Critical Illness Insurance
What is Critical Illness Insurance?
Critical illness insurance is a type of insurance coverage that provides a lump-sum payment if the policyholder is diagnosed with a specified critical illness or medical condition. These illnesses typically include severe and life-threatening conditions such as cancer, heart attack, stroke, organ transplant, and others outlined in the policy.
It pays a one-time lump sum to the policyholder upon the diagnosis of a covered condition. The policyholder can use this lump sum payment to cover medical expenses, replace lost income, pay off debts, or cover any other financial needs that may arise due to the illness.
Return of Premium
Premiums are returned to the policy holder if the term of the policy expires or the insured dies without using their Critical Illness benefit.
When to buy?
Plan pricing is dependent on age and health. The younger and healthier you are, the cheaper your premiums will be.
Illnesses covered
Basic policies cover 4 illnesses (cancer, heart attack, stroke & coronary bypass. Enhanced policies cover 25 illnesses/
Critical Illnesses are highly prevalent in Canada
Cover medical expenses, replace lost income, settle debts or address other financial needs that may arise due to critical illness with Critical Illness policy from one of Canada’s top insuers.
50%
1 in 2 Canadians are expected to develop cancer in their lifetime (statscan).
50k
There are over 50,000 new strokes in Canada every year (Heart & Stroke Foundation).
158,700
Canadian adults aged 20 years and older who received a new diagnosis of heart disease (statscan).