Critical Illness Insurance – What is it?

A critical illness policy provides you with a lump sum payment in case you get sick and suffer from one of the serious medical conditions listed in the policy. This type of financial protection will help cover your treatment costs and other daily living expenses, such as food and transport, while you recover from the illness or surgery. 

Nearly 40 percent of Canadians will face a major illness in their lifetime. However, many people don’t know they need critical illness insurance until it’s too late. 

What Are Critical Illnesses?

Critical illnesses are serious diseases that are covered under critical illness insurance. 

There is main 4-condition coverage:

  • Cancer (life-threatening)
  • Heart attack
  • Stroke (cerebrovascular accident)
  • Coronary artery bypass surgery

Often insurance companies offer 25-condition coverage:

  • Alzheimer’s disease
  • Aortic surgery
  • Aplastic anemia
  • Bacterial meningitis
  • Benign brain tumour
  • Blindness
  • Cancer (life-threatening)
  • Coma
  • Coronary artery- bypass surgery
  • Deafness
  • Heart attack
  • Heart valve replacement
  • Kidney failure
  • Loss of independent existence
  • Loss of limbs
  • Loss of speech
  • Major organ transplant
  • Major organ failure on waiting list
  • Motor neuron disease
  • Multiple sclerosis
  • Occupational HIV infection
  • Paralysis
  • Parkinson’s disease
  • Severe burns
  • Stroke (cerebrovascular accident)
Why may you want to consider Critical Illness Insurance?

 There are several reasons why you may want to consider critical illness insurance. Here are some of them: You have children or other dependents, which means that you have a financial responsibility to provide for them financially in the event that something were to happen to you. If you get diagnosed with a serious condition that keeps you out of the workforce, having critical illness insurance helps ensure that your family isn’t faced with any financial issues.