Considering recent advancements in medicine, more people today survive serious illnesses.  Medical costs related to treatment and recovery will put a family’s financial resources under extreme duress.

Life insurance companies recognize the significant improvement in diagnoses of cancer and other serious illnesses.

Critical illness insurance, unlike regular life insurance, provides benefits while the insured is living.  It is unique in the sense that it provides a lump-sum payment that can help with medical expenses if the insured becomes critically ill during the term of coverage.  Premiums also stay level for the duration of your policy.

You can find out more about life insurance and critical illness coverage with a free life insurance quote from one of Canada’s insurers.


Reasons to get critical illness coverage

Below are some sobering facts that emphasize the need for critical illness coverage:

  • 2 out of 5 Canadians can develop cancer sometime in their lives
  • 1 out of 4 will develop heart conditions
  • More than 50,000 individuals will suffer a stroke every year

These statistics may be frightening but preparation is essential to fighting the odds.

Life insurance companies offer critical illness insurance that offers protection with a tax-free lump sum benefit.  The money can be used to help with your recovery.

Available in Canada, this coverage gives peace of mind that your family’s future is secure after you become ill. Click here for family life insurance info.


How does Critical Insurance Work

If you are suddenly diagnosed with a critical illness, you can receive your lump-sum benefit of a covered illness within 30 days.  The money can be a huge blessing so you can focus on recovery without worrying about your financial resources.

The money can be used to pay for private nursing, medication, or to supplement lost income.
Covered illnesses include:

  • Stroke
  • Cancer
  • Heart Attack
  • Coronary artery by-pass

Depending on your insurance company, coverage can be until the age of 70.

Additional cover can also be obtained for other conditions such as:

  • Alzheimer’s
  • Parkinson Disease
  • Kidney failure
  • Multiple Sclerosis
  • Major organ transplant
  • Paralysis
  • Coma
  • Heart Valve replacement

The cost for critical illness insurance depends on your policy and insurance provider. Therefore, it is important that you compare life insurance quotes so that you can find the right type of cover at the best price.

With our free service, you can easily compare different insurance providers and the types of cover they offer to understand the benefits you can receive.

Keep in mind that when you compare insurance policies, the cheapest quote is not always the best one.  You should look for coverage that gives you the best value for your money.


Critical Illness Insurance Benefits, Value, and Cost

There is no one-size fits all solution for critical illness insurance. The insurance company will look at a few factors before giving you your premium rate.

Some of the factors they consider include:

  • ✔ Age
  • ✔ Smoker or non-smoker
  • ✔ Health record
  • ✔ Family history
  • ✔ Gender

You will be required to have a medical examination when you apply for critical illness coverage.  However, it can also depend on the amount of coverage you need and the insurance provider.  If it is a small amount, most insurers may just ask you to answer a medical questionnaire.


Apply for Critical illness insurance in Canada

There are a number of insurance providers in Canada that offer critical illness coverage. Their products differ in cost, features, cover, and benefits.  They do have one thing in common – provide you with a life line in the face of critical illness.

When looking at your options, consider premium guarantees, return of premium options, conversion features, and illnesses covered.

Comparison of Insurers for critical illness and their products

Insurance Company Name of Product Age Amount of Cover
The Cooperators Critical Assist Two 18 to 65 (Term 10)
18 to 50 (Term 20)
From $25,000 up to $2 Million
Equitable Life Equiliving 30 days to 65 years From $25,000 to $2 Million
Canada Life Advance 18 to 60 (Term 10)
18 to 65 (Term 10)
Term 75
Term 100
From $10,000 to $2 Million
$2.5 million (case by case basis)
RBC Insurance Critical Illness Recovery 18 to 65 From $25,000 to $2 Million
Sun life Sun Critical Illness 18 to 65 Term to 75
18 to 59
Desjardins Insurance Harmony 18 to 65 From $25,000 to $2 Million
Manulife Life check 18 to 55 and 18 to 65 on Term 100 From $25,000 to $2 Million
BMO Insurance Living Benefit 18 to 65 From $25,000 to $2 Million

Source: Insurance and Investment Journal

Critical illness insurance helps individuals to:

  • ✔ Replace lost income for you and your spouse if you need to stop working temporarily to take care of the insured who is critically ill
  • ✔ Alleviate anxiety over financial concerns during recovery from illness
  • ✔ Additional assistance for the family
  • ✔ Cover treatments not covered by government or private health insurance

Critical illness can work really well but you need to understand the terms of the policy you buy.

Some policies offer return of premium riders which means you are entitled to a refund of some of your cash.  However, they usually have certain stipulations (such as length of time you have been paying premiums).

It is also advisable that you have adequate health and disability insurance before buying critical illness coverage.

You may want to speak with advisors when you apply for critical illness coverage. You can request for a free life insurance quote and discuss this specialized product with your insurance broker.


Get your life insurance with Compare Insurances Online

Life insurance coverage is not something you should take lightly.

As a financial product designed to protect the financial security of your loved ones, it is important to carefully consider your needs and find the right solution.

Our partners which are insurers and insurance brokers are there to help you do just that.

When you request for your free life insurance quote, one of our partners will design the insurance solution tailored for your needs.

Don’t wait until it is too late to apply for the right life insurance coverage.

Fill-out our free online request form today to get your quote shortly.


by comparing 20+ insurers in one free request!

"*" indicates required fields

Terms and Conditions*