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Critical illness insurance pays a tax-free lump sum if you're diagnosed with a covered condition like cancer, heart attack, or stroke. Use the money for any purpose—medical expenses, mortgage payments, or taking time off work.
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What is Critical Illness Insurance?
Critical illness (CI) insurance pays a tax-free lump sum benefit if you're diagnosed with a covered critical illness and survive the waiting period (usually 30 days). This is different from life insurance which pays upon death—CI insurance pays while you're alive so you can use the funds during your illness.
Most critical illness policies cover 25+ conditions including cancer, heart attack, stroke, coronary artery bypass surgery, kidney failure, major organ transplant, paralysis, and more. You can use the benefit for medical treatment, experimental therapies, home modifications, mortgage payments, living expenses, or any other purpose.
Important Statistic
1 in 2 Canadians will be diagnosed with cancer in their lifetime. Critical illness insurance ensures financial stability during treatment and recovery.
Conditions Covered by Critical Illness Insurance
Most critical illness policies cover 25+ life-threatening conditions. Coverage varies by insurer and policy.
Most Common Claims
- •Cancer (life-threatening)
- •Heart Attack
- •Stroke
- •Coronary Artery Bypass Surgery
Organ & System Conditions
- •Kidney Failure
- •Major Organ Transplant
- •Heart Valve Replacement
- •Aortic Surgery
Neurological & Other
- •Paralysis
- •Multiple Sclerosis
- •Parkinson's Disease
- •Alzheimer's Disease
Additional conditions may include blindness, deafness, severe burns, coma, loss of limbs, benign brain tumor, bacterial meningitis, and more. Review policy documents for complete coverage details.
Benefits of Critical Illness Insurance
Tax-Free Lump Sum Payment
Receive a tax-free lump sum payment (typically $25,000-$1,000,000) upon diagnosis. Use the money for anything—treatment, bills, mortgage, recovery, or supporting your family.
Financial Security During Recovery
Focus on recovery without financial stress. Pay your mortgage, replace lost income, hire caregivers, or cover increased living expenses during treatment and rehabilitation.
Access to Best Treatment Options
Use your benefit for experimental treatments, second opinions, private clinics, specialists abroad, or treatments not covered by provincial health insurance.
Family Support & Care
Allow family members to take time off work to care for you, hire professional caregivers, or support your children during your illness and recovery period.
Home & Vehicle Modifications
Adapt your home or vehicle for accessibility if needed—wheelchair ramps, bathroom modifications, specialized equipment, or vehicle adaptations for disabilities.
Return of Premium Options
Some policies offer return of premium riders—if you don't make a claim by a certain age (typically 75), you get all or a portion of your premiums back.
Critical Illness Insurance FAQs
How much does critical illness insurance cost?
Critical illness insurance costs vary based on age, health, smoking status, coverage amount, and policy type. A healthy 35-year-old non-smoker might pay $50-100/month for $50,000 coverage, or $100-200/month for $100,000. Term CI policies (10-20 years) cost less than permanent CI coverage.
How much critical illness coverage do I need?
Consider your annual income, debts, mortgage balance, and potential treatment costs. A common guideline is 1-3 times your annual income or enough to cover 1-2 years of living expenses. For example, if you earn $60,000/year, consider $60,000-$180,000 in coverage.
What's the difference between critical illness and disability insurance?
Critical illness insurance pays a lump sum upon diagnosis of a covered condition (whether you can work or not). Disability insurance pays monthly income replacement if you can't work due to any illness or injury. Both provide valuable protection—many Canadians have both for comprehensive coverage.
Can I get CI insurance if I have health issues?
It depends on the condition and severity. Minor health issues may result in higher premiums or exclusions. Serious pre-existing conditions are typically not covered. Apply early when you're healthy for the best rates. Some insurers offer simplified issue CI with limited underwriting.
What is the survival period for CI insurance?
Most critical illness policies require you to survive 30 days after diagnosis before the benefit is paid. This is called the "survival period" or "waiting period." If you pass away within 30 days, no CI benefit is paid (though life insurance would pay out).
Should I buy standalone or bundled CI insurance?
Standalone critical illness insurance provides dedicated CI coverage. Bundled CI is added as a rider to life insurance, typically paying out early if you're diagnosed (then reducing the life insurance death benefit). Standalone offers more coverage and flexibility; bundled is more cost-effective if you need both.
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