Canada Life Critical Illness Insurance Review

Canada Life critical illness insurance provides a monetary safety net if you are diagnosed with a serious, life-altering health condition, like cancer or a stroke.

With coverage for 26 illnesses and up to $3 million in benefits, it ensures your medical costs, lost income, and lifestyle are supported during challenging times. But is Canada Life’s critical illness insurance a good fit for your family? 

Our in-depth review provides you all the information you need to make an informed decision. In this post, we take you through Canada Life critical illness insurance, its key features and benefits, advantages, pros and cons.  

Our review of Canada Life Critical Illness

Canada Life sells critical illness coverage aimed at Canadians looking for flexible and comprehensive insurance.

The coverage includes 26 illnesses, offers a maximum payout of $3 million, has several term and premium options, and come with many additional features, including the return of premium rider, a generous partial benefit payment, and childhood illness coverage.

On top of that, Canada Life's critical illness insurance include a benefit that that very few Canadian insurers offer: second event coverage. With this option, part of your coverage can remain in place in case you develop a future critical condition like a heart attack, stroke and life-threatening cancer.

Who is Canada Life?

Canada Life is one of the biggest names in Canada’s insurance industry. The company has been around for many years, is financially stable, and offers a range of financial services and insurance products, including life insurance and critical illness insurance.

Canada Life Critical Illness Insurance Plans

Canada Life offers critical illness insurance through its product called LifeAdvance. Designed to provide comprehensive coverage, LifeAdvance pays a lump-sum benefit if you are diagnosed with a serious condition that is covered in the policy. 

Key Features 

Lump-sum benefit: You can purchase up to $3 million in benefits.  

Enhanced: The plan covers 26 critical illnesses 

Flexible: Canada Life offers a wide range of term options, making it easier for you to match the length of coverage to how long you will have dependents in your care.  The following term options are available: 

• 10-year term 
• 20-year term
• Up to age 75
• Permanent coverage with a choice of three premium payment options: Pay to 100, 15-pay, and 20-pay

Waiting period: The waiting period, also known as the survival period, is the period you need to survive after being diagnosed with a covered condition to be able to collect the benefits. The waiting period for Canada Life’s critical illness care is typically 30 days, though some conditions may have a longer survival period.  

Expert medical help: If you buy critical illness from Canada Life, you will get access to top medical specialists, who can provide a second opinion and explain all available treatment options.

Optional coverage: Canada Life offers a range of add-ons to allow you to customize the plan to your needs. Optional benefits include:  

• Return of premium on death: Canada Life will refund the premiums paid by you if you pass without availing critical illness benefits.  
• Return of premium on expiry/cancellation: Available on select terms, this rider allows you to get a premium refund if you cancel the plan after a certain period or on expiry, provided you haven’t availed claim benefits. 
• Loss of independent existence: You will receive benefits in the event if you are unable to perform two of the six activities of daily living.
• Partial payment benefit: Pays a one-time, lump-sum benefit (15% of the insured amount or $50,000, whichever is less) if you are diagnosed with any of the 8 Early Detection Covered conditions. 

How to apply for Canada Life Critical Illness Insurance?

Dundas Life, one of Canada’s top independent insurance brokers, can help you buy critical illness insurance from Canada Life. Click the Check My Price button for a free quote or have our advisor call you to walk you through the application process.

How much does Canada Life critical illness insurance cost? 

Unfortunately, it’s not possible to provide a precise price range upfront. That’s because the cost of critical illness depends on your personal and coverage details. Canada Life considers many factors while determining your monthly rate, such as: 

• Age
• Overall health
• Existing health issues
• Smoking status
• Coverage amount, policy term, and riders selected

Consult a Dundas Life insurance advisor to get an exact price quote for Canada Life’s critical illness cover. 

Conclusion

With coverage for 26 illnesses and up to $3 million in benefits, Canada Life’s LifeAdvance offers a reliable safety net in the face of serious health diagnosis, regardless of if you have health insurance. And a wide range of add-ons make it easier for you to tailor the plan to your specific circumstances and needs. 

All the same, since critical insurance premiums vary by insurer, it is a good idea to first compare critical illness insurance quotes from other providers. Dundas Life can help you obtain personalized quotes based on your specific insurance needs from multiple providers so that you can objectively decide if Canada Life is truly the right fit for you. 

FAQs

Does Canada Life offer its policyholders return of premium option?

Yes, you can purchase the return of premium on death and the return of premium on expiry/cancellation riders by paying extra. The return of premium on expiry/cancellation rider is available on select policy terms. 

What illnesses are typically covered by Canada Life's critical illness insurance?

Canada Life's critical illness insurance covers 26 illnesses and conditions, including, but not limited to cancer, heart attack, stroke, and organ transplant. 

Can I add critical illness insurance to my existing life insurance policy with Canada Life?

In many cases, you can add critical illness insurance as a rider to your existing life insurance policy with Canada Life.