Group Critical Illness Insurance

Group Critical Illness Insurance is usually part of a Group Health and Dental Program established by employers or administrators of organizations for the benefit and wellness of their employees or members. As an employer or administrator, you are able to determine the level of coverage available to your employees or members and can choose the percentage of premium your company or organization will pay, and how much your employees or members will pay.

Critical Illness insurance is a type of health coverage that provides your employees or members with a tax-free, lump-sum payout in the event that they contract a serious illness. It helps them pay for things that aren’t covered by OHIP such as alternative treatments, home modifications and certain debts that they will be unable to pay due to time off work. Critical Illness Insurance can also be added as a rider to their life insurance policy.

Qualifications

Your employees or members must fill out an application and answer medical questions. Fluid testing may also be required, along with other underwriting requirements.

Things that can be covered

Critical illness policies protect against specified medical conditions. Depending on the policy that you choose, your employees or members can be covered for 3 - 23 types of illnesses. The most common illnesses covered in Canada are cancer, heart attack, stroke, blindness, Alzheimer's, multiple sclerosis, organ transplants, kidney failure, and paralysis. It would be best to explore your options and see what works best for you and your employees and members.

Premiums based on

The average age and number of employees or members in your group.