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The best time to buy critical illness insurance is when you’re young and healthy, typically in your 20s or 30s. Early purchase secures lower premiums and provides a tax-free payout to cover medical expenses, lost income, or lifestyle adjustments. Major life events, health changes, or financial responsibilities make insurance even more essential.
Dive into details of what Critical Illness insurance covers in this detailed breakdown of illnesses and coverage terms offered by Canada’s leading insurers.
We explain who can benefit from this relatively new type of Canadian insurance coverage.
Get a comprehensive rundown of critical illness insurance from what’s covered to coverage amounts.
A return of premium (ROP) rider on critical illness insurance allows you to receive a refund of premiums if you don’t make a claim during the policy term, providing a sense of financial security. It adds flexibility to your coverage by offering refunds upon expiry, death, or cancellation. However, the added rider significantly increases the policy cost, often by 30-50%.
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