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Critical Illness Insurance

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1st Applicant

Pre-existing Medical Condition

2nd Applicant

Pre-existing Medical Condition

Critical Illness Insurance

Nobody plans to fall sick — but what happens if you do? Beyond the emotional stress, a serious illness can create financial challenges for you and your family.

Critical Illness Insurance is designed to provide financial support when you’re diagnosed with a serious illness. It pays out a lump sum benefit that you can use however you need — whether that’s covering lost income, medical treatments, travel costs, or household expenses.

This insurance acts like a financial shield, allowing you to focus on recovery without worrying about bills piling up.

Illnesses Covered Under Critical Illness Insurance

In Canada, Critical Illness Insurance typically covers:

25 adult critical illnesses (full payout)

5 childhood illnesses (full payout)

8 illnesses eligible for partial payout

Key Benefits of Critical Illness Insurance

  • Tax-free benefit – the payout is not taxable.
  • No restrictions on use – spend it on treatment, travel, living expenses, or recovery.
  • Family coverage available – options to cover your spouse and children.
  • Financial flexibility – helps cover costs not included under government health plans (like OHIP in Ontario).
  • Peace of mind – lets you focus on recovery, not finances.
  • Return of Premium Option – if you don’t make a claim, you may get back your premiums at maturity (ROPD: Return of Premium on Death, ROPM: Return of Premium on Maturity).

Examples of Full-Payout Illnesses

Examples of Full-Payout Illnesses

  • Cancer (life-threatening)
  • Heart Attack
  • Kidney Failure
  • Kidney Failure
  • Major Organ Transplant
  • Multiple Sclerosis

Childhood Illnesses (covered until age 24)

  • Cerebral Palsy
  • Congenital Heart Disease
  • Cystic Fibrosis
  • Muscular Dystrophy

Partial-Payout Illnesses (up to 15% of coverage or max $50,000)

  • Early-stage cancers (thyroid, prostate, breast, melanoma, etc.)
  • Coronary angioplasty
  • Chronic lymphocytic leukemia (stage 0)

Some Important FAQ's

Common Frequently Asked Questions

Anyone aged 18 to 65 should consider it. Even if you’re young and healthy, illnesses like cancer, stroke, or heart disease can happen unexpectedly. Starting earlier means lower premiums.

Yes. Within the first 30 days, you’ll get a full refund. After that, you can cancel anytime, but premiums paid are non-refundable.

It depends. Critical Illness is best if you want a one-time lump sum payment for flexibility. Disability Insurance is best for replacing monthly income (60–70%) if you can’t work. Ideally, having both gives maximum protection.

However you wish — medical expenses, private care, home support, childcare, travel, or even a family vacation during recovery.

Usually 30 days after diagnosis or covered procedure confirmation.

Yes, if you want your money back in case you never claim. It acts like a forced savings plan, ensuring you or your family don’t lose the premiums you’ve paid.