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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.
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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:
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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:
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No supplemental insurance
Young, healthy individuals with a robust personal health plan can forgo supplemental insurance completely.
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.
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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