UNITING FAMILIES WITH THEIR GOALS
UNITING FAMILIES WITH THEIR GOALS
Critical illness insurance information
Our role: Unity Financial Services provides marketing and referrals to third-party financial professionals. Products, advice and account opening are provided by those third parties; Unity does not sell these products directly.
The best protection against critical illnesses — at a competitive rate.- Policy-specific condition definitions
- Application handled by the third party
- Standalone options depend on the provider
Top Canadian Critical Illness Insurance Providers
BMO
Manulife
RBC
Sun Life
Unity referral
Conditions Covered
Policy-specific
Policy-specific
Policy-specific
Policy-specific
Policy-specific
Rate
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Compare current insurer policy wording and quotes. Unity does not guarantee a premium or number of covered conditions.
What is critical illness insurance in Canada?
Critical illness insurance provides essential protection for Canadians dealing with severe health conditions such as heart attacks, strokes, or cancer. Some policies may also include coverage for specific early-stage conditions, offering support for early detection. This may help you focus on your recovery without the burden of financial concerns. The monetary benefit can be used to compensate for lost income during a leave of absence or to manage out-of-pocket medical costs.
Benefits of critical Illness Insurance
Covered conditions
Review the exact definitions, severity thresholds, exclusions and waiting periods in the proposed policy.
More coverage options
Benefit amounts, terms and partial payouts vary by policy.
Extensive coverage for early-stage cancers and cardiac illnesses
Benefit amounts, terms and partial payouts vary by policy.
Confirm the insurer
Ask who issues the policy and which regulator oversees that provider. Unity is the referral business.
Discuss advice and compensation
Ask the third-party professional about licensing, represented insurers, compensation and any fees.
See for yourself
Examples of conditions to discuss with the insurer
Covered conditions and their definitions vary by policy. Ask the third-party professional for the current policy wording, benefit amounts, exclusions and waiting periods.
Compare policy features with a third-party professional
| Feature to compare | What can vary | What to confirm with the professional |
|---|---|---|
| Application | Online, telephone or advisor-assisted processes depend on the provider. | Required information, underwriting and who handles your application. |
| Covered conditions | Definitions and covered illnesses differ by contract. | The exact covered-condition list, severity thresholds and exclusions. |
| Benefit amount | Available amounts and eligibility depend on the product. | The selected benefit, any partial payment and the premium. |
| Coverage period | Term length, renewal and expiry depend on the policy. | When coverage ends, renewal terms and future premium changes. |
| Severe conditions | A named condition must meet the contract definition. | The medical criteria and claim documents required. |
| Early-stage conditions | Some policies offer limited benefits; others do not. | Whether a partial claim affects later coverage or benefits. |
| Payment | Payment depends on the contract and an accepted claim. | Waiting or survival periods and claim-assessment requirements. |
| Premium structure | Premium guarantees and future changes vary. | Whether the quoted premium is fixed and for how long. |
| Conversion or changes | Conversion rights and changes are policy-specific. | Available options, deadlines and any new underwriting. |
| Couples | Each person’s coverage and application are assessed under the product rules. | Whether separate applications are needed and who is insured. |
Need insurance answers now?
Call +1 438 701 3770 to speak to third-party advisors right away, or book some time with them.
Request a personalized third-party quote
Who should consider obtaining critical illness insurance in Canada?
Parents
Employees without critical illness coverage
Freelancers
People without supplemental health insurance
Canadians without an emergency fund
Critical illness insurance may be essential if you have individuals in your life reliant on your income. Serious illness often entails taking time off work or covering medical expenses not included in provincial health insurance.
This insurance serves as a financial safety net during challenging periods.
What is the functioning mechanism of critical illness insurance in Canada?
- Provide responses to a few questions regarding your health and lifestyle.
- Initiate your policy when you're prepared.
Your coverage, your timetable. Once approved, carefully review your policy and sign off when you are prepared. Payment is only necessary when you are ready to proceed.
- Initiate a claim.
If you’re ever diagnosed with one of the covered conditions, a team member will guide you through each step of the claims process.
- Receive a tax-free cash benefit.
Upon the approval and review of your claim, a lump-sum payment will be sent to you. This amount can be used for any purpose, allowing you to concentrate on what is most important—your recovery.
What is the appropriate amount of critical illness coverage for me?
The appropriate level of critical illness insurance depends on the size of your emergency fund. Generally, experts recommend having three to six months’ worth of post-tax income saved. If you already have this amount set aside, critical illness insurance may not be a necessity.
Evaluate whether your savings are enough to replace your contributions, and also consider the financial implications for your spouse or partner. Even if you’re not the primary earner, your family may depend on your income or unpaid responsibilities, such as childcare. Assessing these factors is crucial in determining the necessity of critical illness insurance for your situation
Quotes for Critical Illness Insurance
- Request a quote through a third-party professional.
Verify your cost: no obligation, ask the provider what personal information is required.
Apply through the third-party provider after reviewing the proposed terms.
- Request a quote through a third-party professional.
Ask the third-party professional how they are compensated and what fees apply.
Introduction to Critical Illness Insurance
Critical illness refers to being diagnosed with a severe health condition, often with life-threatening implications. Insurance companies may vary in their definitions and qualifying conditions for critical illnesses. Typically, critical illness insurance policies cover common conditions such as stroke, cancer, and heart attack.
Critical illness insurance serves the purpose of offering financial assistance to individuals facing serious diseases or illnesses. Public health care in Canada may not cover all expenses, such as medications, travel for treatment, and homecare. Additionally, lacking an employer group benefit plan or other private coverage can leave individuals financially vulnerable. A critical illness may result in unpaid time off work and additional costs, such as childcare or home retrofitting.
The lump sum payment provided by critical illness insurance is designed to alleviate these financial burdens and offer added security during this challenging period.
Critical illness insurance in Canada typically covers illnesses such as heart attack, cancer, paralysis, stroke, organ transplants, Alzheimer’s, kidney failure, and multiple sclerosis.
The specific illnesses covered can vary among Canadian insurers, as they have different definitions of critical illness. Some insurers focus on severe conditions like heart attacks, while others extend coverage to early-stage diseases like early-stage breast cancer.
Unity Financial Services markets insurance products and can arrange a referral to a third-party professional. The provider explains coverage, exclusions, premiums and applications. Unity does not issue policies, sell insurance directly or provide insurance advice.
Unity Financial Services markets insurance products and can arrange a referral to a third-party professional. The provider explains coverage, exclusions, premiums and applications. Unity does not issue policies, sell insurance directly or provide insurance advice.
Unity Financial Services markets insurance products and can arrange a referral to a third-party professional. The provider explains coverage, exclusions, premiums and applications. Unity does not issue policies, sell insurance directly or provide insurance advice.
In Canada, critical illness insurance usually provides payouts ranging from $10,000 to $1 million. The coverage amount is selected by you when applying for and signing your critical illness policy. Opting for a higher coverage amount will result in a higher monthly premium, with the rate also influenced by factors such as your health status, age, and other considerations.
Payouts from critical illness insurance are consistently provided as a single lump-sum amount.
Certainly, you have the option to cancel your critical illness insurance with any Canadian provider.
Unity Financial Services markets insurance products and can arrange a referral to a third-party professional. The provider explains coverage, exclusions, premiums and applications. Unity does not issue policies, sell insurance directly or provide insurance advice.
After this initial 30-day period, cancellations will result in a pro-rated refund of any prepaid premiums. No cancellation fees or penalties will be imposed.
Unity Financial Services markets insurance products and can arrange a referral to a third-party professional. The provider explains coverage, exclusions, premiums and applications. Unity does not issue policies, sell insurance directly or provide insurance advice.
Unity Financial Services markets insurance products and can arrange a referral to a third-party professional. The provider explains coverage, exclusions, premiums and applications. Unity does not issue policies, sell insurance directly or provide insurance advice.
After this initial 30-day period, cancellations will result in a pro-rated refund of any prepaid premiums. No cancellation fees or penalties will be imposed.
You might still be eligible for critical illness insurance if you have a history of high blood pressure. But you may not be eligible if you’ve had an abnormal ECG or have had heart surgery. You might also be ineligible if you’ve been diagnosed with or have experienced symptoms of:
Heart attack
Transient ischemic attack
Stroke
Coronary artery disease
Make sure to read your policy carefully to see what other exclusions may apply.
Need insurance answers now?
Call +1 438 701 3770 to speak to third-party advisors right away, or book some time with them.