Traditional life insurance might not always be an option for a cancer patient or survivor, but other types of life insurance can provide financial peace of mind.

Critical illness insurance in Canada generally covers life-threatening cancers, offering financial relief through a lump-sum payout. However, early-stage or less aggressive cancers may be excluded. With nearly 1 in 2 Canadians expected to face cancer in their lifetime, understanding your policy’s coverage, exclusions, and waiting periods is crucial for adequate financial preparation.

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.

Insurance companies use the application process to get to know your health and lifestyle factors so they can assess the financial risk to insure you.

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.

The two types of insurance sound very similar at first. Dive into the differences and see why you might want both.