Critical Illness Insurance
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Critical illness insurance offers a lump-sum, tax-free payout if you're diagnosed with a serious illness, typically after a 30-day waiting period. The payout can cover medical bills, medical expenses, childcare, or lifestyle changes. Some policies cover fewer illnesses, while others provide broader protection.
Critical illness insurance is available both as a fully underwritten policy or a guaranteed issue policy. You have to take a to qualify for a fully underwritten policy. For guaranteed issues, you wouldn't need to take any medical exam, only need to answer a few health-related questions.
The benefit amount may depend on the severity of your illness. More serious conditions typically qualify for the full benefit, while less serious ones may result in a partial payout. Easily treatable illnesses may not receive any benefit.
27%
of deaths in Canada are caused by cardiovascular diseases
1 in 4
Canadians are expected to die of cancer
100,000+
Canadians have a stroke every year
A critical illness can threaten more than your health; it can drain your savings or push you into bankruptcy. Even with health insurance, out-of-pocket costs add financial strain. A critical illness policy provides a lump sum payout, helping you manage expenses without exhausting your savings.
Offers financial coverage:
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Can be used for medical or non-medical expenses
Recover lost income
Covers more than health insurance
Can be used for specialized treatments
Offers peace of mind and flexibility:
Reduces financial stress, prioritizing recovery
Offers financial support for lifestyle changes
Freedom to choose how to use the payout
Provides a plan for the unexpected
Limited coverage
- Cancer
- Heart attack
- Stroke
Comprehensive coverage
- Aortic Surgery
- Aplastic Anemia
- Bacterial Meningitis
- Benign Brain Tumor
- Blindness
- Cancer
- Coma
- Coronary Angioplasty
- Coronary Artery Bypass Surgery
- Deafness
- Dementia
- Early Breast, Prostate, Skin, Blood, Intestinal, and Thyroid Cancer
- Heart Attack
- Heart Valve Replacement or Repair
- Kidney Failure
- Loss of Independent Existence
- Loss of Limbs
- Loss of Speech
- Major Organ Failure
- Major Organ Transplant
- Motor Neuron Disease
- Multiple Sclerosis
- Occupational HIV Infection
- Paralysis
- Parkinson’s Disease
- Severe Burns
- Stroke
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A serious illness can bring both health challenges and financial strain. While health insurance covers some costs, lost income and daily expenses can add pressure. Critical illness insurance helps fill these gaps. Here are some individuals who may benefit from it:
People with a family history of illness
Sole-income earners/High-risk jobs
Parents of young children
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Older adults and elderly
Calculate the income you will have to replace: A common approach is to multiply your annual income by three, covering expenses and debts for three years if you're unable to work. Factor in your children's financial needs, including college tuition if planned.
Calculate your expenses: Calculate your monthly expenses, including groceries, medication, and mortgage payments. Subtract any expected income from other sources, like your spouse. Then, multiply the remaining amount by 12 and by the number of years you may be unable to work due to illness.
Take into account the expected medical costs: Add potential medical expenses to your total, including home care and medical equipment costs needed for recovery after a critical illness diagnosis.
Critical illness insurance premiums vary by individual, meaning even two people of the same age may pay different rates. Your premium depends on factors such as:
Younger people pay lower premiums than older individuals, as they’re less likely to develop critical illnesses.
Age
Healthy applicants receive better rates, while conditions like diabetes or high blood pressure raise costs.
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Health
A family history of critical illnesses will increase the cost.
Family History
Smoking increases the risk for severe illnesses, resulting in higher premiums.
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Smoking
The more illnesses covered in your plan, the higher your premium rates.
Conditions
Larger payout amounts result in higher premiums.
Amount
The longer the policy’s term, the higher the monthly premiums will be.
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Term Length
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Got Questions?
We have answers.
No supplemental insurance
Young, healthy individuals with a robust personal health plan can forgo supplemental insurance completely.
Cancer-only insurance
If you're concerned about cancer treatment costs, cancer-only insurance may be a good option. However, it’s not a replacement for health insurance; it simply helps cover gaps that traditional plans may not.
Combined policies
Some insurers let you package critical illness with another insurance product, like life insurance. This may be a good option for those who would rather pay one premium instead of paying separately for different policies.
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