What is Critical Illness?
Critical illness insurance is a form of health insurance that pays out a lump-sum benefit should you become critically ill. This tax-free benefit can be used to cover expenses not covered by provincial healthcare plans (OHIP). The benefit is paid out directly to the insured or chosen beneficiary to aid with treatment costs & living expenses. But what does that mean for you? It means if you become critically ill, both you & your caregivers may take the well-needed time to recover from & treat your Critical Illness completely stress-free.
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The origin of Critical Illness Insurance
Dr. Barnard performs first successful heart transplant and begins to notice patients were left in serious financial hardship after procedures
Crusader Life launches the world’s first insurance policy that would protect patients from financial ruin after suffering from a critical illness.
Dr. Barnard travels the world promoting the benefits of critical illness coverage at The World Critical Illness Insurance Conference.
50th year since the significant medical advancement was achieved by brothers Dr. Christian and Dr. Marius Barnard
The origin of Critical Illness Insurance
Every major insurance carrier offers a critical illness plan, paying out millions of dollars in claims every single year to help Canadians get back on their feet after suffering from a critical illness.
Every major insurance carrier offers a critical illness plan, paying out millions of dollars in claims every single year to help Canadians get back on their feet after suffering from a critical illness.
The purpose of critical illness insurance is to provide financial support to an individual that has a serious disease or illness. Public health care in Canada may not cover travel for treatment, certain medications, or extended homecare. Furthermore- for individuals who don’t have sufficient employment coverage and must resort to unpaid time off work, expenses can add up quickly. The lump sum payment you get from a critical illness insurance policy will help offset these expenses and provide additional financial security during this difficult time.
- Cancer
- Heart Attack
- Stroke
- Alzheimer’s Disease
- Deafness
- Major Organ Transplant
- Aortic Surgery
- Motor Neuron Disease
- Aplastic Anemia
- Heart Valve Replacement
- Multiple Sclerosis
- Bacterial Meningitis
- Kidney Failure
- Occupational HIV
- Benign Brain Tumor
- Loss of Independent Existence
- Paralysis
- Blindness
- Loss of Limbs
- Parkinson’s Disease
- Loss of Speech
- Severe Burns
- Coma
- Major Organ Failure on Waiting List
- Coronary Artery Bypass Surgery
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Some carriers will include conditions that specify an amount of time that must pass after you are diagnosed before you qualify for a critical illness payout. Although 30 days is the standard survival period for many companies, some do offer a zero-day survival period. This differs by insurance company and by the condition that is covered. Would you like to learn more about which carriers are best suited to your needs?
Call us at 1.888.212.4212 to connect with a licensed insurance advisor.
Critical illness insurance typically pays out between $10,000 and $1M in Canada. It all depends on your specific insurance need. Similar to Life Insurance, higher coverage results in higher premiums, and your rate depends on your age, sex, and current health condition. To find out how much insurance you may need you can use our online CI Insurance calculator, or call us to get a live recommendation. You can then get an instant-quote and apply for coverage right away.
Call us at 1.888.212.4212 for a quick quote.
Critical illness insurance is always paid out in one tax-free lump-sum amount.
Yes, you can buy critical illness insurance by itself in Canada. You can either apply for an individual stand-alone policy, or add it on a Life Insurance policy for additional savings. Call us at 1.888.212.4212 to learn more. about individual critical illness plans and your options when combining Life & Critical Illness insurance.
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