Humania Critical Illness Insurance Review

A major health crisis like cancer or heart attack affects not only you. It impacts all those who love you. Besides the emotional toll, there’s financial burden. Thankfully, critical illness cover can take care of the latter.

It provides a one-time payment if you are diagnosed with a covered illness, helping you pay for unexpected medical bills, loss of income, daily living expenses, and more. 

Humania is one of the leading providers of critical illness insurance in Canada. But is it the right fit?

Our article discusses Humania’s critical illness insurance coverage options, key features, pros and cons, and cost. Let's dive in.

Our Humania Critical Illness Insurance Review

If you are looking for an affordable critical illness insurance plan, Humania could be an option. Available in different term lengths, its Term-Critical illness provides both basic and comprehensive coverage.

Also included are all the expected bells and whistles, such as the return of premium rider, partial payment benefit, and child critical illness cover. 

Who is Humania?

Established in 1874, Humania Assurance is based in Quebec and is among the oldest insurance companies in Canada. It is known for providing competitively-priced, innovative web-based insurance coverage.

Besides critical illness insurance coverage, Humania offers a range of health insurance, life insurance (including several term life insurance plans), critical illness insurance, accident insurance, and more.

What types of critical illness insurance does Humania offer?

Humania’s critical illness cover is named Term-Critical Illness. It is available in two varieties: basic and comprehensive. 

The basic Term-Critical Illness plan protects you against four health conditions, whereas the comprehensive plan covers 25 illnesses and conditions. The maximum cover you can buy is $1 million. 

You can purchase Humania’s critical illness coverage for a 10-, 15-, 20-, 25-, or 30-year term or up to age 75. But regardless of the type of coverage (basic or comprehensive) or the term length, the waiting period — a short period that must pass after a covered event before the insured can collect the payout — is 30 days. 

Key additional benefits included with Humania’s Term-Critical Illness cover include: 

• Return of premium on death: If you pass without filing a critical illness claim, Humania will return the premiums paid by you.
• Return of premium on cancellation/expiry: Humania may pay back the premiums upon the expiry of your plan or its cancellation (provided you cancel the plan after holding it for at least 15 years). 
• Partial payment: If you are diagnosed with any of the three eligible conditions, you will receive a partial payout. The partial payment is the lesser of 10% of the coverage amount or $10,000 and can be collected up to four times. 
• Loss of independence coverage: You will be eligible to receive benefits if you are unable to perform any two of the six activities of daily living.

The table below outlines the key details of Humania's term critical illness plan

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How to buy Humania critical illness insurance

Want to apply for Humania’s critical illness cover? We have got you covered. Click the Check My Price button to get free quotes or schedule a call with one of our insurance advisors to start the application process. 

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How much does Humania critical illness insurance cost?

The cost of Humania’s critical illness plans depends on the type of coverage, benefit amount, and several factors unique to you, such as: 

• Age
• Gender
• Pre-existing conditions and overall health
• Smoking status

If you want to keep the cost of critical illness as low as possible, we recommend you compare Humania’s pricing with other plans. That is the only way to ensure you are getting the best value for your money. 

Conclusion

Humania offers both basic and comprehensive coverage. The benefit amount is capped at $1 million, which is likely to be sufficient for most people. Unlike some other Canadian insurers, Humania offers a lot of term length options (10, 15, 20, 25, and 30 years and until age 75), many insurance companies offer different term lengths depending on the type of insurance.

All the common critical illness insurance riders are available, including return of premium rider, partial benefit rider, and childhood illness rider. 

All in all, Humania’s critical illness plan is a good option for Canadians looking for complete coverage. That said, we always recommend getting multiple quotes because there’s no one life insurance company that is best for everyone.

Dundas Life can provide you with free price quotes from multiple A-rated Canadian insurance companies, making it easier for you to pick a plan that’s right for you. Book a call with us today.

Frequently Asked Questions

Does Humania Critical Illness Insurance have a waiting period?

Yes, Humania critical illness plans have a waiting period of 30 days. This means if you are diagnosed with a covered condition, you must survive 30 days before benefits become payable. 

Is it possible to increase coverage after a policy has been issued?

 In general, increasing the benefit amount may require going through medical underwriting again, but this can vary based on the specific policy and provider. Contact Humania directly or consult with an insurance advisor for accurate information.

Can I cancel my policy if I no longer need it?

Yes, you can generally cancel your policy at any time. If you have opted for the return of premium on cancellation rider, you may receive part of the premiums upon cancellation.