More Information on Life, Health and Dental Insurance

When it comes to CAA Critical Illness Insurance, the waiting period refers to the time between when you receive the diagnosis of a covered illness and when you can submit a claim. Waiting periods can vary by insurance providers, the covered condition and the terms of your plan. These typically range from 30 to 90 days but may be longer in some cases. Note that with CAA Critical Illness Insurance, there’s no waiting period for more than half of the covered conditions.

CAA Critical Illness Insurance is provided as a lump-sum payment to the plan holder who is diagnosed with a covered critical illness and meets the conditions outlined in their insurance plan.

Buying insurance can be a big decision. So, if you change your mind about having coverage, know you can cancel your critical illness insurance at any time, as long as you haven’t submitted a claim. With CAA Critical Illness Insurance, you can get a full refund on any premiums you paid if you cancel within 30 days of purchasing your plan.

If you cancel after the 30-day period, you’ll receive a pro-rated refund of any prepaid premiums. You won’t be charged any cancellation fees or penalties either.

You can securely set up pre-authorized monthly payments for your plan, to ensure you never miss a payment. Accepted payment methods are Visa, Mastercard, Amex or Diner’s Club credit cards.

When applying for CAA Term Life Insurance, you may be asked to complete a medical exam. Think of this as an opportunity to get your annual medical check-up. The information your exam provides helps assess your overall health and determines how much your plan will cost.

Not everybody will need to get a medical exam. Certain insurers don’t require these. If you’re under 40 and generally healthy, you likely won’t need one. The amount of coverage you’re applying for may also determine that you don’t require one. The majority of applicants will likely be approved without a medical exam. But if you happen to need one, it’s always better to get it while you’re younger.

To apply for a CAA Term Life insurance plan, you must be a Canadian citizen or resident. You will also have to be in Canada when you complete the purchase of your plan.

Child coverage isn’t something you apply for. It’s included at no extra cost with every CAA Term Life insurance plan. It’s like a mini-life insurance plan, where parents can receive $10,000 in a tax-free, lump-sum payment to assist with financial burdens such as time off work or funeral expenses, if your child were to pass away.

Couples’ coverage gives you the option to apply online together and save 10% on the first year of your CAA Term Life Insurance plan.

You can securely set up pre-authorized monthly payments for your plan to ensure you never miss a payment. Accepted payment methods are Visa, Mastercard, Amex or Diner’s Club credit cards.

CAA Health & Dental Insurance plans are designed to protect the ones you love, too. The plans provided by Securian Canada can be extended to cover your spouse and children up to age 21.

We understand that circumstances can change. That’s why you can cancel your CAA Health & Dental plan at any time, without incurring any fees or penalties.

Prescription drug costs can quickly add up. That’s why both Fully Underwritten and Guaranteed Issue CAA Health & Dental Insurance plans provide coverage for prescription drug costs, even on our most basic plans. Need a little more coverage? Choose between a few available plans to find the one that meets your prescription drug and health care needs.

You can securely set up pre-authorized monthly payments for your policy to ensure you never miss a payment. Accepted payment methods are Visa, Mastercard, Amex or Diner’s Club credit cards.

The 44 conditions covered (27 critical illnesses, 17 early-stage conditions) are:

• Aplastic Anemia
• Multiple Sclerosis
• Occupational HIV Infection
• Endovascular Aortic Surgery
• Coronary Angioplasty
• Aortic Aneurysm (of specified severity)
• Implantation of a Permanent Cardiac Pacemaker
• Implantation of a Permanent Implantable Cardioverter-Defibrillator (ICD)
• Cancer of Specified Severity
• Early-Stage Breast Cancer - Carcinoma In-Situ (CIS) of the Breast Treated with Total Mastectomy
• Early-Stage Prostate Cancer - Prostate Cancer Treated with Radical Prostatectomy
• Early-Stage Blood Cancer - Chronic Lymphocytic Leukemia - Stage 0
• Early-Stage Breast Cancer - Carcinoma in-Situ (non-invasive cancer)
• Early-Stage Intestinal Cancer – Gastrointestinal Stromal Tumours (GIST)
• Early-Stage Prostate Cancer – Prostate Cancer (Stage T1a or T1b)
• Early-Stage Skin Cancer – Dermatofibrosarcoma
• Early-Stage Skin Cancer - Primary Cutaneous Lymphoma
• Early-Stage Skin Cancer – Malignant Melanoma
• Early-Stage Thyroid Cancer – Papillary Thyroid Cancer or Follicular Thyroid Cancer
• Other Forms of Cancer - Carcinoma in-Situ (non-invasive cancer)
• Other Forms of Cancer – Neuroendocrine Tumours (including carcinoid tumours)
• Aortic Surgery
• Cardiomyopathy
• Coronary Artery Bypass Surgery
• Heart Attack
• Heart Valve Replacement or Repair
• Benign Brain Tumour
• Motor Neuron Disease (including ALS)
• Acquired Brain Injury
• Bacterial Meningitis
• Coma
• Dementia, including Alzheimer's Disease
• Paralysis
• Parkinson's Disease and Specified Atypical Parkinsonian Disorders"Stroke (cerebrovascular accident resulting in persistent neurological deficits)”
• Blindness
• Deafness
• Loss of Limbs
• Severe Burns
• Loss of Independence Existence
• Loss of Speech
• Kidney Failure
• Major Organ Failure (on Waiting List)
• Major Organ Transplant

Covered conditions fall into two categories:

• Fully covered option: If you’re diagnosed with a fully covered condition, you’ll be eligible to receive a lump-sum payment equal to 100% of your coverage amount.
• Partially covered condition: If you’re diagnosed with a partially covered condition, you’ll be eligible to receive a lump-sum payment equal to a percentage of your coverage amount.

CAA Critical Illness Insurance covers 44 critical conditions - amongst some of the most comprehensive coverage in Canada.

Timing is everything. Once you’ve determined the need for life insurance, you may wish to consider a couple of things. Life insurance is less expensive when you’re younger and it’s a good time to put a plan in place. And, as you get older, your health may deteriorate, which may make premiums more expensive or exclude your eligibility for certain types of coverage altogether.

Each of us has a different lifestyle and different obligations. It’s important to understand how much money your family would need if you were to pass away. Discussing your options with a Licensed Life Insurance Advisor from CAA is the best way to make sure you’ve covered all your needs. They can also take you through the various products or mix of products that are right for you.

Yes, we can design a plan that combines different policies to achieve your short- and long-term goals. This layered approach is a convenient option to cover liabilities for several years and take care of final expenses after death. It’s also an affordable and sustainable solution.

Any assets you want to protect to ensure your loved ones receive the legacy they deserve. This could be a home, a large property, assets or investments, a business or your children’s education fund.

The younger a person is, the less expensive coverage tends to be. Some people purchase insurance plans for their newborn children, while others wait until they can afford it for themselves or start a family. There is no best age to start looking at options, but having life insurance as early as possible provides peace of mind. We can help you determine how insurance can best serve you at any stage of life.

Ask yourself what is your main purpose for purchasing life insurance? Is it to cover your expenses in case of a job loss? Do you have an emergency fund in case of illness? Will you need it to pay off the mortgage or your debts? Should it be used to protect your investments? Or to cover the cost of final expenses and taxes?

There may be several reasons but it’s important to have a plan. It can be difficult to determine what coverage you need. Our Licensed Life Insurance Advisors at CAA can conduct a personalized assessment to help find the right type of life, disability and/or critical illness insurance for you.

Choosing the right company is based on what you value and what you require. Financially stable and reputable Canadian insurance companies should be your first choice, but compare your options to ensure you get the best price. Discuss potential companies with a Licensed Life Insurance Advisor at CAA as they have knowledge of the industry and can assist you in selecting the right one to suit your needs.

It depends on your needs, whether it’s to have money for your children’s education, to pay off a line of credit or estate taxes or to cover expenses. Insurance costs and coverage vary depending on your age, health and the type of coverage you are looking for. You can easily do this by completing a personal needs analysis with a Licensed Life Insurance Advisor at CAA.

It’s useful to think of health and dental insurance like brushing your teeth every day. It’s there to protect your health and your budget from the day-to-day and from the unexpected. It covers expenses you may incur from regular health care, regular dental care and illnesses that may not be covered by your provincial or territorial health insurance.

If you require health and dental coverage that goes above and beyond what your provincial or territorial plan offers, supplementary coverage is recommended. This may include things like prescription drugs, dental hygiene cleanings, private hospital rooms, vision care, and medical services like chiropractors, physiotherapists, podiatrists, massage therapists and more. Supplementary dental insurance covers things like dental hygiene cleaning and braces.

Depending on your province of residency, supplementary health insurance can’t completely replace your Government Health Insurance plan with private insurance. However, supplementary health insurance can cover you for expenses that your Government Health Insurance plan doesn’t include.

If you are a newcomer to your province or are returning to Canada after a prolonged absence, you may not yet be eligible for a Government Health Insurance plan. In that case, you may also want to purchase supplementary health insurance until it takes effect (usually in three months).

If you purchase your own individual health insurance, you can choose the features that are important to you, depending on how much you need and how much you can afford. For example, you may only buy a supplementary dental care plan if that’s your specific need. Group Insurance is a different thing. It’s usually offered through an employee benefits package or membership in a professional association. Your employer will likely pay the premiums in a group plan. If you get supplementary health insurance through an association, you will have to pay the premiums yourself. Generally, everyone covered under these plans receives the same basic coverage.

Without any coverage through a workplace benefits plan, you may have to pay health and dental costs out-of-pocket. Consider personal health and dental benefits that bridge the gap between what’s covered by your provincial or territorial plan and what services you and your family may require. This eases the pressure of what can amount to hundreds of dollars per year.

Often, it’s a good idea to buy personal health insurance to top up your employee benefits. This way you still have medical and dental coverage even if you leave your employer and lose access to the group plan.

A great option is to mix and match different levels of drug and dental coverage so that you pay only for what you really need. The premiums for dental plans will vary depending on what services they provide and how much coverage you need. It’s good to have options that are geared to you.

You always have the choice to customize your plan. You can choose from several different options, such as mixing and matching different levels of drug and dental coverage, to tailor your plan. This means you only pay for what you and your family need.

As your life unfolds, you will likely experience many different stages. You may purchase a house, start a family or plan for retirement. Your priorities will evolve as your life does. With increased responsibilities, the importance of providing financial security for your family does too. If something should happen to you, it’s reassuring to know you’ve got some financial security through a life insurance plan that is geared to your stage of life.

Life insurance is an important thing to consider so that your family has support in managing financial obligations after you pass. In exchange for your premium payments, the insurance company will pay a lump sum, known as a death benefit, to your beneficiaries after your death. Your beneficiaries can use the money for whatever purpose they choose. How much insurance you need and choosing the right plan for you is easy with the right information and the support of a Licensed Life Insurance Advisor.