Limited-Pay Critical Illness Insurance

Posted on October 9, 2012 and updated March 19, 2013 in BMO Life Insurance, Canadian Life Insurance Companies, Critical Illness, Insurance Types, Life Insurance Canada News 2 min read
Doctors demand action
Canada is one of the
few countries to offer
age to 100 critical
illness insurance.

Critical illness policies in Canada have increased sharply in cost over the last few months.

Back in August, LSM reported this steep increase in our article “Permanent Critical Illness Insurance Rates are on the Rise.”  The largest increases have been recorded among critical illness policies with longer premium guarantees. Some examples are critical illness Term to 75 or Term 100 plans, in which the premiums are level until age 75 or age 100.

Some companies have withdrawn their guaranteed critical illness plans and many have stopped offering plans with return-of-premium. In fact, Canada is one of the few countries in the word to even offer critical illness insurance with level rates to age 100.

BMO Insurance offers a critical illness policy that provides coverage for life, and the policy is paid up after 15 years. The plan is available to those aged 18 to 55, its face amounts can be as low as $25,000, and its premiums and pay period are fully guaranteed.

The plan also includes a multi-policy fee discount for family members and business acquaintances. It covers an industry-leading number of critical illnesses. You can choose between a return-of-premium on death or a return-of-premium on surrender. The latter option follows the insured starting in year 15 and allows them to get 100 per cent of their eligible premium refunded.

For more details on critical illness insurance in Canada, please call us at 1.866.899.4849 or visit our Critical Illness Quote Page.

LSM Insurance
LSM Insurance

Hi Carol, The premiums will depend on your age, smoking status and health. As well as the type of plan and the amount of coverage. We will send you a separate email now.


Hi my name is carol and im looking for a life insurance something affordable and reasonable incase the worse comes to worse as i have two sons 18 and 21 just a reasonable amount nothing too over welming. Thank You