Canadians can count on their provincial health insurance plan to pay the expenses associated with most medical treatments they receive. However, since other expenses are often involved, we've developed the critical illness insurance plan.

No one wants to fall victim to an illness that could alter his life like heart disease, cancer or stroke. Such a situation could force you to rethink certain life plans, leisure activities or even retirement because of certain limitations caused by the illness.

For these reasons, health is an important element to consider when planning your financial security.

What is Critical Illness Insurance?

Critical illness insurance, as its name implies, offers coverage that lets you face the financial consequences of a serious illness.

It provides a lump-sum payment the insured person can use to cover expenses related to illness or as he sees fit. The insured receives payment in the thirty days following a critical illness diagnosis, without having to prove that he cannot work or that he incurred expenses as a result of his illness.

Critical illness insurance thus helps an insured person maintain his financial security and offers him the possibility of seeing his future. in a different way. He can use the one-time payment to take early retirement, go back to school or compensate the loss of his spouse's salary because he/she must remain at home to look after the ill person.

Critical Illness Insurance is becoming more and more popular

Harmony Insurance
Desjardins Financial Security has several types of critical illness coverage and Harmony is one of them.

It covers the insured person for twenty or so illnesses, conditions or surgical procedures for up to $2,000,000. It also provides for the total reimbursement of premiums paid by the insured upon his death, if he didn't claim any critical illness benefits during his lifetime.

Combined with Life Insurance
Desjardins Financial Security also offers coverage that combines life insurance with critical illness insurance.

The insured person purchases a ten-year term or whole life insurance policy and at the same time decides on the percentage of his death benefit (between 5% and 100%), which he would receive in his lifetime in the event of a critical illness. The remainder of his death benefit is paid to his beneficiaries upon his death.

Specifically for Caisse Desjardins members
Desjardins Financial Security also offers critical illness insurance coverage designed specifically for Caisse Desjardins members. It covers twenty or so illnesses, conditions and surgical procedures for over $500,000. With this coverage, insureds can also be reimbursed for home-care expenses.