Why Choose Critical Illness Insurance?
Living longer is a blessing — but it also means a higher chance of facing a serious illness at some point. A diagnosis is just the beginning. The real challenge is the financial burden that often comes with it.
Critical Illness Insurance gives you a tax-free lump sum so you can focus on what matters most: your recovery, not your bills.
What Is Critical Illness Insurance?
- If you’re diagnosed with a covered condition (such as cancer, heart attack, or stroke), you’ll receive a one-time, tax-free payment.
- Coverage depends on the plan you choose — we’ll guide you to one that protects you broadly.
- Some policies may include a short waiting period before benefits are paid, depending on the illness.
What Can Be Insured
Debt Types and Coverage Portions
| Debt Type | What Portions Could Be Covered |
|---|---|
| Mortgage (home loan) | Unpaid balance, potentially future payments depending on plan |
| Personal Loans / Lines of Credit | Balance or a portion of payments |
| Credit Card Debt | Outstanding balance or minimum payments |
| Business Loans | If tied to personal guarantee or owner’s liability |
What It Covers — And What It Doesn’t
Typically Covered Illnesses:
- Major cancers
- Myocardial infarction (heart attack)
- Stroke
- Coronary artery bypass surgery
- Kidney failure
- Multiple sclerosis
- Loss of sight / hearing / speech
Possible Exclusions / Waiting Periods:
- Pre-existing conditions
- Illnesses diagnosed before policy start date
- Certain low severity conditions or treatments may have waiting periods
- Specific definitions: “stroke” might require certain severity; “cancer” often excludes in situ forms
How Much Coverage Do You Need?
You’ll want enough to cover both current living expenses plus additional costs during recovery. Some things to factor in:
- Mortgage or rent
- Loans, other debt payments
- Utility bills, groceries, childcare
- Medical expenses beyond what’s covered by public insurance
- Travel for treatments, specialized care
- Potential loss of income
- Home help, domestic help if needed
Example:
You have a mortgage of $300,000, loans of $20,000, monthly bills ~$3,000, extra medical / travel expenses ~$10,000.
You may consider $200,000-$400,000 of CI coverage (depending on premium cost, age, health).
Critical Illness vs Disability Insurance
| Critical Illness Insurance | Disability Insurance | |
|---|---|---|
| Payment type | One-time lump sum tax-free | Regular monthly payments while disabled |
| Trigger | Diagnosis of a covered illness | Inability to work due to illness or injury |
| Waiting period | May apply (depending on illness) | Usually a longer elimination period |
| Coverage duration | You get payment once, regardless of how long you live afterwards | May pay out for months/years while you can’t work |
- Critical Illness Insurance FAQs
What are the benefits of having critical illness insurance ?
- Gives you financial breathing room during treatment and recovery
- Lets you focus on your health, not money worries
- Prevents you from having to dip into savings, RRSPs, or retirement funds
- Helps your family maintain stability - cover debts, bills, caregiving costs
How Much Does It Cost?
Cost depends on:
- Your age
- Health and medical history
- Chosen coverage amount
- The list of illnesses covered
- Whether you add riders (like premium refund, extra coverage, etc.)
Ballpark: For a healthy 35-year-old non-smoker, $200,000 CI might cost between $25-$50/month (this is just an example; exact quote will vary)
Is the payout really tax-free?
Yes. Under Canadian law, amounts received from CI insurance are typically tax-free.
What if I never get diagnosed with one of the covered illnesses?
You don’t receive the lump sum. Some policies offer a “return of premium” option or riders that refund premiums under certain conditions.
Can I add or change illnesses later?
Some policies allow riders or upgrades; others do not. It depends on underwriting.
Does my health, age, or lifestyle affect eligibility / cost?
Yes. Younger, healthier individuals pay less. Smokers or those with pre-existing conditions may pay more or have exclusions.
Next Steps — How We Help
Personal Assessment
We’ll review your financial situation — debts, expenses, income, health.
Compare Options
We look at multiple top insurers, match you with a policy that gives strong value.
Customize
We’ll tailor coverage and riders to your needs (e.g. premium refund, exclusion waivers).
Claim Support
If something happens, we help with the claim process so you get your payout smoothly.
Get a Personalized Quote
Don’t wait for uncertainty. The sooner you have your protection in place, the better.