Critical Illness Insurance
As Canadians, weâre lucky to have universal health care. But a serious illness can come with unexpected costs: time off work, travel for treatment, modifications to your home, or help with childcare. Focus on recovery â not your finances â with Critical Illness Insurance.
Who Benefits From Critical Illness Insurance?
The short answer? Anyone in their working years with bills to pay or loved ones who depend on them, including:
Individuals & Parents
Primary income earners, stay-at-home parents, parents of young children, homeowners, or those without a financial safety net
Family History of Illness
Those with a genetic predisposition to serious health conditions, including cancer, heart disease, or stroke
Business Owners
Entrepreneurs with no employer-provided insurance or health benefits
What About Critical Illness Insurance for Children?
At Serenia Life, we understand that nothing matters more than your childâs health and well-being. Thatâs why weâre proud to provide protection for 7 childhood illnesses â more than most insurers in Canada. For many parents, the reason for choosing critical illness coverage for their child is the same as it is for themselves: peace of mind. Should your child be diagnosed with a serious illness, a tax-free payout can help ease the financial strain, and can be used to cover costs such as:
- Lost income due to time off work
- Costs for alternative treatments or medications, or options that arenât covered by your provincial healthcare plan
- Home modifications or medical equipment (e.g., wheelchair and ramp)
- Keeping up with everyday expenses
How Does Critical Illness Insurance Work?
With Serenia Lifeâs Critical Illness Insurance, getting a payout for a covered critical illness looks like this:
Diagnosis
In the event you are diagnosed with a covered critical illness, check your policy or speak to your advisor to make sure you meet the criteria to make a claim.
Submit a Claim
Request a Serenia Life claims kit, then gather medical reports or proof of diagnosis, and complete any forms required to submit your via email or regular mail.
Receive a Payout
Once approved, you will receive a one-time, tax-free payout, typically in 3 to 5 business days.
Use the Funds
Cover your everyday expenses, medical costs, lifestyle changes, childcare fees, or home modifications â itâs up to you!
Diagnosis
In the event you are diagnosed with a covered critical illness, check your policy or speak to your advisor to make sure you meet the criteria to make a claim.
Submit a Claim
Request a Serenia Life claims kit, then gather medical reports or proof of diagnosis, and complete any forms required to submit your via email or regular mail.
Receive a Payout
Once approved, you will receive a one-time, tax-free payout, typically in 3 to 5 business days.
Use the Funds
Cover your everyday expenses, medical costs, lifestyle changes, childcare fees, or home modifications â itâs up to you!
Why Choose Serenia Life for Critical Illness Insurance?
At Serenia Life, we provide a tax-free, lump-sum payout so you can make up for lost income, cover expenses, protect your savings, and focus on what matters most: getting better. Plus, we offer:
Comprehensive Coverage
Coverage for a wide range of critical illnesses, including 26 adult illnesses and an additional 7 childhood illnesses1.
Income Replacement
A tax-free, lump-sum payout means you may not have to dip into your savings to cover lost income or unexpected expenses.
Customized to Your Needs
Whether you want coverage for your entire career, payments with an end in sight, or a renewable term, youâve got options.
Money-Back Feature
For a few extra dollars a month, opt for extra peace of mind â knowing youâll get your money back if you never use your coverage.
The Flexibility to Choose
Use the payout however you see fit â for unexpected travel or treatment, accommodations, hospital parking, or simply keeping up with your everyday expenses.
Unique Member Benefits
Support your family, your community, or a cause that you care about with our collection of unique member benefits2.
Coverage Options
When it comes to critical illness coverage, you’ve got options. Not to mention, you can add a money-back feature, called a Return of Premium rider, to your plan at the time of purchase. Not sure which is right for you? Learn more about each term length below, or speak with a Serenia Life Financial advisor.
Term 20
This medium-term coverage is ideal for young families raising children, contributing to a mortgage, or paying off other debts. It’s also a great option for business owners with significant financial commitments.
Note that coverage automatically renews every 20 years, until age 75 when the policy expires.
Term to Age 75
This longer term coverage is ideal for those in their working years looking for protection until retirement. It’s also a great option for parents or grandparents who want to ensure their children or grandchildren are financially protected for the long term.
Note that your payments never change until coverage ends at age 75.
20-Pay Term to 75
This limited-pay, long-term coverage is ideal for young professionals, parents, high-income earners, or business owners who want longer coverage while locking in payments for a limited period
Note that your payments stop after 20 years, but coverage remains until age 75.
Money-Back Feature: Return of Premium Riders
No buyerâs remorse here! If youâre worried you may never use your Critical Illness Insurance coverage, you can pay a little extra to add a Return of Premium (ROP) rider3 onto your policy at the time of purchase â that means youâll get all of your money back if certain conditions are met.
If these are your concerns, youâve got options:
Go for: Return of Premium on Surrender (ROPS)
How it works: If you cancel all or surrender part of your policy on or after the 20th policy anniversary, and before you receive a payout for a claim, you will get 100% of the money you invested into this policy back, without interest.
Product this is available with: Term to Age 75 (if purchased between the ages 18 to 50)
Go for: Return of Premium on Expiry (ROPE)
How it works: If your policy expires nearest your 75th birthday, and before you receive a payout for a claim, you will get 100% of the money you invested into this policy back, without interest.
Product this is available with: Term to Age 75 (if purchased between the ages 18 to 60) and 20-Pay Term to Age 75 (if purchased between the ages 18 â 50)
Go for: Return of Premium on Death (ROPD)
How it works: If you pass away before you receive a payout for a claim, your beneficiaries will get 100% of the money you invested into this policy back, without interest.
Product this is available with: Term 20 and Term to Age 75 and 20-Pay Term to Age 75
Support When You Need It Most
Critical Illness Insurance provides financial protection for lifeâs What ifs. It doesnât matter if you call it âpeace of mind,â like Sarah, or a âbackup plan,â like Ben â all that really matters is that critical illness coverage provides you support when you need it most.
Sarah’s Story
âThe payout gave me peace of mind. I didnât have to stress about money while dealing with cancer. It let me choose what was best for my health and my family â not just what I could afford.â
Ben’s Reflection
âI didnât buy this policy thinking Iâd ever need it â it was more like a backup plan. But when MS turned my life upside down, that cheque gave me choices and dignity. It let me take time off, get the care I needed, and still stay financially stable.â
Helen’s Case
âFor a few extra dollars a month, I added a money-back feature to my critical illness coverage. Lucky for me, I never had a critical illness, and my policy has now expired â which means I have a large sum of money that Iâm going to use to help my grandchildren cover their post-secondary tuition costs.â
Ready to protect your finances?
Fill out this short form for Serenia Life’s Critical Illness Insurance, and we’ll connect you with an advisor.
Disclaimers
1 View a full list of covered illnesses
2 Serenia Life Financialâs member benefits and programs are not contractual. They are subject to change and maximum funding limits.
3 Get the money you paid for your coverage back in the event of policy surrender (ROPS), expiry (ROPE), or death (ROPD); Return of Premiums (ROP) are optional benefits available for an extra cost at the time a policy is issued. Not all ROPs are available for all coverage lengths; speak to a Serenia Life advisor for more information.
25% Off – Terms & Conditions: All critical illness insurance policies purchased will receive 25% off their first-year premium, up to $500. Clients paying monthly will have premiums waived for the first 3 months or up to $500, whichever comes first. Clients paying quarterly will have their first premium payment waived or reduced by $500, whichever comes first. Clients paying annually will have their first payment reduced by 25% or $500, whichever comes first. Once a written case is issued and qualifies for a first-year premium reduction, it will not be eligible to qualify again. Clients will be billed for this portion right from date of issue.
