What is critical illness insurance?
A coverage for almost all deadly diseases such as cancer, heart attack, major organ transplant, deafness, coronary bypass surgery, etc. is called critical illness insurance. Everyone needs it, starting from kids, highest income earners at home. An insured receives a tax-free benefit, if diagnosed with a condition as per policy wording. In Canada, almost all insurance companies offer this coverage for 4 to 25 illnesses. Want to check your price, no need to call anyone, and no need to to get bothered by annoying sale calls after getting a quote, click the button below and check your price now.
The policy wordings explains coverage, illnesses, and the payout amount, please read carefully before signing.
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Is critical illness insurance worth it?
Yes, this is a protection from unexpected illnesses.
The insurer pays a lump-sum benefit to the insured, upon diagnosis of the critical illness listed in the contract.
This coverage is useful for those who don’t have a comprehensive benefit package from the job. It is also crucial for the people who do not have sufficient savings.
According to statcan, about 30% of illness related deaths are because of chronic diseases.
Which diseases does this cover?
They cover almost all deadly diseases, however there may be a rated underwriting for people with health issues.
Most insurance companies offer coverage against 4 or 25 illnesses. Read your contract or consult us for expert advice.
The most common 25 Illnesses covered are.
- Alzheimer’s disease.
- Aortic surgery.
- Aplastic anaemia.
- Bacterial meningitis.
- Benign brain tumour.
- Blindness.
- Cancer (life-threatening).
- Coma.
- Coronary artery- bypass surgery.
- Deafness.
- Heart attack.
- Heart valve replacement.
- Kidney failure.
- Loss of independent existence.
- Loss of limbs.
- Loss of speech.
- Major organ transplant.
- Major organ failure on the waiting list.
- Motor neuron disease.
- Multiple sclerosis.
- Occupational HIV infection.
- Paralysis.
- Parkinson’s disease.
- Severe burns.
- Stroke (cerebrovascular accident)
Things to keep in mind when buying critical illness insurance.
– Your current financial status.
– Health and age.
– How much coverage are you buying?
– What diseases are you buying for?
We can combine this plan with life insurance. Sometimes, critical illness insurance is available as a package with life insurance for free, which is a great deal.
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How does it works?
The insurer pays lump-sum benefits to the insured upon diagnosis, depending on the contract. Most common restriction on these plans is the covered person should survive at least 1 month after the discovery of deadly disease. Do not confuse with life insurance here, where the benefit goes to beneficiary after death, so critical illness coverage is kind of living benefit plan.
What is the difference between disability insurance and critical illness insurance?
These two types of insurance cover individuals and groups, where disability insurance covers injury-related loss, and critical illness covers illness-related loss.
Can a sick person get insurance for a serious illness?
It is still possible to apply for the coverage if you have been diagnosed with or treated for a critical illness.
Finally, expert advice is very important, because illness definitions are transforming, and our team is here to help you with up-to-date knowledge and expertise