Get the best critical illness insurance quotes in Canada

Critical illness insurance is a type of life insurance product that covers you financially in the event you're diagnosed with a serious illness. While the list of illnesses you'll be covered for will depend on your policy, common examples include cancer, heart attack, stroke, organ transplant, and major organ failure.

Unlike a conventional life insurance policy (such as term life insurance or whole life insurance), this type of product is designed to protect you during your lifetime. When faced with a significant health challenge, the last thing you want to worry about is your finances – and that's where critical illness insurance steps in. 

After selecting the right plan from the right insurer, you'll be paying regular premiums (either monthly or annually) to keep it active. Your insurance rate will depend on several individualized factors, such as your age, health status, and coverage amount.

Oftentimes, there is a waiting period for critical illness insurance. This is a set period of time after your policy becomes active (e.g. 30 days) in which you won't be able to make a claim, even if you're diagnosed with a covered illness. The idea behind this is to prevent policyholders from taking advantage of critical illness coverage for a pre-existing condition – it's designed to protect you from unforeseen circumstances. 

Upon diagnosis of a condition that meets your policy's criteria (after the waiting period), you'll be paid out a lump sum of money to assist with your financial implications. This is a predetermined amount that was selected when you first purchased your critical illness plan. The money can then be used for pretty much anything you desire – medical expenses, income replacement, mortgage payments, or even a much-needed vacation.

While the list of protected medical conditions will depend on your policy and your insurer, here are some common critical illness insurance coverages. A basic, more affordable plan may only cover you for cancer while a comprehensive, more expensive plan can cover you for much more – so be sure to research all your options carefully to choose the best one for your needs.

Below is a table outlining monthly critical illness insurance rates from Manulife and CAA, based on age, gender, and smoking status. Premiums are representative of $25,000 in coverage for five common conditions. Keep in mind, however, that this should just be used as a baseline – compare critical illness insurance quotes with us today to find the lowest price you could be paying. 

The more risk you bring as a policyholder, the more expensive your insurance will be. And choosing a plan with broader coverage terms will also increase your premium, of course. Let's take a look at some notable factors that have an impact on your critical illness insurance quote. 

The amount of coverage you should purchase is dependent on your own needs as a policyholder. While there is no one-size-fits-all figure, here are a few questions you can ask yourself to help determine the right amount. For more guidance, be sure to consult a licensed life insurance broker in Canada.

Another life insurance product you may be interested in is disability insurance. This type of coverage protects you financially in the event you become disabled and are unable to work. Let's take a look at a few key differences in the table below.