Assumption Life
BMO Life Assurance Company
Canada Life Insurance Company of Canada
Canada Protection Plan
Desjardins Financial Security Life Insurance
Empire Life Insurance Company
Equitable Life Insurance
Foresters Canada
Industrial Alliance Financial Group
La Capitale Life Insurance
RBC Insurance
Specialty Life Insurance (SLI)
SSQ Life Insurance Company Inc. (Formerly AXA Life Insurance Inc.)
UV Insurance
Wawanesa Life Insurance Company

Get a Critical Illness Insurance Quote Today or ask Questions

    Why Choose LSM Insurance For Critical Illness Insurance

    Term 1
    A truly an independent agency working for you. 15+ languages spoken.
    Term 2
    Licensed across Canada and working with over 100 experienced insurance brokers.
    Term 3
    Working with more 20 + insurers to find for you the best life and living benefits products.
    Term 4
    Proudly serving Canadians for over 25 years. Helped thousands Canadians.

    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

    Best quote: $295 per month

    Male, 35 years old, non-smoker, no serious health pre-conditions, coverage amount $250,000, Term 15 Critical Illness Insurance

    Best quote: $96 per month

    Female, 32 years old, non-smoker, no serious health pre-conditions, coverage amount $250,000, Term 25 Critical Illness Insurance

    Best quote: $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.
    Interested in Critical Illness Insurance or have questions?

    How does Critical Illness Insurance Compare to Disability Insurance?

    Here is a brief comparison how critical illness insurance compares to disability insurance.

     Critical Illness InsuranceDisability Insurance
    PurposeLump sum that can be used in any way the beneficiary wantsCovers part of the beneficiary’s lost income due to a disability
    Coverage PayoutOne time lump sumRegular 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.

    Interested in Critical Illness Insurance or have questions?

    Critical Illness Insurance Claims: Statistics

    Sadly, critical illness can affect any one of us, no matter what age or gender. It usually strikes when we expect it at the least, and it unfortunately does happen to many. Canadians are more likely to experience a critical illness than they are to die before the age of 75. Here is a breakdown on leading causes for critical illness insurance claims:
    70% – Cancer
    14% – Heart attack
    5% – Stroke
    5% – Other
    4% – Coronary artery bypass surgery
    2% – Multiple sclerosis

    What to look for when getting a Critical Illness Insurance policy

    • Exclusions: Almost all contracts on the market are being systematically updated with other exclusions, such as self-mutilation and cancer diagnosis within the first 90 days of the contract taking effect.
    • Financial coverage: The amount of critical illness insurance you can purchase and the age of the insured person varies from company to company. Ask your broker to find out and suggest what is most beneficial for you.
    • Type of protection and durations: Is the amount of coverage fixed or does it decrease as time goes? Also find out whether the premiums increase over time. Term policies allow you allow maximum short-term protection according to your available budget. Many policies also offer a return of premium option if a claim is not made.
    • Illnesses covered and restrictions: Find out if all the standard medical conditions are covered by your insurance policy, for example: Heart attack, stroke, coronary artery bypass, cancer, kidney failure, organ transplant, major organ failure on waiting list, multiple sclerosis, blindness, deafness, coma, Alzheimer’s disease, Parkinson’s disease, speech loss, loss of limbs, paralysis and so on. For restrictions, find out the number of days the condition is required to persist for you to be eligible for the claim. As an example, some insurance companies require 180 days in the case of paralysis, while others only 90.

    3 Critical Illness Insurance loopholes to know

    Here are three little known Critical Illness Insurance loopholes that you must be aware of.

    1. Guaranteed renewable policies versus non-cancelable coverage. There is an increasing number of Critical Illness providers in Canada who offer guaranteed renewable Critical Illness coverage. These policies differ from non-cancelable policies in that the premiums may be adjusted on a class line basis. Non-cancelable policies offer guaranteed premiums for the life of the policy.

    2. Many Critical Illness policies carry exclusions for past medical conditions. For example, if the insured has hearing issues, there may be an exclusion on a loss of hearing payout.

    3. Be careful not to use Critical Illness coverage instead of Disability Insurance. Both Disability and Critical Illness insurance coverage separate needs and many disabilities, such as back or knee related injuries, which would be covered under a traditional disability insurance policy would not be covered under a Critical Illness plan.

    Interested in Critical Illness Insurance or have questions?

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