Critical Illness Insurance Quotes
Critical illness insurance provides a tax-free lump-sum benefit if you are diagnosed with a covered critical illness and meet the policy’s requirements, including any applicable survival period.
Unlike disability insurance, which generally replaces a portion of your income when you cannot work, critical illness insurance gives you a lump sum that you can use however you choose.
At A Glance
- Get financial protection when you need it most with a lump-sum benefit after the diagnosis of a covered critical illness.
- Choose coverage that fits your needs, with options for coverage amounts, policy terms, covered conditions and riders such as return of premium.
- Get your free quotation or learn more about how critical illness insurance works and whether it makes sense for you.
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My 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
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3. Apply
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4. Servicing
We're here to provide ongoing support with your policy, including changes, assisting with claims, and more!
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The Basics
What is critical illness insurance?
Critical illness insurance provides financial protection by paying you a tax-free lump sum benefit if you are diagnosed with a covered illness and meet the policy’s requirements.
Unlike disability insurance, you don’t have to prove that you are unable to work to receive the benefit. The money is paid directly to you and can be used however you choose.
What does critical illness insurance cover?
Critical illness insurance covers a list of specific illnesses and medical conditions defined in your policy.
Common covered conditions include cancer, heart attack, stroke and coronary artery bypass surgery. Depending on the policy, other conditions may include multiple sclerosis, kidney failure, major organ failure, loss of speech, loss of limbs and other serious illnesses.
The exact conditions, definitions and exclusions vary between insurance companies, so it’s important to compare the policy wording rather than simply the number of conditions covered.
What can you use the critical illness benefit for?
You can use the lump-sum benefit however you choose.
For example, you could use the money to replace lost income, pay your mortgage and other living expenses, cover medical or rehabilitation expenses, make home modifications, travel for treatment or a second medical opinion, or simply give yourself time to focus on recovery without worrying about your finances.
How does critical illness insurance work?
You pay premiums to keep your policy in force. If you are diagnosed with a covered critical illness and meet the policy’s definition and survival requirements, the insurance company pays you a tax-free lump sum benefit.
The benefit is paid directly to you rather than to a lender or service provider, giving you flexibility in how you use the money.
Some policies also provide partial benefits for certain less severe conditions.
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?
A serious illness can create financial pressure even when you have health coverage and disability insurance.
You may face time away from work, additional medical expenses, changes to your lifestyle or costs that aren’t covered by your existing benefits. A critical illness benefit provides a pool of money that can help you manage those expenses while you recover.
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.
Dive Deeper
What are the pros and cons of critical illness insurance?
Critical illness insurance can provide a significant financial benefit when you are diagnosed with a covered condition, but it also has limitations.
Coverage is based on specific medical definitions, exclusions and survival requirements. Not every illness or diagnosis will qualify for a full benefit, so understanding the policy wording is important before purchasing coverage.
Learn more about the pros and cons of critical illness insurance.
Can you get critical illness insurance if you have pre-existing medical conditions?
Having a pre-existing medical condition doesn’t necessarily mean you cannot qualify for critical illness insurance.
The insurer will consider your medical history when assessing your application. Depending on your condition, you may qualify for standard coverage, receive an exclusion for a particular illness, or be offered different coverage terms.
The outcome depends on the condition, its severity, treatment history and the insurer’s underwriting guidelines.
Learn more about critical illness insurance with pre-existing conditions.
Does critical illness insurance cover less severe illnesses?
Most critical illness policies provide partial benefits for certain less severe conditions.
For example, depending on the insurer and policy, early-stage cancers or procedures such as coronary angioplasty may qualify for a partial benefit without necessarily ending the policy or reducing the full critical illness benefit available for a future qualifying claim.
The conditions and partial benefit amounts vary by policy.
Does critical illness insurance cover COVID-19?
COVID-19 itself is generally not listed as a covered critical illness.
However, a severe illness may potentially result in complications that are separately covered under a critical illness policy, like major organ transplant, major organ failure on waiting list, and kidney failure. Studies have also shown that COVID-19 may be linked to an increased risk of stroke.
As with all critical illness claims, the insurer will assess the diagnosis against the exact definition in the policy.
What other types of critical illness coverage are available?
Critical illness insurance is available in different forms.
Some policies provide broader coverage for many different conditions, while other plans may focus on a smaller number of conditions such as cancer, heart attack, stroke and coronary artery bypass surgery.
Policies can also differ in coverage terms, benefit amounts, return-of-premium options and other features.
Learn more about the types of critical illness insurance policies.
Can children get critical illness insurance?
Yes. Many insurers offer critical illness insurance for children, and some children’s policies cover conditions that are particularly relevant to childhood, such as cerebral palsy, cystic fibrosis and type 1 diabetes.
Children are also generally less likely than adults to have a significant medical history, which can make them easier to medically qualify for coverage. Purchasing coverage while a child is young can also help lock in insurability before future health changes occur.
Depending on the policy, coverage can continue for life or provide coverage to a specified age, meaning a child may be able to maintain protection even if their health changes as they get older. Coverage can also be less expensive when purchased at a young age, although the available products, terms and features vary by insurer.
Learn more about child critical illness insurance.
How can you customize your critical illness policy?
You can customize a critical illness policy based on factors such as the amount of coverage, length of coverage and available riders.
Depending on the insurer, you may be able to choose terms such as 10-year, 20-year or coverage to a specific age like 65, 75, or 100. You may also be able to add a return-of-premium rider, which can return eligible premiums if the policy expires or under other circumstances specified in the contract.
What is shared ownership critical illness insurance for business owners?
Shared ownership critical illness insurance is an arrangement where a business owner and their corporation share ownership of a critical illness policy. The structure can be used to provide personal protection while also addressing business needs if the owner becomes critically ill.
For example, a corporation may have an interest in the critical illness benefit while the business owner has an interest in the return of premium benefit if no claims occur.
Because ownership, premium payments, benefits and tax treatment can vary depending on how the arrangement is structured, it is important to coordinate the insurance strategy with your accountant, lawyer and insurance advisor before putting a shared ownership arrangement in place.
Learn more about shared ownership critical illness insurance.
What is key person critical illness insurance?
Key person critical illness insurance helps protect a business financially if an important owner, employee or professional is diagnosed with a covered critical illness. A qualifying benefit can provide the corporation with funds to help manage lost revenue, replacement costs or other business expenses during the person’s illness.
It can be particularly useful for small businesses that depend heavily on one or two key people. The appropriate coverage amount depends on the person’s role and the potential financial impact of their absence.
What are the best critical illness insurance companies in Canada?
Different insurance companies offer different critical illness products, and there is no single policy that is appropriate for everyone.
When comparing insurers, it’s important to look beyond the price and number of covered conditions. Definitions, exclusions, partial benefits, survival periods, underwriting flexibility, return-of-premium options and other policy features can all affect the suitability of a policy.
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.
Are critical illness insurance premiums tax-deductible?
No. Personally paid critical illness insurance premiums are not tax-deductible.
Learn more about whether critical illness insurance premiums are tax-deductible.
Which is the best critical illness policy?
There isn’t one critical illness insurance policy that is right for everyone. The most important consideration is whether the policy provides meaningful financial protection when you need it.
The right policy should provide a benefit that is large enough for your financial needs and have definitions and features that fit your circumstances.
How can you get critical illness insurance quotes?
Critical illness insurance premiums can vary based on factors such as your age, health history, coverage amount, coverage period and policy features.
You can request a personalized critical illness insurance quote by completing the quote form or contacting me directly at info@briansoinsurance.com. As an independent insurance advisor, I can compare options from multiple Canadian insurance companies and help you understand the differences before you apply.
Frequently Asked Questions
Is critical illness insurance worth it?
Critical illness insurance can provide an important financial safety net if a serious illness affects your ability to work or creates unexpected expenses.
The benefit can help protect your savings, investments and other financial goals while giving you flexibility during recovery.
Whether it makes sense for you depends on your income, savings, existing insurance coverage, family obligations and ability to absorb the financial impact of a serious illness.
Learn more about whether critical illness insurance is worth it.
How much critical illness insurance do you need?
The right amount depends on how much money you would need if a serious illness prevented you from working or created significant additional expenses.
A starting point is to consider your mortgage or rent, household expenses, lost income, medical and rehabilitation costs, potential home modifications and other expenses you may face during recovery.
Some people choose enough coverage to replace several months of income, while others want enough to cover one or more years of expenses.
Learn more about how much critical illness insurance you need.
How much does critical illness insurance cost in Canada?
The cost depends on factors such as your age, sex, smoking status, coverage amount, policy term and the type of coverage you choose.
Your health, medical history, and lifestyle can also affect the underwriting outcome and premium.
Do you need to undergo medical tests?
Not necessarily. Whether medical tests are required depends on factors such as your age, health history and the amount of coverage you are applying for.
Some applicants can qualify based on their application and medical history alone, while larger amounts of coverage or certain health circumstances may require additional medical information, blood or urine tests, or a medical examination.
Do you need critical illness insurance if you're already covered through your employer?
It depends on the coverage provided through your employee benefits plan.
Employer-sponsored critical illness coverage may provide a useful benefit, but the amount of coverage may be limited and the policy may be connected to your employment. An individual policy can provide additional coverage and may remain with you if you change employers.
Review the amount, conditions covered, portability and other features of your group coverage before deciding whether additional individual coverage makes sense.
How is critical illness insurance different from disability insurance?
Both are living benefits, but they protect against different financial risks.
Critical illness insurance pays a one-time lump sum when you are diagnosed with a covered condition and satisfy the policy requirements. Disability insurance pays a monthly benefit when an illness or injury prevents you from working according to the policy’s definition of disability.
For many people, the two types of coverage can complement each other rather than replace one another.
Here is a table comparing the two types of insurance coverages:
| Critical Illness Insurance | Disability Insurance | |
|---|---|---|
| Pays Out When | You are diagnosed with a covered critical illness and meet the policy requirements | An illness or injury prevents you from working according to the policy’s definition of disability |
| Type Of Benefit | One-time lump sum payment | Monthly income-replacement benefit |
| Who Can Apply | Individuals, including employees and self-employed people | Employees and self-employed people |
| Coverage Period | Depending on the policy, coverage may be available to a specified age, including age 100 | Typically available to a specified age, often age 65 |
| How You Can Use The Benefit | Any purpose, including living expenses, mortgage payments, medical costs or recovery expenses | Intended to replace a portion of your income while you are disabled |
| Tax Treatment | Tax-free when paid to an individual and policy requirements are met | Tax-free when premiums are paid personally |
Do you need both critical illness and life insurance?
Critical illness and life insurance protect against different financial risks.
Critical illness insurance provides a benefit while you are alive after a qualifying diagnosis. Life insurance provides a death benefit to your beneficiaries after you die.
Having one does not eliminate the need for the other if you have both living and death-related financial obligations. The appropriate combination depends on your income, family responsibilities, debts, savings and overall insurance needs.
Learn more about combining life and critical illness insurance under one policy.
How can you make a critical illness claim?
If you are diagnosed with a covered condition, you can contact your insurer or insurance advisor to begin the claims process.
You will generally need to complete the insurer’s claim forms and provide medical information supporting the diagnosis. The insurer will then assess the claim against the policy’s definition and requirements.
If the claim is approved, the benefit is paid directly to you.
Learn more about how to make a critical illness insurance claim.
Should you get mortgage critical illness insurance when buying a home?
Mortgage critical illness insurance can provide protection tied specifically to your mortgage, but it works differently from an individually owned critical illness policy.
With an individual policy, the benefit is generally paid directly to you and can be used for your mortgage, income replacement, medical expenses or other needs.
When comparing the two, consider the benefit amount, how the coverage changes over time, who receives the benefit and how much flexibility you have in using the money.
How can you buy critical illness insurance?
You can buy critical illness insurance through an employer’s group benefits plan, directly from some insurance companies, or through an independent insurance advisor.
Individual policies purchased through an advisor can provide access to a broader range of insurers and policy designs than a single-company sales channel. Coverage amounts, covered conditions, definitions, exclusions, premiums and optional features can vary significantly between policies.
An independent insurance advisor can compare options from multiple Canadian insurers, help identify policies that fit your needs and explain the differences before you apply. This can be particularly useful if you have specific coverage needs, a complex medical history or want to compare a larger benefit amount.
Learn more about how you can buy critical illness insurance.
Why Work With An Independent Insurance Advisor
Buying critical illness insurance isn’t simply about finding the lowest premium. Different insurers can offer significantly different covered conditions, medical definitions, exclusions, policy terms, underwriting requirements and optional features.
As an independent insurance advisor, I can help you:
- Assess how much coverage you may need and what you want the benefit to accomplish
- Compare critical illness insurance solutions from multiple Canadian insurance companies
- Understand the differences between policies, including covered conditions, definitions, exclusions and survival periods
- Compare premiums and policy features, including coverage terms, partial benefits and return-of-premium options
- Identify insurers and products that may be better suited to your circumstances, including your health history and financial needs
- Navigate the medical underwriting and application process and help you understand what information the insurer may require
- Review your coverage over time as your income, family circumstances, employer benefits and financial goals change
The goal isn’t simply to find a policy. It’s to help you understand what you’re buying and how the coverage fits into your overall financial protection.
What's the next step?
You can request a personalized critical illness insurance quote or book a free, no-obligation consultation to discuss your coverage needs.