Canada Life Increases Critical Illness Coverage

Canada Life has increased the maximum critical illness insurance coverage to $4 million, creating a new opportunity for clients who may have been underinsured.

Not long ago, the maximum was just $2 million and that simply didn’t meet some clients’ objectives. With today’s realities, including larger mortgages, higher living costs, and the potential need for treatment outside of Canada, coverage needs have changed.

Critical illness insurance plays a key role in protecting your financial plan. Before age 65, the likelihood of experiencing a critical illness is 2 to 4 times higher than dying. Roughly 2 in 5 Canadians will develop cancer in their lifetime and 1 in 4 people will develop heart disease, with approximately 160,000 heart attacks and 50,000 strokes each year. Because of this, critical illness insurance is arguably one of the most important bridges for financial security.

We recommend taking a moment to review your current coverage and make sure it still aligns with your goals and obligations. If you’d like help assessing whether your coverage is sufficient, we’re here to help. Please reach out to us now to discuss.