Desjardin has had a very strong Critical Illness policy for many years now. Let us take a quick look at why that might be.

Available Critical Illness Insurance Terms

Desjardin has a wide range of available terms. With Desjardin, you have access to terms 10 and term 20. As well as the level to age 65, 75 and age 100. This gives you a large range of terms to choose from.

Other Features 

Their loss of independence is a little different than everyone else. They offer partial payouts for 15 different conditions. The payout is typically 15% of the policy up to $50,000, though they also offer a 1% payout for certain cancers up to a max of $5,000. This is in the policy, to begin with, so for no extra cost, you get an added benefit.

Along with this, Desjardin has a very high coverage amount where you can apply for 3 Million of coverage. When compared to other large companies who only offering 2.5 Million (some only $50,000 or $100,000).

Survival Period 

The survival period or how long you must survive with the illness before you can collect your benefit is 0 days for most conditions, though they do have a 30-day wait for those who suffer from cardiovascular conditions. Desjardin has talked about making changes to this, so it is best to check before applying.

Who is Desjardin best for? 

Desjardin has a strong product lineup. Unlike some of their competitors, they have managed to keep their prices down. So you get a lot of benefits for no extra cost. Because their coverage is high you may see more business owners looking to Desjardins for coverage.

PROS

• The highest number of conditions covered (26 full payout illnesses)
• Generous partial benefit payouts (most number of covered partial conditions)
• Multiple coverage amounts and multiple terms possible
• No survival period on most conditions (except cardiovascular)
• Whole life coverage and limited payment options available

CONS

• Partial payment is an advance and reduces overall coverage
• No second event coverage: Policy terminates after first claim payout

As of March 2021, Desjardin has a very strong product. One of the best overall coverages in the market. Because they are so strong, we recommend double-checking with your advisor before applying as coverage may change.

With Canada Life being one of the largest critical illness insurance companies in Canada they tried to create something for everyone. Let’s take a look to see how Canada Life Critical Illness insurance stacks up.

Available Critical Illness Insurance Terms 

With Canada Life, they don’t offer as wide a range of available terms as some of the other companies. However, they have terms that are 10 years, to age 75, and to age 100 that are available. A large number of people who purchase CI purchase a term 20, so the fact that Canada Life doesn’t offer a term 20 might be a reason to look at other options.

Other Features

Canada Life Critical Illness Insurance has many other features when it comes to its CI policies. Some of those features include:

• Limited pay options (15 and 20 pay options available)
• Loss of independence 
• Partial Payment 
• Large coverage amounts (up to $2.5 Million) 

Survival Period

One major difference with Canada Life CI policies is their Survival Period. With most companies’ survival period being 30 days where Canada Life has a 0 day survival period. This is still unique in the industry. Now keep in mind, you still need a licensed doctor to diagnose your conditions, which can still take some time. But unlike most companies where you will need to wait 30 days before filing a claim you can do so right away with Canada Life.

Who is Best for Canada Life?

Canada Life has a very strong product. Where they fall short is price. Canada Life is not competitive on price. That may be because they have 0 day survival period. So you end up paying a little more for the added benefit.

PROS

• Large coverage amounts (up to $2.5 Million of coverage)
• 25 covered conditions
• No survival period (on most conditions)
• Partial benefit payouts (on specific conditions)
• Limited pay and return of premium options available (15 and 20 years)
• Child critical illness coverage is available
• Second event coverage is also available

CONS

• Loss of independent existence is a separate rider with additional cost
• Return of premium riders are expensive
• No term 20
• More Expensive than most of their competitors

Canada Life comes to the table with a very strong CI product. If you are looking for benefits Canada Life is a good company to look at. Yes, their price is a little more than others however,  you have to think, you get added benefits for this policy.

BMO is one of the more well-known names on our lists, however, you always have to ask yourself if the name is what is best for you. When it comes to insurance big banks often have a large client base, but that doesn’t always mean they are competitive in the insurance space. So let’s take a look BMO Critical Illness Insurance:

Available Terms

BMO Insurance offers a wide variety of terms including term 10, term 20, and both to age 75 and age 100. This is a normal selection that allows a wide range of clients to find a policy that fits them. This mixed with the fact that you can apply up to $2.5 Million of coverage, makes for a fairly competitive option when comparing to other critical illness insurance companies in Canada out there.

Other Features

BMO also offers several other features including:

• 15-year limited pay options
• Partial payments for eligible conditions
• Return of premium on death
   

Survival Period

The survival period is the amount of time you need to wait before the critical illness benefit will be paid out. Like many companies on our list, BMO has a 30 day survival period.

Who is BMO best for?

BMO (as of March 2021) has a fairly strong offering. They have a wide variety of term lengths and coverage amounts as well as some extra features should they be important to you. What you should do before applying to BMO is look at your other options. Although BMO offers a wide range of options, it always comes down to price. When we look at the affordability of BMO policy there is normally another company that will offer the same term length and coverage amount that will be more affordable.

PROS

• Comprehensive 25 conditions covered (Which is very normal for CI policies)
• High coverage amounts (up to $2.5 Million in coverage)
• A wide number of term lengths
• Limited pay options

CONS

• No online portal for clients
• No coverage for children (if that is important to you)
• A little more expensive than other insurance companies

Final thought. With CI plans are always changing. Depending on when you read this, coverage amounts, term lengths, and conditions could have changed. Its always recommended to double-checking with your advisor before applying.

While the maximum amount of coverage offered is lower than Canadian-based insurance companies, Assumption Life’s Critical Protection product also offers a non-medical option that cuts down on waiting times and gets you covered faster.  Assumption Life also has a fully underwritten product (which we’ll get into), but their simplified issue Critical Illness Insurance is one of the few such critical illness plans available in the industry.

Available Insurance Terms

Assumption life CI has some different term choices. The term choice is 15 years, 20, year 25 years, and age 75.  Limited pay option are available, meaning at some point in the future you can stop paying and your coverage will still be there. There is an option with Assumption life that is a 20 pay option however, keep in mind that would only keep coverage on you to age 75 (best case scenario).

Other Features

If you have been shopping for CI before you know there can be quite a few features on your policy that may be important for you. Assumption life doesn’t have many features outside of the cut and dry policy. There is no loss of indecent existing coverage, no partial payouts, and no childhood illnesses coverage. Which are available with some larger companies.

Survival Period 

As hopefully, you know by now, with CI policies there is a survival period you must wait for before the benefits are paid out. With Assumption Life, the survival period is only 30 days. For example, if Jacob suffers a heart attack. He would need to wait 30 days in order to file a claim with Assumption life.

Who is Assumption Life best for? 

Assumption life is best for people who need coverage for a short period of time and a relatively low amount of coverage. Remember with Assumption life the most amount of coverage you can apply for is $100,000. So for anyone who feels that $100,000 is enough coverage and is looking for a plan with a fairly easy application process, Assumption life might be a good fit. However, it is always best to compare plans with other companies to make sure you found the best one for your specific situation.

Pros

• Simplified issue option (can be done over the phone)
• No medical option
• A quick and easy electronic process
• Some coverage has an instant approval  option
• Shorter-term coverage options available
• Limited pay and return of premium options available

Cons

• A limited number of covered conditions (16 conditions) (max of $100,000 of coverage)
• No partial payment for non-life-threatening illnesses
• No children’s coverage
• No whole life coverage