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A critical illness diagnosis can turn your world upside down. Between managing treatment and navigating the emotional rollercoaster, the last thing you need is the added burden of financial worry.
Critical illness insurance can be a lifesaver, providing a lump sum benefit to help cover medical bills, lost income, and other expenses. But with so many insurance providers offering critical illness plans, how do you know if Desjardins Insurance is the right fit for you?
This comprehensive guide will equip you with everything you need to know about Desjardins’ critical illness insurance plans. We’ll explore their coverage options, weigh the pros and cons, and compare them to competitor offerings. We’ll even provide valuable tips on selecting the best plan for your specific situation.
Don’t wait for a critical illness to hit before taking action. Take charge of your financial security today! Keep reading to learn how Desjardins’ critical illness insurance can provide peace of mind when you need it most.
About Desjardins Insurance
Desjardins Insurance, also known as Desjardins Financial Security Life Assurance Company, is the insurance arm of Desjardins Group, the largest financial cooperative in North America. Founded in 1900 by Alphonse and Dorimène Desjardins, it was the first savings and credit cooperative established in North America.
Today, Desjardins Insurance boasts over 50,000 employees and 2,000 elected directors, managing over $400 billion in assets for more than 7 million members and clients.
In 2015, Desjardins significantly expanded its reach by acquiring the Canadian operations of State Farm, the largest property and casualty (P&C) mutual insurance company in the United States. This acquisition propelled Desjardins Group to become the second largest property and casualty insurer in Canada.
Desjardins Insurance offers a wide range of insurance products to Canadians, including:
- Term and whole life insurance
- Disability insurance
- Health and dental insurance
- Travel insurance
- Home and auto insurance
- Credit insurance
- Group insurance
- Segregated funds
- Payout annuities
Desjardins Insurance continues to provide comprehensive and flexible insurance solutions, leveraging its extensive experience and cooperative values to serve its members and clients effectively.
Key facts about Desjardins Insurance
AM Best Rating: Not rated
Head office: 200 Rue des Commandeurs, Lévis, QC G6V 6R2
Contact phone number: 1-866-647-5088
What Critical Illness Insurance Plans Does Desjardins Offer?
Critical illness insurance provides a tax-free lump sum payment if you are diagnosed with a covered condition, such as cancer, heart attack, or stroke. After surviving a specified period (usually 30 days) following the diagnosis, you receive the benefit amount. This payout is designed to help alleviate the financial burden that comes with a serious health condition, allowing you to focus on recovery rather than financial stress.
Medical advancements mean that many people now survive illnesses that were once considered fatal. However, surviving a critical illness often comes with significant costs, including medical expenses not covered by health insurance, rehabilitation, and the potential loss of income. Critical illness insurance provides financial security, ensuring that you have the resources needed to cope with these expenses without depleting your savings or going into debt.
The lump-sum benefit from a critical illness insurance policy is flexible and can be used for a variety of purposes, such as:
- Covering medical expenses and treatments not covered by your provincial health plan.
- Paying for home modifications or special equipment needed for your recovery.
- Replacing lost income if you or your partner need to take time off work.
- Covering everyday living expenses, such as mortgage payments, utilities, and groceries.
- Funding alternative treatments or seeking a second medical opinion.
Determining the right amount of coverage depends on several factors, including your income, existing savings, debt obligations, and family responsibilities. As a general guideline, consider the following:
- Calculate your monthly expenses and multiply by the number of months you would need financial support during recovery, like 12 or 24 months.
- Consider additional costs for medical treatments and prescription drugs that may not be fully covered by health insurance.
- Factor in any expenses that may aid in your recovery, like a caregiver, travel costs for out-of-country treatment, and modifications to your home.
By assessing these factors, you can estimate the amount of coverage that will provide adequate financial protection and peace of mind in the event of a critical illness. Common benefit amounts range from $50,000 to $250,000.
Next, let’s explore Desjardins’ critical illness insurance product and explore the specifics of their coverage options.
Health Priorities
Health Priorities is the branded name of Desjardin’s critical illness plan. It provides comprehensive coverage for 26 serious illnesses, including life-threatening cancer, heart attack, and stroke. This plan is designed to cater to a broad range of individuals, from young families and incorporated business owners to children and high-net-worth individuals, with eligibility starting from age 0 up to 65.
Health Priorities offers flexible coverage amounts ranging from $10,000 to $3,000,000, making it suitable for a variety of financial needs. Policyholders can choose from different term lengths, including 10 and 20 years, or even opt for permanent coverage, ensuring they can find a plan that best fits their long-term goals and current financial situation.
In addition to adult coverage, you can also insure your children with Health Priorities. It offers coverage up to $1,000,000 and includes three childhood illnesses on top of the 26 covered conditions on adult plans.
An added benefit of the Health Priorities plan is its complimentary assistance service. It offers 24/7 phone access to a nurse for health-related questions, providing immediate support and guidance. It also includes psychological assistance to help individuals and families cope during difficult times. Furthermore, policyholders have access to a second medical opinion service, where specialists provide a thorough review of diagnoses, treatment plans, and surgical procedures, ensuring that the best medical decisions are made.
With its extensive coverage options, flexible term lengths, and additional support services, Desjardins’ Health Priorities plan stands out as a robust choice for those seeking comprehensive critical illness insurance.
- Pros:
- Health Priorities covers 26 illnesses, surpassing the coverage offered by most other companies, which typically cover 25 illnesses.
- It provides an advance of 15% of your benefit amount, up to $25,000, if you experience a temporary loss of independent existence, a feature not typically offered by other companies.
- The return of premium on death rider guarantees you get back at least 25% of the benefit amount, even if you pass away after only a few years of paying premiums.
- Desjardins Insurance covers all types of cancer, even those not specifically listed in the policy, a level of coverage unmatched by other insurers.
- Health Priorities offer partial benefits for a wider range of early-stage cancers and heart conditions compared to other insurers.
- Desjardins provides a multi-coverage discount when you purchase both life and critical illness insurance under the same policy.
- Cons:
- Some childhood illnesses, such as cerebral palsy, type 1 diabetes, and muscular dystrophy, require an additional add-on for coverage, whereas other insurers include these conditions in their base plans.
- Health Priorities only provides a single payout for less severe cancers, even if you experience multiple occurrences, such as early-stage thyroid cancer and early prostate cancer.
Here is a table summarizing Desjardins Insurance’s critical illness insurance plan:
Health Priorities | |
|---|---|
Age eligibility | 0-65 |
Number of illnesses covered | 26 |
Plan types | Term-10, Term-20, Term-65, Term-75, Term-100, Term-100 10-pay, Term-100 20-pay |
Guaranteed premiums | Yes |
Expiry | Age 65, 75, or 100, depending on the plan |
Coverage limits | $10,000 to $3,000,000 |
Survival period | 30 days for cardiovascular diseases only |
Partial benefits | Pays 1%, 15%, or 30% of the chosen benefit amount, up to $5,000, $50,000, or $100,000, respectively, for less severe illnesses. Covers 19 illnesses |
Conversion privileges | Term-10 and term-20 can be converted to term-65, term-75, or term-100. Term-10 can be converted to term-20 |
Type of underwriting | Fully underwritten. A medical exam may be necessary |
Riders | Return of premium on death, return of premium on cancellation or expiry, disability waiver of premiums, accidental fracture, accident benefit, accidental death, dismemberment or loss of use, children’s life protection and children’s accidental fracture |
Value-added service | Complimentary assistance services |
How to purchase | Through a licensed insurance advisor |
What Illnesses Does Desjardins Critical Illness Insurance Cover?
Desjardins’ critical illness insurance plan offer a range of coverage options, including full and partial benefits for adults and specific childhood illnesses. Here’s a breakdown to help you understand what’s covered.
Health Priorities
- Acquired brain injury
- Aortic surgery
- Aplastic anaemia
- Bacterial meningitis
- Benign brain tumour
- Blindness
- Coma
- Coronary artery bypass surgery
- Deafness
- Dementia, including Alzheimer’s disease
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Life-threatening cancer
- Loss of independent existence*
- Loss of limbs
- Loss of speech
- Major organ failure on waiting list
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Paralysis
- Parkinson’s disease and specified atypical Parkinsonian disorders
- Severe burns
- Stroke
* To receive the full benefit for loss of independent existence, the condition must be permanent. Otherwise, a partial benefit will be paid for a temporary loss of independent existence.
For children specifically, Health Priorities goes beyond these core illnesses, providing protection against three additional childhood illnesses:
- Autism spectrum disorder
- Rett syndrome
- Cystic fibrosis
There’s also the option to expand this coverage for an additional cost. This broader plan would include the illnesses listed above, plus three additional conditions:
- Cerebral palsy
- Muscular dystrophy
- Type 1 diabetes
While Health Priorities offers full benefits for major critical illnesses, it also coverage for less severe conditions that qualify for partial payouts. This means you receive a portion of the insured amount to help manage the financial burden associated with these illnesses. Desjardins Insurance covers the most conditions for partial benefits in the industry. First, here’s a list of conditions that pay out 15% of your chosen benefit amount, up to $50,000:
- Aortic aneurysm
- Carcinoma in situ (Tis)
- Coronary angioplasty
- Cutaneous lymphoma without metastasis
- Dermatofibrosarcoma
- Ductal carcinoma in situ of the breast
- Early prostate cancer
- Early-stage chronic lymphocytic leukemia
- Early-stage malignant carcinoid tumours
- Early-stage thyroid cancer
- Endovascular treatment of peripheral disease
- Insertion of cardiac defibrillator
- Insertion of cardiac pacemaker
- Malignant gastrointestinal stromal tumours
- Superficial malignant melanoma
- Temporary loss of independent existence (limited to a $25,000 payout)
It also pays 30% of the benefit amount, up to $100,000, for the following surgical procedures:
- Total mastectomy
- Total prostatectomy
Lastly, Health Priorities pays 1% of your chosen benefit, capped at $5,000, for all other cancers not listed above.
How Much Does Desjardins Critical Illness Insurance Cost?
The cost of your Desjardins Health Priorities premium depends on a variety of factors unique to you. Understanding these factors empowers you to make informed decisions when choosing your coverage.
- Age: The earlier you purchase critical illness insurance, the lower your premium will be. Premiums are locked in at the time of purchase, so starting young can save you significantly in the long run.
- Gender: While pricing may be similar for younger age groups, older men generally pay higher premiums than older women due to statistical differences in illness rates.
- Smoking status: Smokers can expect to pay substantially more, sometimes double the premium of non-smokers. This reflects the increased health risks associated with smoking.
- Medical history: Pre-existing medical conditions can not only affect your eligibility but also increase your cost.
- Lifestyle habits: Engaging in high-risk activities might influence your eligibility or lead to a higher price.
- Family history: A family history of certain hereditary diseases could increase your risk and potentially impact your premium.
- Benefit amount: The amount of coverage you choose directly affects your premium. Higher coverage amounts translate to higher premiums.
- Plan type: Shorter term lengths (e.g. 10 years) are less expensive than longer terms (e.g. term-100) that provide coverage for a longer period. Similarly, shortening the payment period will increase the premium. For example, a 10-pay term-100 policy will be more expensive than a lifetime payment option because you’re compressing the payments into a shorter timeframe.
- Optional riders: Adding riders like return of premium on death or cancellation will increase the premium.
Below is a table showing the monthly premiums for $100,000 of coverage for a term-10 policy in the first 10 years for non-smokers:
Age | Male | Female |
|---|---|---|
25 | $25 | $25 |
30 | $29 | $28 |
35 | $33 | $34 |
40 | $44 | $46 |
45 | $64 | $63 |
50 | $97 | $86 |
55 | $160 | $133 |
60 | $251 | $184 |
How Do You Buy A Desjardins Critical Illness Insurance Plan?
Taking that first step towards securing critical illness insurance with Desjardins’ Health Priorities plan is simple. Here’s a breakdown of the process:
- Connect with a licensed insurance agent: Desjardins critical illness plans can only be purchased through an insurance advisor licensed in your province. The insurance professional will guide you through the entire process, ensuring you choose the plan that best suits your needs and budget.
- Tailoring your coverage: Your advisor will work with you to determine the optimal coverage amount and term length. They’ll consider your financial situation, potential future needs, and risk tolerance to help you find the right fit. Additionally, they’ll present optional riders that can further customize your plan and enhance your coverage.
- Application process: Once you’ve decided on your desired coverage, you’ll complete a comprehensive application form. This will involve details about your health history, lifestyle habits, family medical background, and other relevant information.
- Medical examination (optional): Depending on the amount of coverage and your age, a medical exam might be required. This exam typically includes blood pressure measurements, blood and urine samples, and basic height and weight measurements.
- Risk assessment and approval: Once Desjardins Insurance receives all your information, they’ll assess your risk profile to determine your eligibility and premium cost. If you are deemed a higher risk due to health, family, or lifestyle factors, Desjardins might apply a premium surcharge (rating) or decline your application altogether.
- Policy issuance: If you’re considered a standard risk, you’ll pay the quoted premium, and your critical illness insurance coverage will take effect. The entire process, from initial contact to policy issuance, can take anywhere from a few weeks to over a month.
Need A Desjardins Critical Illness Insurance Quote?
Desjardins offers one of the best critical illness products on the market, but is it the best one for you?
As independent brokers, we champion your needs, not those of any one insurer. We’ll take the time to understand your unique situation, risk factors, and budget. Then, we’ll leverage our expertise and market knowledge to identify the critical illness insurance solution that perfectly aligns with your goals, whether it’s a plan offered by Desjardins Insurance or another leading provider.
Our commitment goes to you goes even further. We offer ongoing policy reviews to ensure your critical illness protection remains effective as your life unfolds. As your needs evolve, we’ll be here to re-evaluate your plan and make adjustments if necessary.
Ready to take control of your financial security? Contact us today for a free, no-obligation consultation. We’re here to answer your questions and guide you toward a brighter, more secure future. Send us an email at info@briansoinsurance.com or give us a call at 604-928-1628. If you prefer a quick quote, use the form below and we will send one directly to your inbox.
Get Your Critical Illness Insurance Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
