Critical Illness Insurance For Business Owner2024-01-23T07:44:59-05:00



Running a business in Toronto, Ontario, or anywhere for that matter, is a lot of work. Suffering from a critical illness can certainly be problematic, especially if you own your own company or are a business partner. In such cases, it’s important to ensure your investment is protected, while also making certain you can cover your medical expenses and daily living costs.

That’s why Desjardins Financial Security Independent Network Toronto West offers comprehensive critical illness insurance solutions for Ontario business owners.

Frequently Asked Questions About Critical Illness Insurance for Business Owners in Ontario

· What exactly is critical illness insurance for business owners in Ontario?

Corporate-owned critical illness insurance is a type of insurance designed to protect your company should you or one of your partners be diagnosed with a critical illness. It pays out a lump-sum typically after as little as 30 days after the diagnosis.

· What are some of the critical illnesses covered with critical illness business insurance in Ontario?

The most basic plans cover things like cancer, benign brain tumors, aortic surgery, coronary artery bypass surgery, heart attack, heart valve replacement or repair, stroke, bacterial meningitis, dementia (including Alzheimer’s disease), motor neuron disease, multiple sclerosis, Parkinson’s disease, kidney failure, major organ failure, major organ transplant, acquired brain injury, paralysis, deafness, coma, occupational HIV infection, and more.

· How do you determine if you’re in need of corporate critical illness insurance?

To determine whether you’re in need of such solutions, just ask yourself a few simple questions:

  • If I’m diagnosed with a critical illness, will my company’s profitability be affected?
  • Is there someone who could take my place if I’m unable to work?
  • Who would be in a position to reassure my creditors, suppliers, and clients?
  • Would the company survive if I needed to take an extended leave of absence due to my critical illness?
  • How would my partners react to the situation; would they want to buy me out?
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· What are the tax implications of critical illness insurance for business owners in Ontario?

If you have a business partnership, our expert advisors can equip you with critical illness insurance for business owners that comes with a health benefit. This means you’ll receive coverage should you or your partners suffer a critical illness but be reimbursed the premiums you paid if you and your team remain healthy throughout the contract period.

· Is critical illness insurance for business owners taxable in Ontario?

No. Your critical illness insurance payment is non-taxable, meaning you’ll receive every penny of your payout. You can focus on your recovery without worrying about having enough money to pay your bills and medical expenses.

· Can I get critical illness coverage in Ontario for my business as part of my life insurance plan?

Yes. Some life insurance business options offered by DFSIN Toronto West do include critical illness coverage for businesses in Ontario.

· What happens if I don’t experience a critical illness?

If you invest in critical illness insurance and don’t experience a critical illness during the term of your coverage, you can be reimbursed for your premiums in full by adding a return-of-premium benefit to your plan.

You can choose to get your money back as early as 10 years into your coverage if you don’t experience a critical illness. However, once you take this option your coverage expires.

· Why choose DFSIN Toronto West?

When it comes to selecting critical illness insurance for business owners in Ontario, working with DFSIN Toronto West has a number of benefits. Firstly, we’ll be able to help you keep the lights on should you or a partner ever fall victim to a critical illness. You can also get your money back by selecting a plan that offers a return of premiums. Additionally, with the critical illness insurance from DFSIN Toronto West, you can use the return of premiums to fund a retirement plan, meaning you’ll be able to protect your company in addition to offering benefits to your staff members.


We’d love to talk to you about how critical illness insurance can help you.



We’d love to talk to you about how life insurance can help you.

Let DFSIN Toronto West be your company’s critical illness insurance provider!

Since 2005, the team from Desjardins Financial Security Independent Network – Toronto West has been helping families and businesses across southern Ontario grow and remain financially stable.

Ontario business owners can benefit greatly from our critical illness insurance plans, so if you’re interested in learning more, contact our experts today. Contact us online or call 416-695-1433 to receive a quote!

We serve all of the following areas:

  • Brampton
  • Mississauga
  • Etobicoke
  • Oakville
  • Burlington

In addition to our critical illness insurance for business owners in Ontario, we also offer life insurance, long-term disability insurance, critical illness insurance for children, and more. Our life and health insurance advisors can help you develop a stable foundation for your future, so contact our team today!

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