In determining your need for critical illness insurance, you should consider benefits that may already be available to you through other insurance policies, such as life insurance and group health insurance. For example, the benefits offered through your employer’s group disability plan may provide appropriate and adequate coverage in the event of a critical illness. You should also consider your personal circumstances and the added financial strain that could be brought about by dealing with a serious illness or disease. Public and private health insurance plans typically do not provide coverage for day-to-day living expenses such as travel to and from treatments, home care and child care.

Generally, the younger and healthier you are, the lower the premium (cost). However, the cost varies depending on your age, medical condition, the amount of coverage, the number of illnesses covered by the policy, and the insurance company. It pays to shop around to get the best rate. When shopping for a critical illness plan, you should consider your income, financial obligations, dependents, and health care needs.

You can make a claim if a physician, licensed to practice medicine in Canada and specializing in your particular illness, diagnoses you with a critical illness or disease covered by your policy.

If you die for a reason not covered by the critical illness policy, the premiums you paid may be refunded to your named beneficiary. Some plans will return the premium or a portion of the premiums paid during the life of the policy if the policy matures and no claim has been paid.

OHIP does not cover:

• treatment that is medically unnecessary
• health services that are rendered at a facility that is not a licensed hospital or licensed health facility
• treatment that is generally accepted by the medical profession in Ontario, as being experimental, or for research or for part of a study
• treatment rendered for an illness, disease condition or injury that arose inside Canada
• ambulance services or transportation costs
• other services specifically set out in the regulations as uninsured or otherwise not listed as insured.

Because the Government of Canada will help you save money if you open an RESP account through the Canada Education Savings Grant and the Canada Learning Bond. They are only available for your child if you open an RESP.

Anyone can open an RESP account for a child – parents, guardians, grandparents, other relatives or friends.

If you are eligible for EI special benefits, you can expect to receive 55% of your average weekly earnings up to a defined annual limit. In 2013, you can receive up to $501 per week, based on the maximum insurable earnings of $47,400 for that year. The amount of your benefits may decrease if you continue to work or if your business generates earnings while you are collecting EI special benefits.

• Maternity benefits are for mothers who give birth. These benefits cover the period surrounding the child’s birth (up to 15 weeks).
• Parental benefits are for any parent (mother or father) to care for their newborn or newly adopted child or children. Either parent can receive benefits, or they can share benefits between them (up to 35 weeks).
• Sickness benefits are for people who cannot work due to injury, illness, or the need to be isolated in quarantine because they may be carrying a disease (up to 15 weeks).
• Compassionate care benefits are for people who must be away from work temporarily to provide care or support to a family member who is seriously ill with a significant risk of death (up to 6 weeks). The 6 weeks of benefits can be shared between different family members who applied and are eligible to receive them.