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Critical Illness Insurance

What is Critical Life Insurance?

A Critical Illness insurance product pays a lump sum benefit if the insured is diagnosed with one of up to 25 covered conditions and outlives the survival period specified in the contract.

This product is for people who want a financial resource to help them cover additional expenses linked to recovery from a critical illness, such as time off work, traveling to receive treatments, home care, renovations, and the cost of treatments not covered by public health insurance.

You might already know someone who has benefited from the protection of Critical Illness insurance. It is also possible that you have  not heard much about Critical Illness insurance.  Either way, in the event of a catastrophic medical emergency, such as cancer, leukemia, a heart attack, stroke, or a seizure and much more, critical illness insurance may be your sole means of avoiding financial disaster.  

The odds of Getting Cancer in Canada is available here while it is commonly believed that a regular life insurance plan would cover all needs associated with these conditions, the expenses of surviving a life-threatening illness   and the coverage for these costs are often needed as much as any plan.

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How does Critical Illness insurance work in Canada?

If you are diagnosed with one of the policy-covered conditions, Critical Illness coverage will help you eliminate the need to sacrifice savings. The tax-free claim can be used for costs such as medication, recovery, mortgage, rent, or house modifications, such as wheelchair accessibility. In fact this money can be used for anything. The odds of Getting Cancer in Canada is One out of Two.

Critical Illness insurance coverage eliminates the need to accumulate credit card charges or reduce retirement savings. The funds can be used for non-medical expenses (such as transportation and child care costs) or any expense that may result from illness. The policyholder will receive a lump sum payment after the insured has outlived the standard 30 day waiting period. A variety of factors influence policy price, including: the quantity and scope of coverage, the policyholder’s sex, age, term, and wellness.

There are certain limitations to Critical Illness insurance. Some variants of cancer may be excluded, and if a condition recurs, or in case of  a repeat condition, the client may not be eligible for compensation. Critical Illness policies may also have term limits, (10 years, 20 years, etc.) When the policy reaches the end of its particular term limit, a return of all premiums may be paid. As with any other type of insurance, make sure to read the policy thoroughly. The last thing on your mind during these difficult times should be wondering if it will pay out.  Your Experior agent will help you determine the best policy and help make it clear what it does and does not cover.  This way in an emergency you would not have to worry about this.

Critical Illness Insurance as a Benefit

Critical Illness coverage can be purchased by the policyholder or via the workplace in Canada. Unlike other medical benefits, the cost of Critical Illness coverage is usually the responsibility of the employee. One of the most appealing aspects of Critical iIllness insurance is that the funds can be utilized for any  purpose, such as covering the cost of essential medical care that would otherwise have been inaccessible. Employers have been eager to adopt these plans since they realize that their employees are concerned about large out-of-pocket costs. Company benefits are highly sought after by quality employees and retention of these employees is reinforced  with better benefits. 

A tax-free claim is paid on the diagnosis of a serious illness under a Critical Illness insurance plan, regardless of whether the medical treatment or surgery occurs within or outside of Canada. It implies that if you need to travel outside of Canada for medical treatment, the coverage can help you with those costs. In other words, if you can find medical support in another country, you would have the support to pay for medical recovery without the wait for procedures in Canada.

Critical Illness policies provide for peace of mind since the insured can focus on medical treatment instead of frantically arranging cash for medical and home expenditures. Healing can be more effective if the insured does not have to worry about the financial impact of their condition. One of the advantages of this insurance is that the policies are surprisingly affordable, especially when obtained via an employer-paid group plan. Some lower face amount plans cost as little as $25 per month, which is extremely inexpensive when compared with the cost of standard low-deductible health insurance coverage. It is important to be aware that a limited set of illnesses are covered under a Critical Illness plan. Despite this limited coverage, generally over 85% of all critical illness claims are covered.

man in a wheelchair with his family and laughing in a park

Critical illnesses not only hurt the individual that has the illness it will usually  also have a significant impact on the family’s financial wellbeing. A Critical Illness policy offers a lump sum payment that can be used to cover health and home care costs. If you choose a plan with Return of Premium Benefits, the monthly premiums you have paid can be reimbursed if a claim is not made before the end of the policy term. These Return of Premium Benefits can also be paid if the insured passes away before a claim is made.

Why choose Experior Financial?

Experior Financial Group understands the importance of having comprehensive Critical Illness insurance that protects the client during an unforeseen health condition. Our insurance associates are well versed with the markets and help customers to find the best rate and coverage. You can reach out to us via our website experiorfinancial.com and we will be happy to put you in touch with a licensed associate. Our associates are highly knowledgeable about the variety of different Critical Illness plans available, care for the best interest of their clients, and ensure the best support. 

Medical crises such as heart disease, stroke, or cancer are covered under Critical Illness insurance. This coverage provides cash for crises and diseases that often incur higher expenses than normal medical expenditures. We assign an associate with experience to each client; the associate is well educated in life insurance, disability insurance and of course Critical Illness among other services. In any critical condition, the associate can help the client determine the best plan for them at great rates. 

What Does Critical Illness Insurance in Canada Cover?

Most plans cover the illnesses depicted below. If you have a pre existing condition be sure to discuss this with your agent when you are discussing the coverage amount and insurance premiums with them. Insurance providers and insurance brokers will provide you with the most accurate illnesses that are covered. Always ask questions about any insurance policies you are considering when getting a quote. The graphic below may assist you with following critical illnesses that may be covered.

6 conditions that are covered by most critical illness insurance

I Have Critical Illness Insurance Through My Employer

While this is a great benefit it is wise to have a cushion to ensure that if you become unemployed or change careers that you will still have the financial protection you need to support your family or cover living expenses and care should you become ill. Critical Illness insurance pays out as a lump sum. Critical Illness insurance rates can vary so its important to speak to a licensed insurance agent. They can ensure that you have affordable monthly payments and review the illnesses covered by your plan. How much coverage you get will be up to you. Critical illness insurance premiums can vary so having an insurance pro in your corner will help you get the most for your money.


The lump sum benefit payment, depending on the insurance provider, will cover up to 25 conditions while other plans may have more limited covered conditions. Tax Free Benefits can be used for anything including hospital parking payment, babysitters, air fare for family support, , or spouses taking a leave of absence from work. Critical Illness insurance can also cover the extra expenses associated with accommodating an illness, such as the addition of  a ramp on the client’s home, or the purchase of extra medical equipment .

The probability of cancer among individuals in Canada. The coverage gives peace of mind to both the policyholder and their families. This protection is highly recommended since regardless of age, everyone is a candidate for cancer or other serious illnesses. 

Especially with the spread of COVID-19, Critical Illness plans help families to push through these difficult times. 

The more the Critical Illness insurance policy coverage pays out, the higher the cost of the policy. In Canada, there are many different plans for Critical Illness insurance, which can all vary widely in price and coverage amounts. However, if you choose a plan with Return of Premium options and you don’t make a claim, you can get all your money back. In other words, you can’t lose. Win win, now how is that for insurance? None of us like paying for insurance but it is nice to know it is there if we need it.

Parents, If your child becomes critically ill and you need to stop working in order to provide care, a critical illness insurance could help you to manage your costs, make mortgage payments and more, while you are out of work. A plan for your child would give you a lump sum of funds should your child become ill with one of the critical illnesses your policy covers. This is the critical illness benefit and it is helpful for both medical emergencies and critical illness. It helps reduce the added financial strain during difficult times and give you financial security.

Depending on the policy a medical exam or medical tests may be needed and knowing things like your smoking status and pre existing conditions of the insured person.  It’s best to speak to your insurance agent about this. While they can’t always answer medical questions they can help you with any critical illness insurance plans.

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