Critical Illness Insurance

Prepare for the Unexpected: Critical Illness Insurance that puts your health first.

What is insurance for critical illness?

Nobody plans to fall sick, but what do you do if you fall? Are you worried about the financial impact on your family for any untimely incident life may bring to you?

Illness can occur at any age and time and can leave a devastating impact on both your quality of life and your financial stability.

Critical Illness Insurance is your shield for all the financial fallbacks in your ailing times. It is a type of health insurance that enables you to receive a lump-sum payment in case if you get critically ill. This benefit can act as your earning while you recover from your illness and aid in covering any travel or healthcare expenditures, thus freeing you from any financial distress while you deal with your medical emergency.

Illnesses covered under Critical Illness Insurance

  • 25 full-payout illness
  • 5 childhood illness
  • 8 partial-payout illness

In Canada, the Critical Illness Insurance covers a full benefit payout of 25 critical illnesses for adults and 5 child critical illnesses. In addition there 8 more illnesses that are eligible for a partial payout.

The basic individual plan for critical illness insurance comprises 25 covered conditions that are eligible for a full-benefit payout.

  • Alzheimer's Disease
  • Aortic Surgery
  • Aplastic Anaemia
  • Bacterial Meningitis
  • Blindness
  • Cancer (Life-threatening)
  • Coma
  • Coronary Artery Bypass Surgery
  • Deafness
  • Heart Attack
  • Kidney Failure
  • Loss of Independent Existence
  • Loss of Limbs
  • Loss of Speech
  • Major Organ Failure on Waiting List
  • Major Organ Transplant
  • Motor Neuron Disease
  • Multiple Sclerosis
  • Occupational HIV
  • Paralysis
  • Parkinson's Disease
  • Severe Burns
  • Stroke

In addition to the above, the Critical Illness Insurance also includes 5 childhood illnesses that are eligible for a full-benefit payout. Coverage for these conditions expires once the kid reaches the age of 24.

  • Cerebral Palsy
  • Congenital Heart Disease
  • Cystic Fibrosis
  • Muscular Dystrophy
  • Type 1 Diabetes Mellitus

There are 8 critical conditions eligible for a partial payout covered under the Critical Illness Insurance. The treatment for these illnesses is considered to be less severe in comparison to others, yet very effective.

The illnesses covered under partial payout are eligible for a benefit payment up to 15% of the CII coverage or a maximum of $50,000. Each illness can be claimed once to a maximum of 4 illnesses.

  • Cancer - chronic lymphocytic leukemia (CLL) Rai stage 0
  • Cancer - ductal carcinoma in situ of the breast
  • Cancer - gastrointestinal stromal tumors classified as AJCC Stage 1
  • Cancer - grade 1 neuroendocrine tumors (carcinoid)
  • Cancer - papillary or follicular thyroid cancer stage T1
  • Cancer - stage 1A malignant melanoma
  • Cancer - stage A (T1a or T1b) prostate cancer
  • Coronary angioplasty

Benefits & Importance of having a Critical Illness Insurance

In today’s fast-paced scenario, nobody is immune from the mentioned severe illnesses. In addition, while suffering from a major illness, you may require longer time off from work, or in certain cases, you may even be required to resign from your position. Your spouse may also not be able to work since he/she needs to take care of you.

Not all health conditions are covered under the Ontario Health Insurance Plan (OHIP). Critical Illness Insurance provides necessary financial protection from a few defined illnesses, allowing you to focus on treating and managing your health without worrying about the impact the loss of income would have on your lifestyle, your family’s well-being, and the need for any required alternate treatment.

Below mentioned are a few aspects you can benefit from with Critical Illness Insurance:

  • The money received from a Critical Illness Plan is a tax-free living benefit.
  • The coverage amount received from a Critical Illness Insurance involves no restriction on its usage and can thus aid in covering up for any financial burdens.
  • The insurance can be personalized as per an individual's specific needs and can enable you to seek the best-suited treatment or accommodations you require without jeopardizing your family's financial security.
  • There are options available for the coverage of your spouse and dependent child.
  • The insurance coverage also aids in providing financial support in case there is need for a professional medical help at home.
  • Most products of critical illness insurance comprise of a free medical second opinion service.
  • The critical illness insurance plan is available to use till the age of 75. If nothing happens before that, your critical illness insurance matures for its Money Back Plan, which comprises of 2 components or scenarios:
    • ROPD - Return of Premium on Maturity
    • ROPM - Return of Premium on Death
    • Here, the premium amount is completely returned to you or your family on either death or maturity of your plan. It is just a forced saving that involves nothing to lose.

Manpreet Singh can help you benefit from the best plans and offers on Critical Illness Insurance.

We are connected to all leading insurance providers in Canada and our advisory shall help you find the best plan that matches your budget and unique circumstances.


Still not sure what to do? Here is a list of our FAQ's; click the question to unveil the answer

Who needs Critical Illness insurance coverage?


While many of young and healthy Canadians might think that Critical Illness insurance is an overrated product, serious disease statistics show that cancer, heart ailments and strokes are the leading causes of disability that can potentially restrict your ability to earn or at the very least cause mental exhaustion from worrying about additional expenses associated with treatment and recovery.

Critical Illness Insurance is worthwhile for people who are planning ahead and want to account for an unforeseeable circumstances that could limit one’s lifestyle.

Any Canadian resident starting from 18 and up to 65 years of age is encouraged to consider their emergency fund options including various insurance products such as Critical Illness coverage.

The earlier you start your policy, the lower your premiums will be while you are protected against a heavy financial burden caused by a life-altering ailment.

Can I cancel my insurance for Critical Illness?


Yes, you can. You are free to have your insurance cancelled within the first 30 days of purchasing it for a full refund.

If you decide to cancel it after the 30-day period, you can still do it, but you will not receive a refund for the paid premium.

Is Critical Illness insurance better than Disability Insurance?


Short answer is - it depends. If you are an unemployed individual and don’t need a partial income replacement every month, then Critical Illness insurance will offer you much more flexibility and lower premiums to pay.

However, Disability Insurance is also a good insurance product that will help you maintain your lifestyle by replacing around 60% to 70% of your monthly income until you are able to work again.

The best thing is to have both policies, if possible in order to protect yourself from any unexpected situation life can throw at you.

What can I use insurance pay out money for?


You can use it for anything and everything you want. The most common examples include prescription drugs, private hospital rooms, hospital parking bills, medical supplies at home, mental health counselling, hiring a house aid professional or simply take a vacation somewhere you’d enjoy time with your family during your recovery.

How long does it take for Critical Illness Insurance to pay out?


In case you have developed one of the covered medical conditions or underwent a covered surgical procedure, it takes around 30 days to receive your money that you can use in any way you see fit.

How beneficial is to take a Return of Paid Premium rider?


Despite statistics, many Canadians will never develop any serious illness living their lives to the fullest potential. With a return of premium rider, you are substantially reducing the risk of wasting your money down the drain since if you never need to use your policy, you all of your money back.

It's that simple.