Minimize the financial impact of a serious illness. Take control today with critical illness insurance.

Transcription

1 What would happen if you were suddenly Minimize the financial impact of a serious illness. Take control today with critical illness insurance.

2 What is critical illness insurance? How is critical illness insurance different than life insurance? Critical illness insurance offers you a tax-free1 lump-sum payment2 in the event that you are stricken by a serious illness, such as cancer, heart attack, or stroke. Life insurance provides money to your loved ones in the event of your death. But critical illness insurance provides money for YOU to help you manage expenses and focus on recovery, should you be diagnosed2 with a serious illness. This insurance won t protect you from getting sick. But it may help you deal with the additional costs of treatment and recovery that provincial health care plans don t cover: I have disability insurance. Why do I need this? Child care Lost wages for yourself or a caregiver New treatment options T ravel expenses such as transportation and accommodation When you have financial options, you have greater control over the impact a serious illness may have on your life. Critical illness insurance is different: it provides a lump-sum payment2 that you can use in any way you want to help cover those expenses. Think of it as a second layer of protection in your overall health insurance plan. There can be many expenses that arise during your treatment and recovery that are not covered by provincial health care plans. Disability insurance replaces a portion of your income in the event you can t work due to an illness or injury when additional medical bills need to be paid. Compare for yourself. See how critical illness insurance is different from disability insurance. Critical illness insurance Disability insurance Lump-sum payment2 Benefit will be paid out over time while qualified Tax-free1 Possibly, but not if your premiums are paid by your employer Funds to use as you wish Yes, but often replaces only a portion of lost salary income No need to prove ongoing eligibility Medical evidence will be required to remain eligible Sun Life paid out over $53 million in critical illness insurance claims in

3 How much does it cost? The rates for critical illness insurance are based on your age, gender and whether or not you smoke. Low group rates 3 make critical illness insurance very affordable and the premiums will be conveniently deducted from your paycheque. See page 9 for details. Get low group rate 3 premiums for your spouse and children. You can provide the same coverage for your spouse too. In addition, if you or your spouse purchase coverage, you can also get coverage for your children. 5 This means you could take time away from work to help care for a seriously ill child or spouse, without worrying about lost income, or increased expenses. You can purchase coverage for all your children for one low rate, regardless of the number of children you have. What if I can t work to pay for the coverage? You ll continue to be covered while you re on total disability under your group plan and we ll waive your payments for that period of time. Please see your benefits booklet for the definition of total disability. Enrol by <Date> and get up to $NEM of coverage with no health questions and no medical exam. 4 Critical illness insurance can cost as little as $1 a day. For less than what you spend on your morning coffee, you can give yourself this financial support, should you ever need it. You don t plan to get sick. But you can plan for your recovery. What is covered by critical illness insurance? Alzheimer s disease Aortic surgery Benign brain tumour Blindness Cancer Coma Coronary artery bypass surgery Excluding non-life threatening cancers such as Stage 1A melanoma, non-metastasized, non-melanoma skin cancer, or Stage A (T1a or T1b) prostate cancer. See your benefits administrator OR member enrolment tool for the Need to know flyer OR benefits booklet for a full list of medical definitions. 41% of women and 46% of men will develop cancer at some point in their lifetime. 63% of those people will survive 5 years or more. 44% of patients need to dip into their savings and retirement funds to cover medical costs and lost income. Source: Canadian Cancer Society, Canadian Breast Cancer Network & Study, Deafness Heart attack Kidney failure Loss of independent existence Loss of speech Major organ failure on waiting list Major organ transplant Multiple sclerosis Occupational HIV infection Paralysis Parkinson s disease Severe burns Stroke Your children are covered for the conditions above, plus these 6 child-specific conditions: Cerebral palsy Cystic fibrosis Muscular dystrophy Congenital Down s syndrome Type 1 diabetes heart disease Will it affect my other insurance coverage? No. Critical illness insurance will not change or decrease the coverage you may have under your benefits plan, like your health care or disability coverage. It pays you in addition to any other coverage you may have. And, even though you buy this insurance through your group plan, you and your spouse can each keep up to $100,000 of coverage if you ever leave the company and continue your coverage on your own! 4 5

4 Frequently asked questions Q. Can I get coverage for my spouse? A. Yes, and at affordable group rates. 3 Q. Can I get coverage for my children? A. Yes, provided that you or your spouse purchase coverage as well. Q. What if I want more than $NEM in coverage? A. Contact your benefits administrator for a health statement. You ll need to answer health questions and return it to Sun Life. OR Simply fill out the health statement included in your kit and return it to Sun Life in the envelope provided OR at the address noted on the form. Q. What does it mean to survive a critical illness? A. To qualify for a benefits payment, you must complete the survival period. For most conditions, that s the first 30 days following the date of diagnosis. Q. If I m diagnosed with a critical illness, how do I make a claim? A. As early as possible, contact us toll-free at , or at and a Customer Service Representative will promptly send you a claim package to complete. Q. How many claims can I make? A. The benefits payment is made once and for the first covered condition only, at which point your coverage terminates. Q. How long should I expect to wait before receiving my payout? A. Provided you complete the 30-day survival period, payout can be expected within 60 days following your original diagnosis. Q. What cancers are covered? A. Only new diagnoses of life-threatening cancers are covered. Recurrence of cancer(s) diagnosed prior to the effective date of coverage and non-life threatening cancers are not covered. See page 5 for details. Q. What is the pre-existing condition clause? A. Simply put, no payments are made for conditions that existed before your coverage takes effect. Our pre-existing condition clause covers the period of time starting 12 months before and ending 12 months after your coverage comes into effect. See page 11 for details. Q. When does coverage end? A. Coverage ends when you make a claim for one of the covered conditions, when you choose to terminate your coverage, or when you reach 65 OR 70 years of age, whichever occurs first. Refer to chart on page 10. Q. What is the waiting period 6 for cancer and/or benign brain tumour? A. A diagnosis of cancer or benign brain tumour within the 90 days following the effective date of the coverage is not covered. However, insurance coverage for all other covered conditions, excluding cancer and/or benign brain tumour, will remain in force. Q. How do I keep my coverage when I leave my employer? 5 A. Call Sun Life at to get the process started. A customer service representative will review your options with you. An additional benefit included with critical illness insurance from Sun Life. Best Doctors is a medical diagnosis service that gives you additional options when you re facing uncertainty about any medical decisions. This service can ease your burden by connecting you with medical experts world-wide who can help ensure you are receiving the best medical advice available. When it comes to your health, or the health of your immediate family, getting you the correct diagnosis and the best treatment matters most *. To learn more about the Best Doctors services, please visit bestdoctorscanada.com or call BEST (2378). 6 7

5 How do I apply? Need more coverage? Applying is as easy as completing the enclosed YELLOW enrolment form OR your online enrolment. Below, you ll find examples of monthly premiums. Remember: by enrolling today, you receive these advantages: Up to $NEM of Optional Critical Illness Insurance coverage Affordable group rates 3 Easy payroll deduction No medical exam required 4 You and your spouse can each buy up to $MAX of Optional Critical Illness Insurance, from a minimum of $MIN, in units of $UNITS. Sample monthly premiums Age band Coverage When you have completed and signed your YELLOW enrolment form, return it to your Benefits Administrator in the envelope provided. Complete and sign the YELLOW enrolment form by <END DATE> OR Simply complete the online enrolment by <END DATE> Learn more. Call Sun Life Monday to Friday 8:30 a.m. 5 p.m. E.T. Monthly premium Non-smoker Smoker John Sample $NEM $XX.XX $XX.XX Jane Sample $NEM $XX.XX $XX.XX John Sample $NEM $XX.XX $XX.XX Jane Sample $NEM $XX.XX $XX.XX If you d like more than $NEM of coverage, you can also apply for up to a total of $PLAN MAX! In addition to the YELLOW enrolment form OR online enrolment, you ll also need to complete a health statement. This form is available by contacting your benefits administrator OR on your member enrolment tool. Complete and print the form and send it to Sun Life at the address you ll find on the form. The tables below can help you calculate how much additional coverage will cost for you and your family members: Optional Critical Illness Insurance Monthly rates per $UNITS 20 conditions Male Female Age Band Non-smoker Smoker Non-smoker Smoker $XX.XX $XX.XX $XX.XX $XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX XX.XX ** XX.XX XX.XX XX.XX XX.XX ** Coverage above age 65 is renewable only. You must purchase coverage before age 65 to qualify for renewal. Child Optional Critical Illness Insurance Monthly rate per unit of $CHILD-UNITS $X.XX regardless of how many children you cover! The definition of child is the same as it is for your other group benefits. You or your spouse need to purchase coverage in order to buy child coverage. How to calculate your premium Example: female, non-smoker, age How much coverage do you need? $NEM 2. How many units is that? $NEM / $units = XX units 3. Find your rate! $rate 4. Units x your rate = your monthly premium XX units x $rate = $XX.XX 8 9

6 Important details about critical illness insurance When will coverage start? If you applied for coverage that did not require health information, the coverage start date will be <NEM effective date>. If you applied for coverage that did require health information, Sun Life will inform you and your employer if the coverage is approved, and when the coverage starts. About coverage start dates If you add to your existing coverage, or add coverage for your spouse or children, that coverage will have its own start date. The pre-existing condition clause and the waiting period for cancer and/or benign brain tumour (see page 11) will need to be fulfilled separately for any new coverage. There is only one start date for child coverage regardless of how many children you cover. Use start dates to understand how waiting periods and pre-existing conditions influence your coverage. When will coverage end? Pre-existing condition clause A pre-existing condition is a condition that existed before your coverage start date. For any coverage that did not require health information, no benefit payment will be made for any covered condition that occurs within 12 months of the start date of the covered person s coverage, and that resulted from any injury, sickness or medical condition (whether or not diagnosed) for which, during the 12 months before the coverage start date, the covered person: had symptoms, consulted a physician or other health care practitioner, or was provided any health-related care, advice or treatment, or would have consulted a physician or other health care practitioner, acting as a reasonably prudent person with such injury, sickness or medical condition. Waiting period 6 for cancer and/or benign brain tumour There is no coverage for cancer and/or a benign brain tumour of any type if, within the first 90 days after the coverage start date, the covered person: is diagnosed with cancer and/or a benign brain tumour, has any signs, symptoms or tests that lead to a diagnosis of cancer and/or benign brain tumour. However, coverage will stay in effect for all of the other covered conditions. Your coverage will end on the earlier of: the date you retire 5 ; the date you reach age XX; the date you no longer live in Canada; Your spouse s coverage will end on the earlier of: the date your spouse no longer qualifies under the definition; the date you or your spouse reaches age XX, whichever is earlier; the date your spouse no longer lives in Canada; Your child s coverage will end on the earlier of: the date your child no longer qualifies under the definition; the date you/your spouse (under whose plan your child is covered) are no longer eligible for coverage; the date your child no longer lives in Canada; Waiting period 6 for Child Optional Critical Illness Insurance The waiting period for child coverage begins 90 days before the child coverage start date, and continues 10 months after. During this waiting period, there is no coverage for any child who within 90 days of their birth: is diagnosed with a covered condition, or has any signs, symptoms, or tests that lead to a diagnosis of a covered condition within 5 years of that child s birth Child coverage putting it all together Use the chart below to see how child coverage would work in your family. Example: If you apply before <campaign end-date>, your start date for child coverage would be <effective date>. Age of your child(ren) on What rule applies to them? <Insert effective date>: 90 days and younger Waiting period for child coverage born within the next 10 months older than 90 days Pre-existing condition clause applies children adopted and/or step-children added within the next 10 months After your child coverage has been in place for 10 months, any child you add to the plan is fully covered right away! the date that money from the policy is paid out for the first covered condition; the date your employment ends; the date that money from the policy is paid out for the first covered condition; the date your employment ends; the date that money from the policy is paid out for the first covered condition (coverage will continue for the rest of your eligible children); the date your employment ends; the date the group contract ends; the date the group contract ends; the date the group contract ends; the end of the period for which premiums have been paid; or the date of your death the end of the period for which premiums have been paid; or the date of your death, or the date of your spouse s death. the end of the period for which premiums have been paid; or the date of your/your spouse s death (under whose plan your child is covered) or the date of your child s death 1 Based on current tax laws, we believe that any cash benefit from a group critical illness insurance plan will not presently be taxed when the premiums are paid for by the plan member and the benefit is payable to the plan member. 2 Diagnosis of a critical illness must occur after the effective date of coverage and you must complete a survival period (usually 30 days). 3 Rates are calculated based on your age, gender and smoking status as of the effective date of coverage. Rates are reviewed every year, may change, and will increase as you move into the next age band. Premiums may be subject to applicable provincial sales tax. 4 If you do not answer medical questions at the time of application, the pre-existing condition limitation will apply to your Optional Critical Illness Insurance coverage. 5 If you lose coverage through a change in employment, marital status, or you retire, you and/or your spouse may be able to maintain your current amount of Optional Critical Illness Insurance, up to maximum of $100,000 (children may be able to maintain up to $20,000 in coverage), by calling Sun Life Financial at within 60 days of loss of coverage. 6 The waiting period is called a moratorium in your benefits booklet OR Need to know flyer. * If you only purchase Child Optional Critical Illness Insurance for your children, Best Doctors is not included. All representations about the services of Best Doctors are those of Best Doctors Inc., and not Sun Life Assurance Company of Canada. Sun Life Assurance Company of Canada cannot guarantee the availability of the services and reserves the right to cancel the services at any time. ** Renewal rates only. You must purchase coverage before age 65 to qualify for renewal. All claims must be approved by Sun Life Financial. This brochure provides a summary of coverage. For full terms, conditions, limitations and exclusions, please refer to the group policy of insurance. In the event of a discrepancy between this brochure and the policy, the terms of the policy take precedence

7 Critical illness insurance can help minimize the financial impact that an unexpected serious illness can have. Affordable group rates 3 Tax-free 1 lump-sum payment 2 $NEM of coverage with no health questions or medical exam 4 Simply complete and return the YELLOW form OR the online enrolment before the enrolment period ends. Need more Call Sun Life at Monday to Friday, 8:30 a.m. to 5 p.m. E.T. Brenda s Story As you know, stress is a big factor in heart disease. Critical illness insurance actually helped me sleep at night I wasn t lying awake worrying about money. If I didn t take it, I don t think my recovery would have gone as well. How has critical illness insurance helped Brenda and other Canadians? Here are their stories. Life s brighter under the sun Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies. Sun Life Assurance Company of Canada, VB-100-E-01-15