Best Critical Illness Insurance in Canada
Canadian insurance for critical illness helps you recover financially.
A critical illness interrupts your life and can leave you financially strained. While much of your medical care costs may be covered in Canada, the larger financial impact on your life such as the loss of income and cost of drugs, travel and other related expenses are left unaccounted for. The best critical illness insurance in Canada can help you through this tough time.
Canada’s Critical Illness Insurance
Canada’s critical illness insurance differs from its life insurance and disability insurance:
- Life insurance is payable only after you reach a certain age or die, depending on your coverage. This can be a lump-sum benefit or ongoing payments, depending on your coverage. There are often other benefits offered as well.
- Disability insurance is payable only if you suffer an injury or illness that prevents you from working at all. It can include income replacement and specific expenses.
- Critical illness insurance pays a lump sum if you survive a life-threatening illness.
The best critical illness insurance in Canada, therefore, covers an important gap between life and disability insurance that recognizes the financial hardships of a life-threatening illness and helps cover them.
Personal Critical Illness Insurance vs Group Critical Illness Insurance
For personal critical illness insurance in Canada, you’re considered as an individual. This means your premium and terms depend on your risk factors and coverage choices. It also means you can retain your coverage even if you change employers – but also means you need to continue to pay the premiums yourself.
Group critical illness insurance in Canada is generally purchased by the employer. This coverage can vary and can be paid for by the employer – or they may deduct the cost from your wages. This insurance is not transferrable if you change companies.
Why do I need critical illness insurance in Canada?
Your employer may provide critical illness insurance, however, many do not. If you’re diagnosed with a life-threatening condition, do you have money set aside to:
- Cover your lost income during your illness or recovery
- Make mortgage or other debt payments
- Cover the costs of drugs or experimental or alternative medical treatments (or anything medical not covered by your Canadian health insurance or employer health insurance plan)
- Renovate or buy a home to accommodate your recovery or disabilities
- Fund a buy/sell agreement if you have a business
Canadian critical illness insurance provides a lump sum to you in the event you’re diagnosed with a life-threatening illness and survive. You decide where that money should go in order to best help your recovery or reduce the financial strain.
Canada’s critical illness insurance is restricted to serious, life-threatening illnesses. Pre-existing conditions may not be covered and many insurers will not cover any illness arising within the first 30 days after you purchase a policy.
Most policies include coverage for:
- Heart attack
- Coronary bypass
More comprehensive policies will also cover other life-threatening illnesses. It’s important to understand what is covered and what isn’t – an insurance broker will be able to help you decide on your policy.
There are also standard exclusions to critical illness insurance in Canada, similar to life and disability insurance. For example, attempted suicide and alcohol- and drug-related incidents are often not covered. Again, a broker is your best resource to understand explicit exclusions (which will be listed in your policy documents).
Eligible Canadians for Critical Illness Insurance
Any Canadian between the ages of 18 and 65 is eligible for critical illness insurance. Some insurers require a medical questionnaire or examination but others do not. Keep in mind that pre-existing conditions are not usually covered, although you can still have protection in the event of other life-threatening illnesses. For example, if you have a heart condition you may not have coverage for a heart attack but you may still have coverage for cancer.
Canada’s Critical Illness Insurance Cost and Payout
The cost of critical illness insurance in Canada depends on when you purchase it and how you choose to pay – either over a long period of time or a shorter-term renewable basis.
Your critical illness insurance premiums may also be affected by your level of coverage, payout options, and risk level (such as demographics and current health).
Generally, the beneficiary of critical illness insurance in Canada is you, the individual who purchased the policy. This insurance is usually paid out as a lump sum, although some insurance companies offer periodic payments. When you purchase the policy, you’ll choose the benefit amount. Usually, the maximum is $1,000,000 although some policies may go higher.
A critical illness insurance broker can help you balance your budget with your insurance needs and help you choose a benefit amount that works.
Rogers Insurance Helps You Find the Best Critical Illness Insurance in Canada
We’ve been trusted critical illness insurance brokers since 1977 and as one of the largest independent, employee-owned brokerages in Canada, we work for you – not an insurance company. In fact, we work with Canada’s largest critical illness insurance companies, giving you choice with your coverage and competitive critical illness insurance quotes.
Here at Rogers, we believe in a hands-on, human-first approach to insurance. With continued professional development, our brokers are experienced, knowledgeable and specialize in this area of insurance. We’re happy to discuss your needs and find you the best critical illness insurance in Canada.
Here are just a few things our great brokers can do for you:
- Determine your insurance needs.
- Deliver competitive critical illness insurance quotes.
- Act as your insurance resource and advisor.
- Advocate on your behalf in event of a claim.
A period of critical illness can be stressful. We want to help you manage your risks and will be there for you in the event you need to make a claim. We’ll do what we can to reduce any stress and make this process as easy as possible.
To request a quote in Canada for critical illness insurance, fill in the online form, give us a call, or stop by one of our offices.
Who We Have Helped
When real life happens
A metal recycling company in Calgary suffered a major fire loss on their premises involving scrap metal, where the piles of metal heated and self-combusted, starting a huge fire. When they were told what happened was not insurable, Rogers’ own David Chiu stepped in and hired a fire investigator.
Account Executive: David Chiu