Jordan and Paul discuss the state of group critical illness insurance in Canada, the impact of a lump-sum payment for employee recovery and well-being, and what to look for when evaluating potential options. The diagnosis of a critical illness can lead to significant financial strain due to costs not covered by a standard group plan, such as lost income, childcare, and home care. Critical illness insurance provides a lump-sum payment that employees can use as needed, offering crucial financial support during their recovery. With only ~15% of all Canadian groups offering critical illness insurance, employers that do are still considered “Early Adopters”. Canadians diagnosed with a critical illness such as cancer, will pay on average $33,000 in out-of-pocket expenses throughout their lifetime. Offering comprehensive benefits, including critical illness, demonstrates that an employer values employee wellbeing as financial instability continues to plague Canadians. The financial security provided by critical illness insurance can significantly reduce stress associated with a serious diagnosis, however it’s not just about checking the box and all critical illness policies are not created equal. |