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Critical Illness Insurance

Updated: Nov 28, 2023

Critical Illness insurance pays for everything - no receipts required

Critical Illness

Critical Illness Definition

Critical Illness Insurance pays a lump sum cash amount when you have one of 26 life threatening illnesses. Critical Illness was first invented by heart surgeon Dr Marius Barnard. And was first introduced in South Africa in 1982 and in Canada in 1996. Critical Illness has tremendous flexibility because there are no restrictions on how you spend the lump sum cash you receive as a benefit when you make a claim. You do not have to get approval for expenditures, provide receipts or spend money on medical expenses. You choose how you want to spend the money having treatment in another country, buying necessary treatments or drugs, make modifications to your house.

Main features of a Critical Illness policy

30 Day Benefit Claim Waiting Period: CI will pay the sum insured upon first diagnosis of a Critical Illness condition. In order for the Sum Insured to be paid, you must survive for a period of 30 days following the first diagnosis of your Critical Illness condition

Coverage from $10,000 to $3,000,000 and up to 26 conditions

  • Options to cover 1, 3, 5, 7 or 8 of the most frequent critical illnesses that account for over 85% of all claims; cancer, heart attack and stoke

  • Apply for coverage between ages 18 to 65

  • Add critical illness coverage to a term life policy as a rider

Critical Illness term

  • Term 10

  • Term 75 (some with limited pay)

  • Term 100

Disability Waiver of Premium Rider: Many policies allow you to add payment of your CI premium if you are disabled and can’t work. Insuring your insurance policies can sometimes make sense.

Return of Premium on Death Rider: Most policies will return the premiums paid from the policy date to the date of death when you die. The maximum amount returned is usually limited to the sum Insured

Return of Premium on Surrender Option Rider: This feature provides you (the Insured) the option to surrender coverage on the 10th-15th or 20th -25th policy anniversary and receive a 100% return of annual premiums paid. You have the option to surrender a portion of coverage and receive a proportionate return of premium. This rider is expensive and can double your monthly premiums. Its worth considering to both as a way to save and have insurance. Critical Illness Insurance coverage for the the following conditions is included in most CI policies:

  • Alzheimer’s Disease

  • Aortic Surgery

  • Aplastic Anemia

  • Bacterial Meningitis

  • Benign Brain Tumour

  • Blindness

  • Coma

  • Coronary Artery Bypass Surgery

  • Deafness

  • Heart Attack

  • Heart Valve Replacement

  • Kidney Failure

  • Life-Threatening Cancer

  • Loss of Limbs

  • Loss of Speech

  • Major Organ Transplant on Waiting List

  • Major Organ Transplant

  • Motor Neuron Disease

  • Multiple Sclerosis

  • Occupational HIV Infection

  • Paralysis

  • Parkinson’s Disease

  • Severe Burns

  • Stroke

Living Benefits - Critical Illness Insurance

Replace your income and capital if you become ill and need additional medical treatment

What is Critical Illness Insurance?

CI or Critical illness provides a lump sum or partial payment when your life is threatened then become ill with any one of the biggest critical illnesses: heart attack, stroke and cancer account for 85% of CI claims. Cancer claims account for the single largest claims category

Critical Illness Insurance Quote

Call us to discuss how to buy the best policy and compare critical illness quotes for the following companies:

Critical Illness Manulife

Critical Illness Sun Life

Critical Illness RBC

Critical Illness Canada Protection Plan, CPP

Critical Illness Canada Life

Critical Illness Assumption Life

Critical Illness BMO

Critical Illness Empire life

Critical Illness Equitable

Critical Illness Industrial Alliance

Critical Illness Foresters

Critical Illness Humania

Critical Illness Beneva

Critical Illness Ivari

Critical Illness Desjardins

Sun Critical Illness Insurance Example

  • coverage in amounts from $25,000 to $3 million for adults and for

  • $25,000 to $1 million for children

  • 8 illnesses eligible for partial-benefit payout covers eight forms of cancer

  • each partial payout illness in this list is eligible for a benefit payment equal to 15% of the critical illness insurance coverage amount, to a maximum of $50,000 per illness.

  • one claim per illness, to a maximum of 4 partial payments.

  • your Sun Life Critical Illness Insurance policy remains in place and the partial payment does not reduce the total coverage amount you chose

Is Critical Illness worth it?

Yes, you can always add CI to your term life policy. Claims we've submitted were paid out within 10 days. Return of premium is works really well if you submit notice 60 days prior to the anniversary date. You can set up critical illness policies to provide optimal life insurance coverage providing a pretty good safety net. Lump sum cash payments are made while you are alive at a time when you really need it the most

How does Critical Illness work?

  • Decide how much coverage you need

  • Examine all the policy options that are available

  • Obtain quotes to evaluate costs and benefits

  • Apply for CI policy

  • Submit a claim if needed; collect digital copies of the diagnostic files from your doctors, ask your doctors to complete the claim form

  • If you have the return of premium rider submit a 1 or 2 page claim for return of premium

Best Critical Illness Insurance in Canada

Each life insurance company offers a slightly different angle in the policy contract design. Its worth some time to discuss option that are available. To go shopping with us. The list of 15 Critical Illness insurance companies are the best in Canada. We work with these companies.

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