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CRITICAL ILLNESS INSURANCE QUOTE AND INFORMATION
Why Choose LSM Insurance For Critical Illness Insurance
- We work with experienced and reputable independent brokers across Canada
- LSM Insurance is one of the most respected life insurance brokerages in Canada
- We work with more life insurance companies than the majority of brokers (15+ insurers)
- We have been serving Canadians for over 25 years
LSM Insurance is Accredited With:
Get a Critical Illness Insurance Quote Today or ask Questions
Sample Critical Illness Insurance Quotes
Female, 45 years old, non-smoker, no serious health pre-conditions, coverage amount $500,000, Term 10 Critical Illness Insurance
$295 per month
Male, 35 years old, non-smoker, no serious health pre-conditions, coverage amount $250,000, Term 15 Critical Illness Insurance
$96 per month
Female, 32 years old, non-smoker, no serious health pre-conditions, coverage amount $250,000, Term 25 Critical Illness Insurance
$101 per month
What is Critical Illness Insurance?
Critical illness insurance is a special type of policy that pays you a lump sum should you be diagnosed with particular illnesses. It is up to you to decide how you will spend this lump sum – for your medical treatment or simply at your discretion. Critical illness insurance is not the same as disability insurance, which provides regular monthly payments.
Critical illness cases are clearly defined in an insurance policy and can include just heart attack, cancer and stoke, or 25+ illnesses.
When do you Need Critical Illness Insurance?
Critical illness is an insurance product that allows you to personally decide what level of coverage you need. Some of the cases when people choose critical illnesses insurance include:
- Having a family, especially with kids – should something happen to the main income earner, there should be some financial reserve for medical treatment and also for the family’s expenses.
- Having some history of critical illnesses in the family. Note that in this case, your rates might be significantly higher.
- In some cases, such as when you have your own company or startup, you might have difficulties getting disability insurance. Although critical illness insurance covers different risks, it reduces your overall risk.
How does Critical Illness Insurance Compare to Disability Insurance?
Here is a brief comparison how critical illness insurance compares to disability insurance.
|Critical Illness Insurance||Disability Insurance|
|Purpose||Lump sum that can be used in any way the beneficiary wants||Covers part of the beneficiary’s lost income due to a disability|
|Coverage Payout||One time lump sum||Regular monthly payments|
What are Critical Illness Insurance Rates?
Critical illness insurance rates are determined through numerous aspects, such as:
- Coverage (the lump sum you receive should you be diagnosed with a critical illness).
- Your age and personal profile – the older you are, the more likely you are to get a critical illness.
- You and your family’s medical history.
In general, critical illness insurance costs are higher than term life insurance costs.