Got questions about critical illness insurance? CLHIA's latest consumer guide has answers to help you

TORONTO, Feb. 22, 2024 /CNW/ - A brand new guide from the Canadian Life and Health Insurance Association (CLHIA) is helping Canadian consumers better understand the benefits of critical illness insurance, how it works, and the financial security that it offers.

"Over 2 million Canadians have critical illness protection through individual or group plans," Stephen Frank, president and CEO of CLHIA said. "This new guide explains the important role this type of insurance plays in giving people greater financial choices in the event they are diagnosed with a serious condition."

This kind of insurance pays out a non-taxable lump sum if a policyholder is diagnosed with a life-altering condition like cancer, heart attack, stroke, multiple sclerosis or Parkinson's disease. The lump sum can be used for personal expenses related to the illness or for anything the policyholder chooses.

Critical illness insurance was first sold in Canada 30 years ago and is less well known than other kinds of insurance. A Guide to Critical Illness Insurance helps to fill in the blanks with answers to questions Canadians commonly ask about the product like:

• How does critical illness insurance differ from life insurance or disability insurance?
• What conditions do critical illness insurance policies cover?
• What limitations and exclusions are common in critical illness insurance policies?

Developed by product experts from Canada's life and health insurers, the guide offers free, impartial information and insights to help consumers understand their options, ask the right questions and make informed choices when choosing critical illness insurance.

The new guide, along with others on insurance topics can be found at www.clhia.ca/consumers.

About the CLHIA

The CLHIA is a voluntary association whose member companies account for 99 per cent of Canada's life and health insurance business. These insurers provide financial security products including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to over 29 million Canadians. They hold over $1 trillion in assets in Canada and employ more than 170,000 Canadians.

SOURCE Canadian Life and Health Insurance Association Inc.

For more information: Kevin Dorse, Assistant Vice President, Strategic Communications and Public Affairs, [phone] / [email protected]