Disability Insurance: as the term implies, will provide you with income should you become disabled or are suffering a long term illness that prevents you from working. It usually pays out on a monthly basis and could continue paying until you return to work or until age 65.

Critical Illness: Covering conditions such as heart attack, strokes and advanced cancers, this coverage gives you and your family a lump sum payment if you suffer from a designated illness. Typically, this payout would be used to cover lost earnings, pay off a mortgage or seek medical help that may not be covered by existing provincial and private plans.