Financial Services: Critical Illness Insurance in Canada

Critical illness is one of those insurance coverages that are integral to have, given the protection they provide, but is something that no provider ever hopes you have to use. Critical illness insurance in Canada is designed to help with the expenses that may result from an unexpected and severe medical emergency, such as a stroke or heart attack. Critical life insurance, in the event of a qualifying illness, grants a single payment - “a lump sum”- which is typically used to cover any expenses that are associated with a critical illness, such as modifying your home, treatments, and rehabilitation, but there’s no cap on what you can use the money for. Some families may choose to use the amount to fund a vacation or to give to a charity.

Advantages of Critical Illness Insurance in Canada

Additional Expense Coverage

Additional Expense Coverage

Critical illness insurance payouts, while designed to help with the expenses arising out of living with a critical illness, can be used for whatever you choose. You have the flexibility to choose what you wish to use your payouts for.

Low-Cost Policies

Low-Cost Policies

Critical illness, while it may have limited coverage next to other life insurance options, is relatively inexpensive and is designed to be affordable for Canadian families. This provides families with the peace of mind they need for expenses that are not covered by the universal healthcare program.

  Reasons to need critical illness insurance
  • Your employer does not offer an employee benefits package
  • You want coverage for immediate medical expenses
  • You want coverage for in-home care or other expenses, like treatments, modifying your home space
  Ways that critical illness insurance may benefit you
  • Provides coverage beyond what traditional health insurance may include
  • Low-cost policies
  • Peace of mind for unexpected medical emergencies

What is critical illness insurance in Canada?

Critical illness insurance in Canada is a coverage plan designed to grant the insured a pre-set lump-sump payment if they experience a qualifying event. While critical illness insurance is technically designed to be used for medical expenses not covered by traditional health plans, the funds that are paid out from your critical illness insurance coverage can be used for anything - from treatments to travel or even donations to a charity of your choosing.

Our Critical Illness Insurance Partners

While Canada does have a universal health system that covers a wide range of medical expenses, critical illness insurance is designed to handle the expenses associated with living with a critical illness. Just think - if you lost your mobility, could you afford to modify your living space in a way that accommodates your illness? LMBF’s critical illness insurance carriers in Canada can help get you sorted with a plan that provides you the peace of mind you need. Critical illness insurance is a coverage plan we never hope you’ll need to use, but it’s always better off to be safe than sorry.

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Looking to Get Started on Your Critical Illness Insurance in Canada? Get Started With a Critical Illness Insurance Quote Today.

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Critical Illness Insurance in Canada: Some Frequently Asked Questions

A: It depends. Critical illness may offer limited coverage next to other life policies and plans, but it is relatively inexpensive. It also can be used however you’d like. If you are considering critical illness insurance, contact LMBF’s advisors for advice based on your circumstances.

A: Health insurance and critical illness insurance differ because health insurance covers medical expenses and hospitalization costs, whereas critical illness insurance offers a single lump-sum payment if you are diagnosed with a qualifying illness. There may be some overlap.

A: If your employer doesn’t offer a benefits program, it’s a good idea to consider purchasing critical illness insurance in Canada before the age of 60 (as pre-existing conditions are more likely to develop the older you get and can make it more difficult to get insured).

A: Due to the novelty of the COVID-19 variant, only some insurers have amended their critical life insurance policies to reflect the new coronavirus. Some insurers will accept COVID-19 as an event that triggers their critical illness coverage if the insured was admitted to the hospital or the intensive care unit/placed on a ventilator.

A: It depends on the policy. Critical life insurance or critical illness insurance may support you financially for the following illnesses: stroke, cancer, Parkinson’s, heart attacks, MS, Alzheimer’s, head injuries, organ transplants, etc. This is only a small sampling. Some carriers may consider permanent disabilities as a critical illness as well.

A: Generally not. You may be able to get insured with a pre-existing condition, but your policy is likely to exclude any illnesses that are related to your existing condition. Critical illness insurance typically has a limited number of illnesses it covers, including strokes, heart attacks, and various types and stages of cancer.