Critical Illness Insurance Canada

Compare critical illness quotes

Tell us your age, smoking status and the amount you'd like — we'll compare insurers for you.

Quotes are estimates based on each insurer's current rates. The insurer's policy wording and final rate always apply.

Quick answer

Critical illness insurance pays a one-time, tax-free lump sum — often $25,000 to $250,000 or more — if you're diagnosed with a covered condition such as cancer, heart attack or stroke and survive the waiting period, commonly 30 days. You can spend the money however you need.

Why it matters

Provincial health care pays for treatment, but not for everything around it: months off work, a spouse taking time off to help, medication not covered by your plan, travel to appointments, home changes, or simply keeping the mortgage paid. Critical illness insurance is the money for that.

Commonly covered conditions

Cancer (life-threatening)
Heart attack
Stroke
Coronary artery bypass surgery
Kidney failure
Major organ transplant
Multiple sclerosis
Parkinson's disease
Alzheimer's disease / dementia
Paralysis
Blindness
Deafness
Loss of limbs
Loss of speech
Severe burns
Coma
Aortic surgery
Heart valve replacement
Benign brain tumour
Motor neuron disease (ALS)
Bacterial meningitis
Aplastic anaemia
Occupational HIV infection
Loss of independent existence

Each insurer defines conditions precisely — for example, which cancers qualify and which early-stage diagnoses pay a partial benefit. We compare those definitions, not just the price.

How people use the payout

Replace income

Cover your salary, or your spouse's, while you focus on recovery.

Keep the home

Pay the mortgage or rent so the family isn't under pressure.

Pay for treatment

Drugs, therapies or private care not covered by your provincial plan.

Pay off debt

Clear credit cards or a line of credit and lower monthly costs.

What changes the cost

Age and smoking status — the earlier you buy, the lower the premium.
Coverage amount — many people choose one to two years of income.
Number of conditions — basic (cancer, heart attack, stroke) vs comprehensive.
Term — 10 years, 20 years, to age 75, or lifetime.
Riders — return of premium, child critical illness.

Claims, in plain words

Tell your advisor and the insurer soon after diagnosis.
Your doctor completes the insurer's medical statement.
The insurer confirms the diagnosis meets the policy definition and the survival period has passed.
The lump sum is paid to you.

Pankaj helps with the forms and follows up with the insurer, so you can concentrate on getting better.

Insurers we represent

iA Financial Group
Empire Life
Foresters Financial
The Co-operators
Wawanesa Life
BMO Insurance
Equitable Life
Assumption Life

Product availability depends on age, health and province.

Critical illness FAQs

What does critical illness insurance cover?

It pays a one-time, tax-free lump sum if you're diagnosed with a covered illness and survive the waiting period. Most policies cover cancer, heart attack and stroke, and comprehensive plans cover 20 or more conditions.

Is a critical illness payout taxable?

For a personally owned policy, the payout is generally received tax-free in Canada. Business-owned policies can be different — ask us before setting one up through a corporation.

What is the survival period?

You must survive a set time after diagnosis — commonly 30 days — before the benefit is paid. It's set out in the policy wording.

How is it different from disability insurance?

Disability insurance replaces part of your monthly income if you can't work. Critical illness pays a lump sum on diagnosis, whether or not you keep working. Many people use both.

Are pre-existing conditions covered?

Usually there's an exclusion for conditions you had symptoms of or were treated for before the policy started, often for the first couple of years. The exact rule depends on the insurer and the medical questions.

Can I get my premiums back if I never claim?

Some policies offer a return-of-premium rider, which refunds premiums if you never claim by a certain date or cancel after a set period. It costs extra, so we compare both versions.

Critical Illness Insurance