid having to dip into your savings
• To pay for unexpected expenses like prescription drugs not covered by an insurance plan, physiotherapy, travel to medical appointments, childcare while you’re receiving treatment, etc.

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Custom critical illness insurance is designed to be sold via a representative. They have the knowledge and expertise to properly assess your needs and recommend the right product for your situation.

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today!

If you’re looking for a simple and affordable product you can buy over the phone, you may be interested in basic critical illness insurance.

When you’re purchasing the product, your representative can help you choose the amount of your benefit based on your budget and your objectives. The amount can range between $10,000 and $2,500,000. You may want to choose a year’s salary, for example.

With this type of insurance, there’s no financial downside:

1. If you’re diagnosed with a covered critical illness, you’ll receive your insurance amount.
2. Optional: If you die prematurely, your beneficiary will receive the higher
   • 100% of the premiums you’ve paid, or
   • 25% of the insurance amount
3. Optional: If you remain in good health until your policy ends or is terminated, you’ll be refunded all of the premiums you’ve paid.

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to do a financial needs analysis and figure out what insurance amount is right for you.

• You’ll need to fill out a claim form. This form includes a section asking you to provide your consent for Desjardins to collect and communicate your personal information if we need to obtain medical information from a doctor or hospital.
• Your attending physician will also need to fill out a claim form and provide documentation about your illness (e.g., biopsy report, test results).

Just like you’d have a hard time buying home insurance while your house was on fire, your eligibility for critical illness insurance depends on your health. Are you in good health right now? Then it’s the best time to apply for coverage! Plus, the younger you are, the more affordable the premiums.

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to find out more about health requirements for custom critical illness insurance.

A representative can help you analyze your needs to determine what kind of coverage is right for your situation. There are products that cover up to 26 different illnesses and special products for children and business owners.

Here are some questions you can ask to determine which product is right for you:

1. If you were diagnosed with a critical illness, would you want access to the best care regardless of where it was offered? Would your spouse take unpaid leave to be with you while you undergo treatment? Would you need help paying for drugs not covered by your provincial health insurance plan?
2. How long do you want to be covered for? 10 years? Until you turn 65? For the rest of your life?
3. Do you want to pay a fixed premium amount that will never change, or start off with lower premiums that will regularly increase every 10 years?

Most importantly, what will fit into your budget? Meet with a representative Open in a new window.

to help answer these questions.

1. Meet with a representative Open in a new window.
   
   , who will do a financial needs analysis and make a recommendation for your personal situation.
2. If you agree with their recommendation, you’ll need to fill out an insurance application, which includes a medical questionnaire.
3. You may also need to undergo some medical tests, depending on your age and the insurance amount you’re applying for.
4. Your application will be reviewed by an underwriter, who will send the final decision to your representative.

Yes! As your life changes, so do your financial needs. For instance, if you initially choose term coverage with a low premium that’s set to increase over time, you can convert it to a permanent policy with a fixed premium for the rest of your life.

Depending on the product you choose, you may be eligible for a refund of the premiums you’ve paid in the event you terminate your policy.

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to find out more.