Critical Illness Insurance Quotes
- Get the financial protection you need with a tax-free lump sum benefit upon the diagnosis of a life-threatening illness.
- Available for ages 0-65 with up to $3,000,000 of coverage.
- Get your free quotation now or learn more about how it works.
Get Your Critical Illness Insurance Quote Now
Our Simple Process
1. Learn
Arm yourself with the knowledge you need to make the right decision and learn all there is to know about critical illness insurance.
2. Consult
Take advantage of our free no-obligation consultation and let us help you find the best policy.
3. Apply
Apply online and get covered instantly!
4. Servicing
We're here to provide ongoing support with your policy, including changes, assisting with claims, and more!
Top-Rated Insurance Companies You Can Trust
The Basics
What is critical illness insurance?
Critical illness insurance provides you financial security by paying you a lump-sum benefit if you’re diagnosed with a covered illness and survive.
What does critical illness insurance cover?
It covers 25 to 26 critical illnesses listed in the policy. Although life-threatening cancer, heart attack, coronary artery bypass surgery, and stroke account for most claims, insurance companies also cover other common illnesses.
These include heart valve replacement or repair, kidney failure, loss of independent existence, loss of limbs, loss of speech, major organ failure, multiple sclerosis, and more.
What can you use the critical illness benefit for?
Designed to give you financial relief while you recover from a severe illness, you decide how to use the money. For example, you can use the lump sum payment to replace lost income while away from work. This helps pay for mortgage payments, living expenses and provides an emergency fund.
Some critical illnesses significantly alter your way of life. As a result, you may have additional expenses like home modifications, medical care, and travel expenses to seek a third-party opinion on your illness.
How does critical illness insurance work?
Critical illness insurance works like this:
- In exchange for regular payments called premiums, you get a critical illness insurance policy.
- Once the policy is in effect, the insurance provider pays you a lump-sum amount if you are diagnosed with a covered critical illness. Some conditions pay out after a short survival period.
- At that point, the insurance policy terminates.
Why do you need critical illness insurance?
Critical illnesses like cancer, heart disease, and stroke are more common than ever before. Did you know that more than 40% of Canadians will develop cancer in their lifetime?
Although medical advances have improved your chances of survival, your life may be altered forever. At a minimum, you will need the financial safety net that critical illness coverage provides while you focus on recovery.
Also, a serious illness may force you to miss time from work. While you may qualify for disability benefits, there’s usually a waiting period of 90 to 120 days. The lump-sum cash payment will bridge the gap and replace lost income while you wait for disability benefits to kick in.
Are critical illness benefits tax-free?
Yes. Because you pay premiums with after-tax dollars, you will receive the critical illness insurance payout tax-free.
Learn more about whether critical illness insurance is taxable.
How much coverage do you need?
In general, you’ll want enough critical illness benefit to cover your living expenses for six months to two years. Here are three simple steps to determine how much coverage you need:
Add up your monthly rent or mortgage payments, groceries, utilities, and other bills.
Multiply your monthly payments by the number of months you want to cover.
Add in additional expenses like home modifications, out-of-pocket medical costs, and travel for out-of-town treatment.
For example, say you have monthly expenses of $5,000, and you want to cover this for one year. The total is $60,000. You’ve also budgeted $10,000 for home modifications, $25,000 for out-of-pocket medical costs, and $5,000 for out-of-town treatment. In total, you will need $100,000 of critical illness coverage.
Learn more about how much critical illness insurance you need.
Is critical illness insurance worth it?
Without the financial protection offered by a critical illness insurance policy, you may have to go into debt or raid your retirement funds when a critical illness strikes.
For a few dollars a day, you can ensure that you have financial stability at a time when you shouldn’t be worrying about money and focused on making a complete recovery.
Learn more about whether critical illness insurance is worth it.
Dive Deeper
What are the pros and cons of critical illness insurance?
Critical illness insurance offers a lump sum payout for covered illnesses, easing financial burdens during a challenging time. However, it’s important to be aware of exclusions, waiting periods, and specific claim definitions to avoid any unexpected surprises.
Learn more about the pros and cons of critical illness insurance.
Can you get critical illness insurance if you have pre-existing medical conditions?
Let’s face it—not everybody has a clean bill of health. You may have already had life-threatening cancer, heart attack, or stroke. But that doesn’t mean you can’t buy critical illness insurance.
The insurance provider may approve you for coverage with some types of cancer, like early prostate cancer, early breast cancer, and early skin cancer. It all depends on the severity and complications of cancer.
In some cases, the insurer may add an exclusion for the illness. So you can still get coverage, but only for the other covered conditions.
Learn more about getting critical illness insurance with pre-existing conditions.
Does it cover less severe illnesses?
Yes. Most critical illness insurance policies also pay a partial claim for less severe conditions without reducing the total benefit for future claims. For example, diagnosis of coronary angioplasty, early prostate cancer, early breast cancer, and early skin cancer may result in a payout of 15% of your benefit amount.
Does critical illness insurance cover COVID-19?
No, coronavirus disease (COVID-19) is not a covered critical illness since these insurance products were created long before the arrival of COVID-19. However, some of the diseases covered include major organ transplant, major organ failure on waiting list, and kidney failure, which could result from a severe COVID-19 infection. Also, studies have shown that COVID-19 may be linked to an increased risk of stroke.
What other types of critical illness coverage are there?
Besides the complete critical illness plan that has 25 to 26 covered conditions, you can also get basic plans that only cover cancer, heart attack, stroke, and coronary artery bypass surgery. These four conditions covered make up the vast majority of claims.
Learn more about the types of critical illness insurance policies.
Can children get critical illness insurance?
Yes! One of the advantages is that most policies have more covered critical illnesses for children. Cerebral palsy, cystic fibrosis, and type 1 diabetes are a few extra illnesses covered for children.
Another advantage is that insurance coverage is cheaper for children when they are young and in good health. Premiums go up with age, and health generally declines as you get older. Getting critical illness insurance for your children while they’re young can set them up for the rest of their lives.
How can you buy critical illness insurance?
Although some employers offer coverage through their group benefits plan, these are few and far between. Some insurance companies also let you buy directly through them from their websites. While convenient, the truth is these policies are more expensive, have more restrictions, and have limited coverage amounts.
For the best critical illness insurance policies, your best choice is through an insurance broker. These products cost less and offer better coverage. On top of that, you can also get a much higher benefit amount if you so choose.
An experienced and knowledgeable insurance broker can help you compare quotes and products from different insurers to get you the right critical illness insurance policy.
Do you need critical illness insurance if you're already covered through your employer?
Whether or not individual critical illness insurance is necessary for you depends on several intertwined factors. These include whether your employer covers the cost of group critical illness insurance, the likelihood of your staying with your current employer, and portability of the benefits if you leave.
Ultimately, the answer may not be a simple yes or no. You might discover that supplementing your group coverage with individual insurance provides a more robust safety net in the face of critical illness.
Are critical illness insurance premiums tax-deductible?
No. The premiums don’t qualify for a tax deduction because you receive the critical illness insurance payout tax-free.
Learn more about whether critical illness insurance premiums are tax-deductible.
How much does critical illness insurance cost in Canada?
The premiums for critical illness insurance depend on several factors: your age, gender, smoking status, and the coverage amount. The older you are, the more it costs. Premiums are also higher for smokers than non-smokers.
Do you need to undergo medical tests?
It depends on your age and the coverage amount. For smaller policies and younger applicants, medical tests may not be necessary. All you’ll need to do is answer the medical and lifestyle questions on the application form.
If you’re older or buying a larger amount, you may have to undergo a medical exam, which includes blood pressure readings and providing blood and urine samples.
How can you customize your critical illness policy?
Besides the amount of coverage, there are a few other ways to design a policy to fit your insurance needs. First, you can choose the term length. This refers to the period where premiums are level. For example, if you choose term-10, the premiums won’t change for the first 10 years. After that, your premiums increase for the next 10 years.
You can also choose term-20, term-65, term-75, and term-100. The latter three means coverage ends after age 65, 75, and 100, respectively. In reality, only the premium payments stop after age 100 for term-100. Coverage continues if you live that long.
Besides term length, you can also customize your insurance policy with riders. These are optional add-ons that enhance your coverage. For example, the return of premium rider is most common on critical illness policies. With this rider, the insurance company will refund your premiums upon your death or the expiry/cancellation of the policy.
How can you get critical illness insurance quotes?
Because of the factors that affect the cost, you can request a customized critical illness insurance quote by filling out the form below or emailing us at info@briansoinsurance.com. We compare quotes from different insurance companies to help you find the right coverage.
How can you make a critical illness claim?
You can contact the insurer’s claims department for the appropriate claim forms to start a claim. After submission, the insurer may request more information from your physician. Once it has all the information, it will assess your eligibility and make its decision. If approved, the insurance provider will send the cheque to you or your advisor for delivery.
Learn more about how to make a critical illness insurance claim.
What are the best critical illness insurance companies in Canada?
The best critical illness insurance companies in Canada have the most comprehensive policies and choices of coverage. While you’ll recognize some companies based on their size, these may not have the best rate and coverage. Many smaller insurance providers also have competitive products and solid financial strength.
Learn more about the best critical illness insurance companies in Canada.
Read our RBC critical illness insurance review.
Read our TD critical illness insurance review.
Read our Manulife critical illness insurance review.
Read our Canada Life critical illness insurance review.
Read our Sun Life critical illness insurance review.
Read our BMO critical illness insurance review.
Read our Industrial Alliance critical illness insurance review.
Read our Desjardins critical illness insurance review.
Read our Empire Life critical illness insurance review.
Read our Equitable Life critical illness insurance review.
Read our ivari critical illness insurance review.
Read our Foresters critical illness insurance review.
Read our Canada Protection Plan critical illness insurance review.
Read our UV critical illness insurance review.
Read our Assumption Life critical illness insurance review.
Read our The Edge Benefits critical illness insurance review.
How is critical illness insurance different from disability insurance?
Disability insurance is a living benefit, much like critical illness insurance. This means both pay a benefit while you’re alive, instead of life insurance, which only pays the death benefit when you pass away.
However, that’s where the similarities end. The main difference is that disability insurance reimburses you for lost income, while critical illness insurance provides financial support upon the diagnosis of a serious illness. Here is a table showing comparing the two types of insurance:
Critical illness insurance | Disability insurance | |
|---|---|---|
Pays out if | You are diagnosed with a covered condition and live beyond the survival period | You are unable to work in your job due to an injury or illness |
Type of payout | One-time lump sum | Monthly benefit |
Who can apply | Anyone | Employed and self-employed people |
Coverage term | Up to age 100 | Up to age 65 |
Taxability | Tax-free | Tax-free |
Do you need both critical illness and life insurance?
If you’re single and without dependents, then you should prioritize critical illness over life insurance. At this stage in life, protecting your livelihood is of the utmost importance, and critical illness insurance does just that.
If you are the breadwinner of the family, you should have both critical illness and life insurance. Should anything happen to you, your loved ones will have the financial security the payouts provide. By combining your life and critical illness coverages, you save money and streamline the policy management.
Learn more about bundling life and critical illness insurance.
Should you get mortgage critical illness insurance when buying a home?
No, and here’s why. First, the benefit amount decreases as you pay off your mortgage. This means you’re paying the same premiums for less and less coverage.
Next, the lump sum payment goes straight to your lender to pay off the mortgage. This gives you no choice in spending the money and leaves you with less financial flexibility. A personal policy that isn’t tied to your mortgage is the best way to go.
Should you buy critical illness insurance directly from the insurance company?
Only a few insurers let you buy directly from them. Although the process is quick and few medical questions are asked, these products are expensive, have more restrictions, and limited coverage amounts.
While a fully underwritten policy from an insurance broker takes longer and may require more medical documentation, it also has the best rate, broadest conditions covered, and the highest benefit amounts.
Which is the best critical illness policy?
The best critical illness policy is the one that is active when you’re diagnosed with a major illness. Not only that, but it should also pay a high enough benefit to give you financial stability during your recovery period. For these reasons, the best critical illness policy will mean something different to different people.
Frequently Asked Questions
Why use Brian So Insurance?
We offer critical illness insurance policies from many insurance providers, letting us shop for the right coverage for income protection. Besides that, we help you decide how much coverage you need and provide free critical illness insurance quotes. Last but not least, we guide you through the underwriting process, so there are no surprises when you apply.
How does Brian So Insurance make money?
When you get critical illness insurance coverage from us, the insurance company pays us a commission. That means you don’t have to pay us for our service or advice. It’s a win-win situation.
What's the next step?
After you’re done reading the resources on our site, you can schedule a free consultation here. We’ll take down some basic information during the meeting, review it, and come up with our recommendation for the best critical illness insurance coverage to protect your financial health.
Alternatively, you can fill in the form below, and we can provide a critical illness insurance quote within 24 hours. Critical illness insurance doesn’t get much quicker than that!
Once you’re ready to proceed, you can apply online.
What else do you need to know?
Only an individual critical illness policy protects against the financial and emotional stress of a critical illness. It puts the anxiety of the diagnosis of a major disease in the rearview mirror, so you can focus on what’s most important—recovering and returning to an active life.
Take the next step to protect yourself and your family today.