Critical Illness Insurance

Critical Illness Insurance is protection that provides you with a Tax-Free lump sum payment following your diagnosis of 1 of 25 serious illnesses*.

During a critical illness, the physical and emotional strain can be hard enough to deal with. Adding a financial burden can make this unbearable.

* Critical Illness Insured Conditions
Acquired brain injury, Aortic surgery, Aplastic anemia, Bacterial meningitis, Benign brain tumor, Blindness, Coma, Coronary artery, bypass surgery, Deafness, Dementia, including Alzheimer’s disease, Heart attack, Heart valve replacement or repair, Kidney failure, Life-threatening cancer, Loss of limbs, Loss of speech, Major organ failure on the waiting list, Major organ transplant, Motor neuron disease, Multiple sclerosis, Occupational HIV infection, Paralysis, Parkinson’s disease and specified atypical Parkinsonian disorders, Severe burns, Stroke.

Some Critical Illness policies contain a benefit allowing for the 100% reimbursement of premiums paid if no claim has been made following 15 years.

It is estimated that in 2020:

  • 115,800 Canadian men will be diagnosed with cancer and 44,100 men will die from cancer.
  • 110,000 Canadian women will be diagnosed with cancer and 39,300 women will die from cancer.

Source: Canadian Cancer Society

2012/13 data from the Public Health Agency of Canada’s Canadian Chronic Disease Surveillance System (CCDSS) indicate that:

  • About 1 in 12 (or 2.4 million) Canadian adults age 20 and over live with diagnosed heart disease;
  • Every hour, about 12 Canadian adults age 20 and over with diagnosed heart disease die.

Source: Government of Canada

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