Why your clients need group critical illness coverage
April 2010
Group critical illness (CI) coverage from The Co-operators is an important part of a comprehensive benefits plan. Not only is it more affordable than individual CI coverage, but it also offers coverage that standard life and disability plans lack. Group CI completes an attractive benefits plan for your clients.
If your clients haven’t heard about CI or want to know why they should offer it to their plan members, here are a few important facts that may help them see its many benefits.
The probability of surviving a critical illness is high, but there can be unexpected costs.
Often, survivors of serious illness discover that their medical benefits don’t cover the costs of deductibles, rehabilitation, experimental treatments, lost income, or home modifications such as wheelchair ramps. With CI coverage, plan members won’t have to max out credit cards or dip into their RRSPs or other savings to cover the additional costs.
CI doesn’t replace other benefits, but complements them.
Life insurance protects a plan member’s beneficiary if the plan member dies, while disability insurance covers lost income for those unable to work. Critical illness insurance fills an important gap in coverage by providing financial protection for plan members who are diagnosed with and survive a critical illness, regardless of their ability to work.
Plan members are free to choose how they use a critical illness payment.
With no restrictions, plan members can use their payment to cover their mortgage or child care; pay for housekeeping or modifications to their home or vehicle; cover loss of income for a spouse who becomes the primary caregiver; or even pay for a relaxing vacation.
The Co-operators critical illness plan includes 19 covered illnesses including stroke, heart attack and life-threatening cancer. It’s available to groups with as few as three lives, and evidence of good health is not required. Contact your Group Business Development Manager for more information or to request marketing materials.
