Affordable Critical Illness
coverage for Canadians
- 44 conditions covered, the most in Canada
- Easy online process for getting coverage
- Standalone policy
Company
BMO
Manulife
RBC
Sun Life
Unityfs
Conditions Covered
29
31
32
34
44
Rate
$39.06/mo
$41.76/mo
$37.71/mo
$41.49/mo
$37.67/mo
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. Our insurance also includes coverage for specific early-stage conditions, offering support for early detection. This guarantees that you can 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
38 conditions covered
We cover 25 critical illnesses, 6 Juvenile Illness and 7 early-stage conditions – the most comprehensive coverage in Canada.
More coverage options
Secure coverage ranging from $10,000 to $1 million, with term options spanning from 10 to 100 years.
Extensive coverage for early-stage cancers and cardiac illnesses
Multiple payouts are possible with our coverage.
Backed by giants
Regulated at the federal level and supported by the industry leader Canadian Premier.
Genuine advice, no pressure to buy
Our licensed Canadian advisors work for you and not for commissions.
See for yourself
What does our Critical Illness insurance cover?
We provide coverage for 44 conditions, the highest number in Canada.
How does critical illness insurance work with us?
| Other Companies | Our Solution | |
|---|---|---|
|
Application
|
Usually, the process involves a consultation or meeting with an advisor, along with the submission of a paper application. |
Complete the online process, and submit the file online |
|
Quantity of Covered Conditions |
On average, coverage includes 20 to 30 conditions. |
Coverage includes 44 conditions. |
|
Amounts of Coverage |
On average, the coverage ranges from $25,000 to $2.5 million. |
Ranges from $10,000 to $1 million. |
|
Duration Options |
Typically, term lengths are 10 or 20 years, or until reaching ages 70 or 75.
|
10, 15, 20, 25 or 30 years |
|
Comprehensive Coverage for Severe Conditions |
On average, coverage includes 24 to 26 severe conditions. |
Coverage encompasses 27 severe conditions. |
|
Limited Coverage for Early-Stage Conditions |
On average, includes 0 to 8 early-stage conditions.
|
Encompasses 17 early-stage conditions. |
|
Payment Information |
Lump-sum tax-free payout |
Tax-free lump-sum payment. |
|
Fixed Interest Rate? |
Yes |
Yes |
|
Is it convertible? |
Yes |
Yes |
|
Is it possible to submit an application with my partner? |
No, separate applications are required for others. |
Certainly, a single online application for both partners. |
Need insurance answers now?
Call +1 438 701 3770 to speak to our advisors right away, or book some time with them.
+1 855 410 9006 (Toll-Free for Outside Canada)
Discover the affordability of critical illness insurance with us
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
- Obtain an online quote for critical illness insurance.
Verify your cost: no obligation, no collection of personal information.
Apply online when you’re ready.
- Obtain an online quote for critical illness insurance.
Our advisors operate on a non-commission basis, ensuring there is no pressure or upselling.
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.
PolicyMe recently introduced comprehensive critical illness insurance covering 44 conditions, with full coverage for 27 conditions and partial coverage for 17 conditions. Sun Life and Equitable offer the next-best coverage, including 34 conditions, with full coverage for 26 conditions and partial coverage for 8 conditions.
For a detailed comparison of PolicyMe and other Canadian critical illness insurance providers, explore the options to find the best coverage for you.
Certain conditions may require a specified duration to elapse after diagnosis before qualifying for a critical illness payout. This varies among insurance companies and the specific condition covered. Typically, cardiovascular conditions, such as heart attacks, are more likely to have a waiting period. However, it’s worth noting that most of PolicyMe’s covered conditions do not have waiting periods for qualification.
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.
PolicyMe offers a full refund on all premiums paid if you cancel within 30 days from the activation date of your critical illness policy.
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.
Certainly, in Canada, you have the option to purchase critical illness insurance independently. At PolicyMe, you can acquire critical illness coverage as a standalone policy, combine it with term life insurance, or add it to existing term life insurance coverage at a later stage.
PolicyMe offers a full refund on all premiums paid if you cancel within 30 days from the activation date of your critical illness policy.
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 our advisors right away, or book some time with them.
+1 855 410 9006 (Toll-Free for Outside Canada)