Mental Health
1 in 5 people in Canada will personally experience a mental health problem or illness4
Critical Illness Insurance | Chubb
Critical Illness Insurance
- Stand-alone mandatory and optional plans available
- Solutions for groups of all sizes
- Available as an optional benefit rider to complement an AD&D plan
What is Critical Illness Insurance
Individuals who deal with critical illnesses such as cancers, strokes, and kidney failure are faced with the reality that life doesn’t pause once a diagnosis is issued. Mortgages, bills, and other expenses still need to be paid—and treatments and medical care could lead to further unexpected costs.
Chubb’s Critical Illness Insurance provides cash benefits to help cover out-of-pocket medical and non-medical expenses. Insureds can use the lump sum benefit payment for any purpose they choose: deductibles, child care, transportation costs for themselves or family members, loss of income, or any other financial need.
This makes it possible for individuals to focus on quality of life—instead of the cost of living.
What It Covers
Cancers/Tumors: Type 1 Cancer, Type 2 Cancer
Heart and Circulatory: Coronary Artery By-Pass Surgery, Heart Attack, Heart Valve Repair/Replacement Surgery, Stroke
Paralysis and Other Loss of Use: Blindness, Paralysis, Coma
Transplants: Major Organ Transplant, Total Loss of Kidney Function (Renal Failure)
Mental Health Coverage
Mental Health Matters.
In response to this pressing need for improved support and resources, Chubb has enhanced its coverage to directly address this urgent issue. Chubb is proud to be the first insurer in Canada to offer a Mental Health Hospitalization Benefit on a CI policy.*
Statistics
Why Critical Illness Insurance?
Kidney Failure
Chronic kidney disease (CKD) is a major health problem affecting approximately 4 million Canadians3
Stroke
Someone has a stroke every 5 minutes in Canada2
Cancer
Roughly 655 people were projected to be diagnosed with cancer each day in Canada in 20231
Plans
The Chubb Solution
Mandatory Plan
- Guaranteed issue limits: 5-9 lives - up to $50,000, 10-49 lives - up to $100,000, 50-99 lives - up to $200,000, 100+ lives - up to $250,000
- No pre-existing condition provision or 90 day Cancer moratorium for groups over 75 lives.
- All groups under 75 lives – 6/6 Pre-existing Exclusion period
- Family Plan coverage option
- Standard termination age: 70 with the option to increase to 75 with a 50% reduction at age 70
- We can arrange to include CAREPath Cancer Assistance program.
Optional Plan
- Guaranteed issue amount up to $50,000 on an optional basis, regardless of group size
- Overall coverage limit to $250,000 (benefit amounts in excess of $50,000 subject to medical evidence)
- Minimum participation requirement: 5 insured lives
- Coverage available to employees and their spouses
- Add your children to the plan, 1 premium covers all kids.
- Standard termination age: 70
FAQs
FAQs
Critical illness insurance is a type of insurance that provides policyholders a cash benefit if they are diagnosed with a covered critical illness condition. The coverage can help cover the out of pocket expenses associated with medical emergencies and illnesses.
Contact a member of our team to start a quote.
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