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Critical Health Insurance

Critical Illness Insurance is important to protect your finances in case you get an illness that is severe. Many people would have a hard time without it. This insurance plan protects policyholders by offering financial assistance in the event that any of the specified serious illnesses—including cancer, heart attacks, and strokes—are discovered. Because healthcare costs can be very high in many parts of the world, Critical Illness Insurance is a big part of a risk management plan for everyone. Such an insurance policy makes a one-time payment to the policyholder when diagnosed with a given disease to compensate them for their medical expenses and lost income and even take care of their quality of life during a difficult period. 

It is this very fact—the increasing incidence of such critical illnesses and the potential burden over personal finances—that makes Critical Illness Insurance play a vital role in bringing stability in focusing on the recovery of health without further stress due to financial instability for Canadians. The changing nature of health care shows how important Critical Illness Insurance is becoming in Canada. It is becoming more and more clear that this is an investment that people and families must make to protect themselves from the possible financial effects of serious medical conditions

Learn more about Critical Illness Insurance

What is Critical Illness Insurance?

Critical Illness Insurance is a kind of a specific and specialized form of an insurance package in Canada. It provides financial support to individuals who have suffered from the diagnosis of certain severe illnesses. Here’s a breakdown of what it includes:

What does Critical Illness Insurance cover?

Critical Illness Insurance in Canada is an insurance policy that gives the policyholder financial security on a tax-free basis, provided the policyholder has survived for a minimum period, usually 30 days, upon diagnosis of a critical medical condition. It normally includes the following:

Critical Illness Insurance plan inclusions can differ between insurance providers and contain specific terms. That being said, people who own the Critical Illness Insurance plans should also be careful of any limits or exceptions.

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What Does Critical Illness Insurance Not Cover?

While Critical Illness Insurance in Canada covers specified severe medical conditions, there are some exclusions and limits to be considered. Usually, critical illness does not include such things as:

Anyone considering looking into Critical Illness Insurance is advised to look over their particular policy very carefully. An insurance broker can shed some light on some of the finer points of the coverage and possible exclusions.

How Does Critical Illness Insurance in Canada Work?

Critical Illness Insurance is special insurance that covers a sum of money, which would be payable to individuals whenever they are diagnosed with certain serious medical conditions. The following points will refer to how Critical Illness Insurance works.

Renewal and expiry of policy: As per the policy terms, in some companies, the policy of Critical Illness Insurance will be renewable; in some companies, the policy may remain up to a stipulated age only. Renewal terms and renewability options must be taken into consideration at the time of purchasing the policy.

What is the waiting period, and what are the exclusions under a Critical Illness Insurance policy? These are the conditions with all the details of the diseases covered, which is highly important for a person to know. Such financial protection should preferably involve taking advice from an insurance advisor for a better understanding and needful customization of the coverages.

Is Critical Illness Insurance cheap?

Some of the things that go into figuring out how much Critical Illness Insurance costs are listed below. Whether it’s cheap or not depends on the individual:

Although Critical Illness Insurance plans may provide an exact kind of protection at the incidence of a serious illness, one should be prudent enough to really weigh the cost within one’s budget and financial priorities. Get quotes from several insurance companies and compare them to find the best policy for you at a price you can afford. Another role would be to enlighten the insured, showing him the available Critical Illness Insurance plans and therefore enabling him to make a decision that is well informed.

Who Needs Critical Illness Insurance in Canada?

Critical Illness Insurance in Canada could be relevant to many but is, like any insurance, considered necessary depending on personal situations, financial objectives, and inherent risk appetite. Key indications of those for whom Critical Illness Insurance could be particularly relevant are:

Couples or Single Individuals: Although Critical Illness Insurance policy targets families and can offer financial protection in case one spouse gets critically ill, it is also possible for couples without dependents and even single individuals to buy Critical Illness Insurance just to assure themselves that they will still remain financially independent and all their needed personal expenses will be taken care of if they get ill.

It is the only thing that will help a person decide if they want to buy Critical Illness Insurance in these specific cases, taking into account the risks and their financial goals. They may receive personalized insight from a financial advisor or insurance professional to help them decide whether Critical Illness Insurance is part of their overall financial strategy.

Find Out: The benefits of Critical Illness Insurance here

Find Out: The need of Critical Illness Insurance

How can you save money on Critical Illness Insurance?

Saving on Critical Illness Insurance is a very strategic call that needs some consideration. Some tips that may help in cutting down on the cost of the Critical Illness Insurance include the following:

Please go through all the terms and conditions mentioned in the Critical Illness Insurance Policy document very carefully before concluding any decision. The readers are advised to take the services of a financial advisor or an insurance professional who might advise them on the various options that may help them make a wise decision with respect to their position.

Where can I buy Critical Illness Insurance in Canada?

Critical Illness Insurance, just like other insurance, can be bought from different avenues. These may include direct purchases from the insurance brokers, purchases through the various financial advisors, or even purchases directly from the insurance companies. Common methods of buying Critical Illness Insurance in Canada include the following:

  • Employer Benefit Plans: Critical Illness Insurance is one of the benefit plan options that some employers add to their Group Benefit Plans for employees. Check with your employer’s human resource personnel to determine if such coverage exists and if you would be eligible to join it.

It is advisable to purchase Critical Illness Insurance only if the proposer has read, understood, and agreed to all the terms, conditions, and details of coverage and exclusion conditions of the policy. The person should also seek advice from competent insurance professionals to ensure that the insurance policy serves his particular needs and financial goals.

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FAQ's on Critical Illness Insurance in Canada

Critical Illness Insurance gives out a lump-sum payment to policyholders once they have been diagnosed with specified severe medical conditions, such as cancer, heart attack, stroke, or organ failure. Similarly, these could be used for medical treatment expenses, lost income replacement, or meeting any other important financial needs lost during the difficult period.

It would vary with different policies, but the common illnesses covered would be cancer, heart attack, stroke, organ transplant, and major organ failure. Other conditions that may be covered include, but are not limited to, paralysis and coronary artery bypass surgery, among others, as may be stated in the policy.

The cost is wholly dependent on factors like the age of the insured, his health status, the amount of coverage taken, the term of coverage, smoking, gender, occupation, and lifestyle, among others. The process of shopping around and comparing quotes, maybe even some available policies that come as a bundle, might ensure the cheapest option.

Whether Critical Illness Insurance is really worth the cost is all going to be an extremely personal factor—one’s health history being an outrageously huge one, along with their financial stability and any additional coverage that they may already have in place. It gives mental peace and financial security against the huge costs involved in curing and maintaining serious illnesses. It is worth adding to your financial planning even when you don’t have enough savings or other insurance to cater to the financial impact of a critical illness.

The amount of individual premiums paid under the contract of Critical Illness Insurance is not tax deductible. It is considered a personal expense. However, if you are a business owner or self-employed and insurance is regarded as part of the required business expense, then there are a few exceptions. Always consult with a tax professional for advice specific to your situation.

Yes, Critical Illness Insurance typically covers cancer, but it may not cover all types, especially those diagnosed at an early stage or non-life-threatening cancers.

Critical Illness Insurance may include coverage for skin cancer, but it normally includes very serious forms only, for example, malignant melanoma, and may exclude other less aggressive but still fatal cancers, for example, basal cell carcinoma.

Yes, breast cancer is usually covered under Critical Illness Insurance policies, subject to the specific terms and conditions of the policy.

Yes, breast cancer is usually covered under Critical Illness Insurance policies, subject to the specific terms and conditions of the policy.

Arthritis, especially common forms like osteoarthritis, is generally not covered by Critical Illness Insurance as it is not considered a life-threatening condition.

Most Critical Illness Insurance policies wouldn’t usually pay out for type 2 diabetes as a sole condition. However, in most Critical Illness Insurance policies, there is a possibility that complications relating to diabetes are covered, and these complications would include conditions of kidney failure and blindness.

Critical Illness Insurance pays a lump sum upon diagnosis of a covered illness, which can be used at the policyholder’s discretion without restriction on its use.

However, the level of cover required may vary depending on individual needs and the prevailing financial situations. Consider your debt, income replacement needs, and any additional costs that would arise in the event of illness, so it is advisable to consult with a financial advisor for an amount that will ensure such.

The critical illness cover you need should take into account your personal risk factors, financial situation, and concern for specific illnesses. It would help if you looked out for a policy that covers the illnesses that most concern you and gives a level of financial protection with which you will feel comfortable.

The payout typically occurs after the diagnosis of a covered condition, following the completion of a waiting period defined in the policy, usually 30 days.

Purchasing Critical Illness Insurance while you are young and healthy is generally more cost-effective, as premiums tend to be lower, and it’s easier to qualify for coverage.

The best policy will be dependent on personal needs, such as the scope of conditions it should cover, the amount it should pay out, the premium to be paid, and all the terms and conditions of the policy. It is good to compare offers from several insurers.

It provides financial security by covering out-of-pocket medical bills, income loss, and other costs associated with a serious illness, hence giving peace of mind for the duration of the tough time.

The cost reflects the risk to which the insurers are significantly exposed due to the high costs of medical care for severe illnesses and the eventuality that the policyholder might lodge a claim. The premiums depend on a number of factors which include the probability of claims and the level of cover.

To get Critical Illness Insurance Quotes begin by determining your coverage requirements and obtaining quotes from various insurers. Focus on the range of illnesses each policy covers, the costs of the premiums, the length of benefit periods, and the overall reliability of the insurance company to get the best Critical Illness Insurance Quotes. It’s crucial to read the policy details thoroughly. Seeking the guidance of a financial advisor might also be beneficial for personalized advice.

To find the best Critical Illness Insurance quotes, consider using the online Critical Illness Insurance Calculator, which allows for quick comparison. Additionally, engaging with insurance brokers or agents, contacting direct insurers such as Manulife or Sun Life, or consulting with professional financial advisers through financial institutions can provide more detailed and tailored insurance options.

The information provided above serves general questions and answers only about Critical Illness Insurance in Canada. Always refer to the policy details and/or consult an insurance professional when making any decisions.