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.