Critical Illness Insurance

Protect your Finances and Focus on Recovery

A critical illness protection plan is a comprehensive insurance product that shields you from the financial burdens that often accompany a severe illness. Critical illness insurance is a living benefit that pays a lump-sum amount to you as the policy owner (not to your dependents) based on your survival of a critical illness. When we think of insurance, the term “Life Insurance” can be confusing. In reality, Life Insurance is actually death insurance. It pays a beneficiary upon your death.

Critical Illness insurance, on the other hand, is life insurance. It pays you benefits when you need help. The product is designed to protect you, your family and/or business in the event of a critical illness and assist with your physical and financial recovery. It ensures you maintain a quality of life and promotes independent living.

Benefits of Insurance

  • Most insurance products offer creditor protection
  • Can protect your family against sudden loss
  • Provides an important part of your estate planning

Here’s Where We Can Help!

Our professional financial advisors will prepare an analysis to first help you determine your insurance needs. Then, we help you decide on the protection that is best for you.

CONTACT US TODAY

Related Information

  • Types of Critical Illness Insurance

    Learn about the Different Types of Critical Illness Insurance

    A tax-free lump sum of money is paid if you survive for 30 days* after the diagnosis of one of the listed covered illnesses. There are three plans to choose from:

    1. Ten Year Renewable and Convertible Plan (Renewable to age 75, Convertible to age 65)
    2. Level to 75 Plan
    3. Lifetime Level Plan
  • Critical Illness Insurance FAQ

    Frequently Asked Questions About Critical Illness Insurance

    In this FAQ, we answer the most common questions asked about critical illness insurance. If you have any specific questions, send us an email and we would be pleased to help.

    CONTACT US

    What types of illnesses are covered?

    It is important to understand that not all illnesses are covered and all carriers do not cover the same illnesses. The plan you choose determines the critical illnesses that are covered.

    Types of Illnesses Typically Covered

    CancerAlzheimer's Disease
    Heart AttackParkinson's Disease
    StrokeComa
    Coronary Artery Bypass Surgery Loss of Speech
    ParalysisSevere burns
    Multiple SclerosisOccupational HIV
    Kidney Failure Loss of Limbs
    BlindnessMotor Neuron Disease
    DeafnessBenign Brain Tumour
    Major organ transplant Angioplasty

    What is the difference between critical illness insurance and disability insurance?

    It should be noted that critical illness insurance is NOT the same thing as disability insurance. The following chart indicates the main points of difference.

    Type of FundCritical Illness Insurance Disability Insurance
    When PaidSpecific IllnessWhen you can't work
    How PaidLump SumMonthly Income
    End of BenefitsN/AWhen Return to Work
    Proof of ClaimMedical CriteriaWhen Able to Work
    Residual DisabilityFull Payment RegardlessReduced or None
    Continual CoverageNo, One Claim OnlyYes, Future DI Claims

    Are benefits paid if you make a full recovery from an illness?

    The benefit is not based on your inability to work or the severity of your condition. Payment is made in full – even if you fully recover.

  • Insurance Companies Represented

    Through GP Capital Insurance Agency Ltd., we offer a wide variety of insurance products from 15 leading insurance companies to satisfy individuals, families and business owners. With every new stage of life comes a need to review your insurance plan.

    Life Insurance Companies Represented

    ASSUMPTION LIFEHUNTER MCCORQUODALE
    BLUE CROSSINDUSTRIAL ALLIANCE INSURANCE
    BMO INSURANCEHumania Assurance
    Canada LifeManulife Financial
    DESJARDINS FINANCIAL SECURITYRBC Insurance
    EMPIRE LIFESun Life Financial
    Equitable LifeIVARI
    FORESTER LIFE

    Segregated Funds Represented

    Invesco Segregated FundsGreat West Life Assurance Co.
    CI Segregated FundsMackenzie Segregated Funds
    Canada LifeStandard Life
    Empire LifeTD Guaranteed Funds

    If you have any questions about purchasing critical illness insurance, send us an email and we would be pleased to help.

    CONTACT US

Important Information

GP Wealth Management offers insurance products through GP Capital Insurance Agency Ltd.

Investor Protection

Insurance products provided by GP Capital Insurance Agency are covered by Assuris.

LEARN MOrE

Client Relationship Document

We’ve developed a plain-language document that describes the relationship between you and your GP Wealth Financial Advisor or Planner.

DOWNLOAD THE DOCUMENT

GET ON-LINE ACCESS

To obtain access to your accounts, email us or contact us at 1-800-608-7707 ext. 242.

© 2022 GP Wealth Management. All rights reserved.