Making the Case for Critical Illness Insurance
Published: Jan 29 | 2019
Modified: Jan 31 | 2019
At Benefits by Design (BBD) Inc., we believe in the benefits of benefits (that’s sort of our thing). However, there’s one benefit that’s been receiving more and more attention lately that we want to talk about: Critical Illness Insurance.
What is Critical Illness Insurance?
Critical Illness (CI) Insurance covers plan members and their dependents for unexpected serious illnesses from a predetermined list of covered conditions. Upon diagnosis of one of the covered conditions, and after the applicable waiting period has expired, the policyholder receives a tax-free lump-sum payment.
CI Insurance is designed to protect plan members and their dependents from the financial hardships associated with serious, sudden illnesses and allow them to focus on recovery.
We Know It Works Because We’ve Used It
Although we administer group benefits plans for over 3,000 businesses across Canada, we’re also employers ourselves.
We offer Critical Illness Insurance as part of our own group benefits plan, and we’re thankful we do. Over the years, we’ve had employees make claims for serious illnesses that, without coverage, could have led to increased stress and financial strain.
Being with those employees through their struggle of diagnosis, treatment, recovery and an eventual return to work has proven to us the merits of CI Insurance. The lump-sum payment helped relieve the financial stresses associated with serious illnesses like medical costs or loss of income so that they could focus on their recovery.
Illustrating the Importance of Critical Illness Insurance
We’ve created a new resource to illustrate the importance of Critical Illness Insurance when it comes to protecting employees. We discuss the advantages of the benefit, what it covers, as well as the rising incidence rates of critical illness in Canada.
We also share the true story of a Benefits by Design employee who received a cancer diagnosis and how her own coverage brought her and her family peace of mind. You can check out the e-book below and download a copy of your own underneath!