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Critical Illness Insurance
Lump-sum cash if you're diagnosed with a serious illness
β οΈ No active Critical Illness Insurance policy found in your records
π¬ What is it?
If you're diagnosed with cancer, have a heart attack, or suffer a stroke, critical illness insurance pays you a tax-free lump sum β often $50,000β$500,000 β to use however you need: pay off debt, take time off work, or access better treatment.
π¨π¦ Why do Canadians need it?
1 in 2 Canadians will be diagnosed with cancer in their lifetime. Medical recovery involves hidden costs: private clinics, travel, home care, and lost income that provincial health care doesn't cover.
Coverage Details
π° Typical Cost
$50β$300/month depending on age, health, and coverage amount
π‘οΈ Coverage Range
$25,000β$2,000,000
Available Types
Basic (3 conditions)Comprehensive (25+ conditions)Return of Premium on Death/Expiry
Key Factors to Compare When Shopping
- β Number of covered conditions (cancer, heart attack, stroke minimum)
- β Survival period (typically 30 days post-diagnosis)
- β Return of premium option
- β Partial benefit conditions
- β Non-cancellable vs. guaranteed renewable
Top Canadian Providers
Manulife
Sun Life Financial
Canada Life
RBC Insurance
Industrial Alliance
Empire Life
Equitable Life
Desjardins
BMO Insurance
TD Insurance