It helps to pay for medical care. You usually pay a monthly fee to get insurance coverage. That fee is called a premium. Provincial and territorial health plans in Canada cover most of your health care needs. Depending on where you live, they may cover hospital and doctor visits. It may not cover other health care or paramedical services. Some workplace health care plans may cover services that your provincial or territorial health care plan doesn’t cover. For example, prescription drugs, dental care and vision care. If you don’t have a workplace health care plan, you may consider getting personal health insurance.

• Pay for services that your regular health care plan doesn’t cover. For example:
  • Special nursing services
  • Ambulance services
  • Wheelchairs and other equipment
• Pay for your medical expenses if you become ill while traveling
• Supplement your income if you suffer a major illness or severe injury

Before buying additional health insurance, check your workplace health care plan so you don't buy coverage you already have.

Policy Considerations

• Your insurer only covers a percentage of the claim
• Your insurer only covers a maximum annual amount

Critical illness insurance usually covers a one-time lump-sum payment if you're diagnosed with a critical illness. The payment may cover expenses such as daycare, nursing, rehabilitation, or renovations to make your home more accessible.

Critical Illnesses May Include:

• Cancer
• Alzheimer’s disease
• Heart attack
• Stroke

These days, the majority of companies are offering protection for more than 25 illnesses. Certain products offer refundable options if there are no claims.

Important Considerations:

• The amount you receive as a benefit will depend on the amount of coverage you choose.
• Your insurance company usually pays you the benefit after the waiting period is over for the diagnosis.
• Insurance companies may differ in how they define critical illness and what conditions they cover.

Check with your licensed insurance agent to learn about which conditions your policy covers. Read the policy carefully before signing. Make sure you understand what your policy does and does not cover.

Disability insurance helps protect you and your family from an unexpected illness or accident. It provides protection if you’re unable to work and earn an income. Generally, disability insurance replaces between 60% and 85% of your income. It replaces your income up to a maximum amount, for a specified time if you:

• temporarily can't work
• are permanently disabled due to an injury or illness

Permanent refers to the nature of the disability. It doesn’t mean that you'll get benefits for the rest of your life. Many employers offer disability insurance. However, disability insurance plans are also available through a life and health insurance agent. If you're self-employed, you may want to consider getting disability insurance. It will cover many of your business expenses if you're unable to work. When buying disability insurance, make sure you understand the terms and conditions of the plan. Ask your insurance agent about anything you don't understand.