Protection planning is not simply about choosing a coverage amount. It starts with your family responsibilities, the risk of income interruption, mortgage obligations, and children’s needs, then considers your budget, health, and insurer underwriting requirements to identify a suitable combination of coverage.
Life insurance is mainly designed to help with family financial responsibilities after death, such as a mortgage, household expenses, children’s education, and estate or legacy planning.
Critical illness insurance is designed to provide a lump-sum cash benefit when a covered critical illness meets the policy definition, helping with income interruption, recovery, and additional expenses.
A useful starting point is to estimate your family’s actual financial responsibilities:
The amount you can actually apply for will also depend on income, assets and liabilities, existing insurance, and the insurer’s financial underwriting requirements.
Critical illness coverage can be considered in relation to possible income interruption, recovery time, fixed household expenses, and additional treatment or care costs after a serious illness.
Use iA’s official calculator →Term life insurance is often suitable for responsibilities with a defined time horizon, such as a mortgage, the years while children are growing up, or income-replacement needs during working years.
Permanent life insurance may be more suitable for lifelong protection, estate planning, and other long-term objectives.
The two types serve different purposes, so the question is not simply which one is “better.”
Possibly. Insurers typically assess age, medical history, medications, test results, treatment history, and current health when underwriting an application.
The outcome may be standard approval, a rating, exclusions, postponement, or a decline. Underwriting decisions can also vary by insurer, so each case should be assessed individually.
First review the amount and scope of your workplace benefits, and whether the coverage can continue if you leave your job, change employers, or retire.
Employer-provided coverage can be an important supplement, but it may not fully cover long-term responsibilities such as a mortgage, children’s education, or family income replacement.
You can start by organizing your family responsibilities, existing coverage, budget, and health information. Emily can then review your situation with you and confirm the next step.
Organize my life & critical illness needs →