Critical Illness insurance pays out a lump sum benefit if the insured is diagnosed with a critical illness and survives the usually 30-day waiting-period.
Canada is one of the few countries in the world to still offer guaranteed critical illness insurance. There are a limited number of companies that offer a critical illness policy with a guaranteed premium until age 100.
The following are the leading carriers of critical illness term to 100 coverage. The rates are accurate as of July 2012, but the covered illnesses on these plans can vary from company to company.
A 30-year-old, male non-smoker can get $500,000 of Critical Illness Term 100 coverage at the following rates:
Industrial Alliance – $3,775 a year.
Equitable Life – $4,015 per year.
A 35-year-old, male non-smoker can get $500,000 of Critical Illness Term to 100 coverage at the following rates:
Industrial Alliance – $4,385 a year.
Equitable Life – $4,910 a year.
A 40-year-old, male non-smoker can get $500,000 of Critical Illness Term to 100 coverage at the following rates:
Industrial Alliance – $6,180 a year.
Manulife Financial – $6,325 a year.
For more details on critical illness coverage in Canada, please contact us at 1-866-899-4849 or visit our Critical Illness Quotes Page.
