Healthcare Costs on the Rise

With healthcare costs steadily rising, the financial impact of an unexpected illness or injury can be devastating if you don’t have adequate insurance coverage. Canada health insurance plans help protect you and your family by reducing your out-of-pocket medical expenses.

Bảo hiểm y tế

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What is critical illness insurance?

Critical illness insurance is coverage that can help Canadians or those living in Canada pay the additional costs associated with life-altering illnesses like cancer, stroke, heart attack and dementia.

What are the benefits of critical illness insurance?

Simply put, getting a critical illness can be very expensive. Critical illness insurance can help you pay for any expenses due to an illness that’s covered in your policy.

What are the benefits of critical illness insurance?
  • Helps pay for expenses that aren’t covered by your provincial or territorial health plan.

  • Provides a lump sum of money  for you and your family as you cope with a critical illness.

  • Reduces financial stress so that you can focus on your recovery.

How does critical illness insurance pay out?

Let’s say you become diagnosed with an illness covered by your policy and you survive the waiting period. In such cases, you’ll receive a lump-sum payment once your claim is approved. You can then use this money however you want and for any reason. For example, this can cover out-of-pocket expenses that may not be covered by your provincial or territorial health insurance, such as certain prescription drugs, mortgage, rent, short- or long-term care, etc.

How much coverage can you get?

At Sun Life, we offer two critical illness insurance products:  Sun Critical Illness Insurance and Express Critical Illness Insurance. These products offer different amounts of coverage.

  • Sun Critical Illness Insurance offers coverage from $25,000 up to $3,000,000 for adults and coverage from $25,000 up to $1,000,000 for children.
  • Express Critical Illness Insurance offers coverage for $25,000 or $50,000 for adults. Learn more about Express CII and get a quote.

How much critical illness insurance do you need?

The amount of coverage you need depends on your personal situation. Find out how much a critical illness can cost you and how much coverage you may need to financially protect yourself. Try our critical illness insurance calculator.

What does critical illness insurance cover?

It depends on the product you buy. Some policies will cover more critical illnesses than others.

Sun Critical Illness Insurance covers illnesses such as cancer, dementia, organ transplant, heart attack, stroke, paralysis and multiple sclerosis, to name a few. But you won’t receive any coverage if you’re diagnosed with a disease that’s not listed in your policy.

What is long-term care insurance?

Long-term care insurance provides a comprehensive income-style benefit when you become dependent. This helps protect you and your family financially.

Long-term care insurance can help cover the cost of care services in any environment, including:

  • a personal residence – like your own home,
  • a retirement home, or
  • a long-term care facility.

It can help cover the cost of care if you’re unable to care for yourself because of declining cognitive or physical abilities.

It can also help pay for assistance to manage your daily activities, for things like bathing and dressing. Or, if your cognitive condition has worsened and you need constant supervision to protect your health and safety.

How does long-term care insurance work?

Generally speaking, there are two options for long-term care insurance:

  1. Plans can be set up to reimburse specific expenses, such as homemaking or private nursing services.
  2. Or, your plan can be set to provide an income-style benefit. This means you’d get money on a regular basis and use it any way you choose.

How can long-term care insurance help you and your family?

Staying in a long-term care facility can cost thousands of dollars a month. And, government health care programs may not cover all of the support services you need.

Long-term care insurance can help pay for stays in nursing homes and chronic care facilities. It can also pay for rehabilitation and therapy programs.

Caring for loved ones at home can be a strain emotionally, physically, and financially. In some cases, it may mean taking time off work or leaving full-time employment to provide that care. Long-term care insurance can help relieve some of that stress. You can even use it to compensate family caregivers for the help they provide.

Some plans offer unique features, like:

  • the option to protect your benefits against inflation, and
  • the option to return premiums to your estate if you die before receiving any benefits.

With long-term care insurance, you and your family can focus on finding the best care for your needs, rather than worrying about how you’ll pay for it.

What is personal health insurance?

Personal health insurance (also known as individual health and dental insurance) is coverage that can help Canadians or those living in Canada cover the cost of preventive care or medical bills due to an illness. It can help pay for several health-related expenses, including:

  • prescription drugs to treat a chronic or serious health condition,
  • dental treatments such as teeth cleanings, braces, dentures and crowns,
  • vision-care needs such as eye exams and prescription glasses,
  • emergency travel medical services when you travel to another country,
  • physiotherapy to help with injury recovery, and
  • medical equipment to help with your mobility.

        Why do you need personal health insurance if you have government healthcare?

            Provincial and territorial health and drug plans in Canada provide coverage for certain health expenses. But there are gaps that can leave you with costly medical bills. If you were to get sick or injured, your government health plan may only cover a fraction of your medical bills. In some cases, you may not get              any coverage at all. This means you could be left paying out-of-pocket to cover various health-care costs.

With personal health insurance, you’ll get reimbursed for eligible health expenses. This can include medical, dental, vision and other health-care expenses that aren’t fully covered (or covered at all) by your provincial or territorial healthcare plan.