Critical illness insurance

Financial support when you need it most, so you can focus on recovery.

Get critical illness insurance
Permanent life insurance

Critical illness insurance

Financial support when you need it most, so you can focus on recovery.

Get critical illness insurance

What is Critical Illness Insurance?

Critical illness insurance provides a tax-free lump sum payout if you are diagnosed with a covered critical illness. This allows you to focus on treatment and recovery without worrying about additional medical or other costs.

Your contract will define which conditions you’re covered for, but some examples include cancer, heart attack, or stroke.

How Does It Work?

Choose Coverage

Consider your debts, living expenses, children’s education, and future needs to determine the right coverage amount.

Pay Premiums

Make monthly or yearly payments to keep your policy active.

File a Claim

Submit documents if diagnosed with a covered illness.

Get Paid

Receive a tax-free lump sum after the waiting period.

Who is Critical Illness Insurance For?

Family
Primary Breadwinners & Families

CII helps manage financial hardship if you can’t work due to illness, covering care services and unexpected costs. It helps protect your savings and retirement income from unplanned withdrawals.

High Stress
People with High-Stress Occupations or Lifestyles

If you work in hazardous or high-stress environments, you may be at greater risk for certain illnesses. CII can help guard against financial strain from future health issues.

Note: Some occupations are excluded from coverage. Confirm with your provider.
Business Owner
Business Owners

CII can help businesses if an owner or key employee becomes critically ill. The benefit can assist with business continuity, debt repayment, and succession planning.

Critical Illness Insurance FAQs

It depends on the insurer and your coverage amount. Some policies may require a medical questionnaire or exam, while smaller coverage amounts may not. Full disclosure of your health history is crucial for approval and to avoid claim denials.

Once you are diagnosed with a covered illness and survive the typical 30-day waiting period, the insurer pays a lump sum directly to you. The payout is tax-free and can be used for any purpose, giving you financial flexibility during recovery.

Most policies cover major illnesses like cancer, heart attack, and stroke. Enhanced or comprehensive plans may include up to 26 conditions, such as organ transplants, kidney failure, or neurological disorders. Coverage varies by insurer, so reviewing the policy details is essential.

Coverage should be based on your financial obligations and lifestyle. A common guideline is enough to replace 12 months of income, plus any debts, mortgage, or anticipated medical costs. High-income earners or business owners may opt for higher coverage to protect their financial stability.

Critical illness insurance provides a one-time lump-sum payment upon diagnosis of a covered illness, regardless of whether you can work. Disability insurance provides income replacement up to a certain limit if you are unable to work due to illness or injury. Many Canadians choose to hold both for comprehensive protection.

Yes. The tax-free lump sum can be used however you see fit—paying medical bills, modifying your home, covering daily living expenses, or supporting your family while recovering from a critical illness.

Some insurers offer a return of premium feature, refunding a portion of the premiums paid if no claim is made. This varies by policy, and adding this feature can increase the cost of coverage.