Canadian Critical Illness Comparison Chart


The Critical Illness marketplace in Canada is heating up. Since the first Canadian Critical Illness policy was sold in the mid-’90s, annualized new premium sales have steadily increased. Premium sales rose by 6 per cent to $103.8 million in 2011. The insurance industry sold 7 per cent more policies than it did in 2010 during this period, and insurers sold 100,775 individual Critical Illness policies in Canada last year, so it’s clear that insurance companies are taking notice of the trend.

There are a wide variety of Critical Illness providers in Canada. The following comparison chart lists the different providers in Canada and their product names, age limits,  and face amounts. However, when buying Critical Illness plans, you should consider other factors, including premium guarantees, conversion options, illnesses covered, and return-of-premium features.

Company Product Issue age Face amount
Blue Cross Tangible 30 days to 60 years $25,000 to $2 million
BMO Insurance Living Benefit 18 to 65 $25,000 to $2 million ($1 million on 15-pay Term 100)
Canada Life Advance 18 to 60 and 18 to 65 on Term 10, Term 75, and Term 100 $10,000 to $2 million and $2.5 million (on a case-by-case basis)
The Cooperators Critical Assist Two 18 to 65 on Term 10, and 18 to 50 on Term 25 $25,000 to $2 million
Cumis Life Critical Care 16 to 65 $25,000 to $3 million
Desjardins Insurance Harmony 18 to 65 $25,000 to $2 million
Equitable Life Equiliving 30 days to 65 years $25,000 to $2 million
Foresters Life Care 18 to 65 $25,000 to $2 million
Industrial Alliance Transition 0 to 65  Simplified Issue: 18 to 65 $10,000 to $2 million Simplified issue: $10,000 to $100,000
Manulife Life Check 18 to 65 and 18 to 55 on Term 100 $25,000 to $2 million
RBC Insurance Critical Illness Recovery 18 to 65 $25,000 to $2 million
SSQ Financial Group Critical Illness 18 to 65 $25,000 to $2 million
Sun Life Sun Critical Illness 18 to 65 Term to 75: 18 to 59  
UL Mutual Critical Illness 1 to 65 $10,000 to $2 million
Wawanessa Life  Quick Issue Critical Illness 18 to 60 $10,000 to $100,000

 Source: Insurance and Investment Journal

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  • Steve
    January 2, 2014 at 6:05 pm

    Yes, thank you i read the article but where is the growth on the ROP option?

    Also, why would anyone want the ROP and let the insurance company off the hook for for say a $100k CI policy especially when one is older and you would anyway get a ROP on death…

    • LSM Insurance
      January 2, 2014 at 6:12 pm

      Thanks Steve. No companies that I know of offer a Return of Premium option with interest but this would be an interesting feature. This would likely cause a steep rise in the premium.

  • Steve
    December 12, 2013 at 1:37 am

    Hi Chantal,

    Is it worth spending the extra $’s to get a refund of premiums at age 65 on a Critical illness policy. Bearing in mind that tommorrow’s $ might not be worth as much as today’s i.e. inflation.

    My main concern is over the next 15-20years as my kids are still young i.e. 10,7 & 5.

  • Inez
    May 7, 2013 at 12:47 pm

    How will hight blood pressure effeect my premium. I have it since 2002

    • LSM Insurance
      May 7, 2013 at 3:04 pm

      Hi Inez,

      If you high blood pressure is under control you should still be able to get standard rates.