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Critical Illness Insurance Canada

Who Do You Know In Canada That Has Suffered Cancer, Heart Attack Or Stroke?


If you ever become seriously ill and unable to work, what would happen to your family? In addition to being stressful for anyone, the financial strain of dealing with the situation becomes a major concern for you.

Coping with critical illness can turn out to be one of the most difficult challenges in life. So many factors are there to consider, right from deciding about your care, considering the financial stability, meeting the daily needs of your family, facing the emotional stress among others.

Having critical illness insurance gives the coverage for expenses required to survive a major illness or injury. You will have the peace of mind knowing that you and your family can deal with paying medical costs, living expenses and any other need that may arise for your illness.

Why go for critical illness insurance?

In spite of having a healthy lifestyle to counter health risks, there are some illnesses like cancer, stroke or heart disease that can afflict anyone at any time.  In Canada, cancer, heart attack or stroke are the three major critical illnesses affecting people of all age group.

A study conducted on the health of people found that one in three Canadians will develop cancer, while it is one in two people below 65 years who are going to have heart attack. Every year, among 50,000 Canadians who suffer stroke, 75% will be left disabled ultimately.

However, with the improvement of medical treatments, most of them are likely to survive. It is found that:

  • 75% of stroke victims survive the initial event
  • 75% of men and 77% of women with cancer survive
  • Over 80% of heart attack patients admitted to hospital survive
  • 95% of hospitalized heart attack victims survive the first attack

Critical Illness Conditions Covered Under Policy

Most Critical Illness Insurance plans pay you after the diagnosis of one of the following 24 covered conditions:

  • Alzheimer’s disease
  • Aortic Surgery
  • Aplastic Anaemia
  • 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

Explore your Critical Illness policies:

There are two kinds of Critical Illness Policies available offering different guarantees. These are the guaranteed renewable plan and the Non-convertible plan. The guaranteed renewable plan lock the premium for 5 years, which in the event of the insured person losing money on their policies due to critical illness, can be increased by the insurance company.

With a non-convertible plan, the premium is locked for life, which cannot be changed by the insurance company. Needless to say, the higher level of guarantee makes the premium for non-convertible plan more expensive.

Term 10 or 20 Policy – These locks in your premium for 10 or 20 years. At the end of term, you can opt for increased premium policy renewal. This type of policy is good to meet your temporary need to pay off your mortgage or meeting the cost of your child’s upbringing.

Term 65 or 75 Policy – In this type of plan, you could have a level premium for most of the life and without any diagnosis by age 65 or 75, your Critical illness policy ends. There will be no renewal of premium hike due to the premium being locked till these older ages.  Often, a combination of this option with Return of Premium is opted.

Term 100 Policy – These policies are non-convertible and the premiums are locked till the age of 100. Although, the premium ends on reaching the age of 100, but the insurance coverage exists till a need arises.

Return of Premium option – In spite of its health benefit, there is no option of cash build-up with critical illness insurance policy. However, with the return of premium option, one can get all the premiums back at the end of policy or plan of ending one’s policy earlier than before. It is a kind of insurance on your insurance and does not need any extra premium to avail this option. This option is combined with Term 65 or 75 policies for a guaranteed money back if you are lucky enough not to have any major health problem.

The Critical Illness Insurance Plan gives you a living benefit by providing enough time and money to recover completely from a critical illness, comfortably, and without financial worries or compromising your lifestyle.

It is always a wise decision to combine life insurance with critical illness coverage as we cannot determine our future health, more so among people with hereditary illnesses. With the traditional health insurance becoming insufficient to provide necessary coverage, critical illness insurance is gaining in popularity among Canadians, providing more affordable premium than individual disability insurance.