Humania Assurance may be best known for its online Life Insurance Application but did you know Humania offers Critical Illness Insurance as well! Let’s take a look at how Humania differentiates itself from other critical illness insurance companies in Canada.

Critical Illness Terms

Humania offers a wide variety of terms including 10, 15, 20, 25, 30, and level to age 75. With 25 conditions, Humania has a good amount of covered conditions with a high amount of term options available. Now, one thing that’s unique to Humania is their “Parental Compassionate Care Allowance”. This works like long-term care in the sense that you will receive a payment for a maximum of 12 months if your spouse or child becomes critically ill. This allows you to take time off work to take care of your loved ones. This will not payout on all illnesses, only severe ones. If your partner gets diagnosed with cancer and has a life expectancy of fewer than 12 months, this could payout. Or if they are diagnosed with a permanent loss of autonomy, this could payout. This would reduce your overall coverage if you then were to be diagnosed with any one of the critical illnesses you are covered for, however, Humania is the only one that offers this.

Survival Period

Humania is right in the average when it comes to survival periods on Critical Illness Policies, their survival period is 30 days which is the norm for the industry. And it is what it sounds like, you will need to survive for 30 days from the time you are diagnosed in order to file a claim.

Who is Humania Assurances best for?

This policy is best for anyone looking for Critical Illness insurance that also wants some financial protection in the case your spouse becomes critically ill and needs to be taken care of because of it.

PROS

• 25 covered conditions
• Multiple term coverages available
• Child coverage available
• Parental compassionate allowance
• ROP

CONS

• Partial Pay is only based on 3 conditions

As always, terms and conditions can change. Make sure to talk to your advisor before purchasing any coverage.

Foresters may not be the name you think about when you’re shopping for life insurance and critical illness however they have a good product when it comes to Critical Illness insurance. Let’s take a look.

Critical Illness Terms

Foresters offer a term 10, term 20, and a level pay to age 80 (which is unique for the industry). Often when we get asked why a level pay to age 80 as opposed to whole life or level pay to 100, is because it comes down to affordability. Level to age 80 will be more affordable than whole life or level to 100. Foresters back this up with the statistic that anyone over the age of 80 who suffers a heart attack, stroke, or cancer is more likely to passageway from the illness than someone in their 50s.

Survival Period 

The survival period on foresters plan is very common in the industry which is a 30 day survival period. Meaning in order to have a claim payout the insured will have to survive for 30 days past the diagnosed date. Again, this is common for the industry.

 

Who is Foresters Best for?

Foresters are most competitive around their term 10 and term 20 products. In some age categories, they are the most affordable plan. So if you are looking for term coverage, and a very standard policy Foresters might be the right fit for you.

PROS

• Partial payment for 8 conditions (15% up to $50,000)
• Return of premium option is available
• Unique Term-to-80 option available (could help you save on some costs)
• Child Cover available (with 5 additional conditions)

CONS

• Partial payout reduces final coverage
• No limited payment options available
• No permanent coverage

All in all, Foresters offers a fairly strong plan and puts foresters right in the middle of the pack. As always, plans and policies do change, and it’s always best to speak to your advisor before applying for coverage.

Are you applying for Life Insurance and having trouble finding your BMO routing number to complete your application? Well, you are in the right place, this short article will show you how to get your BMO routing number so you can finish your application and make sure your family gets the protection they are looking for.

What is a routing number you might ask? 

As you already know, a routing number is an 8-digit code used by the major Canadian banks. It represents the financial institution (e.g., TD Bank, BMO, Tangerine, etc) and the specific branch (where that bank is physically located) that’s associated with a bank account. Along with your routing number is a branch number. The branch number is also known as the transit number. It’s 5 digits long, and it corresponds to the BMO branch that your bank account is based at. And it’s okay if that 5 digit number represents a branch you currently do not do your bank through. The institution number is 3 digits that is used to identify the bank your account is with. BMO institution number is 001. When combining all three, the routing number, the transit number, and the institution number your life insurance provider will have all the information they need to know which institution you wish to withdraw your premiums from. The only other information they will need is your account number. This allows them to know which bank account at that specific branch to take your payments from.

How do you find your routing number? 

The easiest way is to look at a blank cheque. At the bottom, you will see a 3 digit number. This is the cheque number and it shows you how many cheques you have used. From there you will see the 5 digit number, if you remember, is the transit number. Also known as the branch number. Next another 3 digit number. This will be your Financial institution number. This number is only three digits long and as we discussed BMOs is 001. The next setup number should be (on most cheques) the 4 digit destination number. This is for internal uses at BMO. Not something you would need on your application. Last is your Account number.  This is normally a 7-9 digit long number. And this number is specific to your bank account. Where all BMO clients will use 001 as the institution number. This account number is unique to you.

What if you don’t have a cheque handy?

Some people don’t have cheques and it’s become more common not at all. You can just look it up using your BMO online banking account. Here’s how to find it:

1. Log in to your BMO online banking account. (Google it if need be) 
2. Click on the “My Accounts” tab at the top of the page.
3. On the left side of the page, select the account that you want your routing number for.
4. You’ll see your branch number and institution number in the blue box at the top of the screen. Another way to get this information is to click on the “void cheque” link. Then simply download a PDF of a void cheque with your routing number and account details on it.

Why do I need to use my BMO routing number?

This is the easiest way insurance companies can withdraw your premiums. Once you have it set you don’t need to worry about it anymore. Back before banking was done electronically, insurance advisors would have to drive around every month and pick up cheques from their clients every month for their coverage. This process of using your routing information is much simpler even if it doesn’t seem like itAs

Equitable Life of Canada offers multiple term lengths which can help you find some flexibility in your coverage. Couple that with their options for children’s critical illness coverage and you have a good fit for anyone looking to get coverage for themselves and their families.

Critical Illness Terms 

Unlike many of the top critical illness insurance companies in Canada on our list, Equitable Life has a partial payout option for a hand full of their conditions. What this means is you could receive a partial payout if you have a licensed medical professional diagnose you with a condition before the 30 day survival period takes effect. Equitable Life partial payout is 15% of the coverage amount up to a maximum of $50,000. This can help with the unexpected cost associated with some critical illnesses.

Survival Period

Nothing special here, Equitable life has a 30 day survival period. This is the most common time frame for the insurance industry. What this means is if you are diagnosed with one of the 25 conditions they cover you will need to wait for 30 days before filing a claim.

Who Is Equitable Best For?

Equitable life is a good company. Based on their pricing and terms they offer a very run-of-the-mill critical illness coverage. It is always best to understand why you are looking for coverage and then find the best company for your specific needs.

PROS

• 25 Conditions covered under their policy
• Multiple terms available including Term 10, to age 75 and to 100
• Generous partial benefit payouts (this is where they are strong)
• Return of premium options (think of it like a forced savings account that gives your protection)
• Children’s critical illness coverage

CONS

• No limited pay options
• No second option
• Hard to understand the online client portal

As always, coverages and conditions change. It’s always best to speak with a licensed representative before applying for any coverage.

Empire Life comes to the table is a good range of products. This includes a multi-life policy which is rare for Critical Illness policies. Let’s take a look.

Critical Illness Insurance Terms

Empire Life has 3 term lengths. Term 10, Term 20, and level to age 75. This lineup is fairly normal compare to other top critical illness companies in Canada.

Other Features 

Empire Life has a maximum coverage of $2,000,00 per insured. Because empire life has a multi-life option you could have a max of $2,000,000 per insured. Another option Empire life has is an early detection payout. Depending on your condition, you could receive $5,000 – $50,000 in payout to help with early medical bills.

Survival Period 

Empire life is right in the middle of all insurance companies with a 30 day survival period. Meaning from the time you are medically diagnosed with one of their 25 conditions you have to survive 30 days in order to receive the critical illness benefits. This again is very normal for the critical illness space.

Who is Empire Life best for?

Empire Life might be the right fit for a couple looking for CI. Empire Life has an easy application process for couples.

PROS

• High coverage amounts available (Max $2,000,000 of coverage per person)
• Comprehensive: 25 conditions covered (very common for the industry)
• Multi-life coverage available
• Generous partial benefit payouts (6 conditions that could have partial benefits paid)

CONS

• No whole life coverage (term 75 is as close as they get)
• No limited pay options
• No Return of premium on death (ROPD)
• No coverage for children

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

If you are looking for the top critical illness (CI) insurance companies in Canada for 2021 you have come to the right place. We know critical illness can be confusing and so our goal with this post is to give you an simplified view of critical illness insurance, and why you should consider CI, how it works and which companies are best. Let’s get into it.

What is critical illness insurance?

Critical illness insurance provides a lump-sum payment to you (tax-free) in the event you become diagnosed with a critical illness. The specific critical illnesses differ from company to company as we will see but for now, know the major illness covered are:

• Heart attack 
• Strokes
• Coronary bypass surgery 
• Cancer 
• Plus many other conditions depending on your coverage
   

Critical illness insurance works like many other coverages, you pay monthly a specific amount (known as your premium) which gives you a specific amount of coverage (known as the living benefit). In the event, you are diagnosed with one of the conditions in your policy you will receive the living benefit.

For example, James had a $100,000 critical illness policy he paid $64 a month for. James suffered a heart attack and even though he was expected to make a full recovery the insurance company paid him the $100,000 living benefit Tax-free.

Why should you get critical illness insurance? 

Critical illness insurance gives you the financial protection you and your family need should you suffer a severe health condition.

With more and more Canadian every year become diagnosed with cancer, heart attack, and strokes, unfortunately, CI is the protection you need. Cancer rates are now 1 in 2 for men and 1 and 3 for women. 9/10 Canadians have at least 1 risk factor for heart conditions, stroke, or vascular cognitive impairment.

The odds are you are more likely going to need it than not. This is why some people refer to CI as the lottery you don’t want to win.

Top insurance associations in 2021

• Assumption life 
• BMO Insurance 
• Canada Life 
• Desjardin 
• Empire Life 
• Equitable Life 
• Foresters 
• Humania 
• IA 
• Ivari
• Manulife 
• RBC insurance 
• SSQ 
• Sunlife

Assumption life 

Living Benefits solutions with Assumption life help you focus on providing you protection should something unfortunate happen.

PROS

• No medical exams
• For individuals 18-60
• Term options 15,20,25, or up to age 70
• Electronic application

CONS

• Coverage ranges only from $10,000 to $100,000
• No children coverage options
• No whole life coverage options

BMO Insurance 

The Bank of montreal is one of the largest insurance companies in Canada (although this is through their insurance division which  receive business through their bank).

PROS

• Term coverage from 10, 20, to age 75 and age 100
• For individuals 18-64
• Plans offer 25 conditions
• Coverage up to $1,000,000
• Whole life insurance option
• Return of premium option available

CONS

• No coverage for children
• No second even coverage
• No non-medical options available

Canada Life

Canada Life might be slightly more expensive than some of the options on this list, however, they do come with some extra benefits.

PROS

• Coverage up to $2,500,000
• For indivudals 18 – 65
• Plans cover 25 conditions
• Instant approval option
• Return of premium options
• Children CI options
• Second event coverage options
• Whole life options

CONS

• Return of premium options are expensive
• Loss of independence options are added as riders to the policy

Desjardin

One of the most comprehensive coverages on our list. Desjardin has made itself a powerhouse in the critical illness space.

PROS

• 26 conditions that offer a full payout
• For individuals 18 – 54
• Partial benefits payout for non-life-threatening options
• No survival periods on most policies
• Whole life coverage available
• Tem options 10,20, to age 75
• Children coverage available

CONS

• No second event coverage options
• Longer underwriting periods compared to other companies

Empire Life 

Empire life only offers term options compared to other companies that might offer whole life options. However, Empire offers a unique couple of options.

PROS

• For individuals 18 – 65
• Term 10 and Term 20 options
• Large coverage amounts
• Couples can get a policy that protects both lives

CONS

• No whole life options
• Coverage ends at age 75
• No return of premium options

Equitable Life 

PROS

• For individuals 18 – 55
• Coverage up to $1,000,000
• Return of premium options
• Children critical illness option
• Online account access

CONS

• No whole life options
• No second event options

Foresters 

Foresters made the list because it is one of the most affordable options out there. However, it not due to strong pricing, it’s due to their lack of benefits. With only 6 conditions this policy is for people looking for basic coverage.

PROS

• For individuals 18 – 55
• Return of premiu option available
• Easy application for low coverage amounts (under $25,000)

CONS

• Coverage up to $100,000
• Only 6 conditions covered
• No whole life options

Humania 

Humania is one of the more comprehensive options out there. With a very easy application, most of their coverage can be purchased online.

PROS

• 37 conditions covered
• Coverage ranges from $25,000 to $1,000,000
• Coverage from children at lead 30 days old up to age 60
• Return of premium options

CONS

• Only 3 conditions have a limited pay outcome
• No life time pay options

IA 

With so many add-on and rider options that match or beat other company’s offerings, Canadians can tailor-fit a critical illness policy suited to their exact needs. Policyholders also have a “reducing” option which gradually decreases the overall amount of the benefit payment over its early years until it reaches 50% of the original benefit amount.

Industrial Alliance is a perfect fit for those looking to use critical illness insurance to cover mortgage payments.

PROS

• Coverage available for children
• Adult coverage from age 18 – 65
• Comprehensive 25 conditions
• Lifetime coverage and limited pay options
• Decreasing coverage options (for mortgage protection)
• Guaranteed coverage option (to increase coverage later on if needed)
• Generous partial payout options

CONS

• No second event payouts
• No long term care conversion options

Ivari 

Ivari is becoming known for taking care of their existing clients. For people who have multiple policies with Ivari, you can add  up to $2 million in critical illness coverage as a rider. Which in turn, will save you up to 15%.

PROS

• For individuals 18-55
• Early detection benefits available
• Children coverage options
• 25 conditions covered

CONS

• No limited pay options
• No whole life options

Manulife

Manulife has been a contender in the critical illness space for many years. This holds true going into 2021 as they have a wide variety of options available.

PROS

• Coverage up to $2,000,000
• Whole life options
• 25 conditions
• Return of the premium option
• Limited pay options
• Payment for the temporary loss of independence

CONS

• Some of their riders make plans more expensive
• No children coverage options
• No second even coverage options

RBC insurance 

If you are later in life, RBC might not be the best fit for you. However, if you are under the age of 50 RBC offers a rather large amount at a relatively low cost (depending on your term lengths)

PROS

• Coverage up to $3,000,000
• For individuals 18-50
• Can convert coverage into long term care
• Generous partial payouts

CONS

• No life pay
• No return of premium on expiry
• No children coverage options

SSQ 

SSQ is a Quebec-based company that has made some massive improvements to its policies in recent years.

PROS

• For individuals age 18 – 65
• Coverage up to $1,000,000
• Term 10,20, 75 and 100 options availbe
• 25 conditions covered
• Return of premium options are available
• Limited pay options

CONS

• No long term care options available
• Return of premium options are expensive

Sunlife

Sunlife might be the company on this list that has spent more time and money on online advertising than anyone else. With that, they have taken a look at what clients are looking for when it comes to CI and they, in turn, have a very comprehensive option.

PROS

• 26 conditions
• No survival periods on most of their policies
• Whole life options
• Limited pay options
• Children coverage available

CONS

• Limited options for short term coverage
• Longer approval periods than some companies on this list