Critical Illness Insurance in Canada
Critical illness insurance can pay a lump-sum benefit after diagnosis of a covered condition when the policy requirements are met.
- Lump-sum benefit for covered conditions
- Use funds based on your needs
- Review definitions and waiting periods
How Critical Illness Insurance Works
Critical illness insurance can pay a lump-sum benefit if the insured person is diagnosed with a condition covered by the policy and satisfies its requirements. Covered-condition definitions, survival periods, exclusions, and benefit amounts vary by product.
Families may use the benefit for expenses such as time away from work, additional care, household costs, or recovery support.
Examples of Commonly Covered Conditions
- Cancer, subject to the policy definition
- Heart attack, subject to the policy definition
- Stroke, subject to the policy definition
Critical Illness Compared With Disability Insurance
Critical illness insurance usually pays a lump sum after a qualifying diagnosis. Disability insurance is generally designed to replace part of your income when an illness or injury prevents you from working. The products solve different financial problems.
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