Table of Contents:
- About This Insurance
- Simple Assessment Form
- Benefits
- Conditions
- Coverage
- Premium Rate
- Policy Changes After Issuance
- Important Notes
- A Bitter Reality Called Cancer
- Real-Case Examples
- FAQ
About This Insurance
Good health can provide a solid foundation for the future. However, being diagnosed with a critical illness could dramatically impact your quality of life, future plans, and financial well-being. Critical illnesses refer to conditions that may require long-term—and in some cases, lifelong—specialized care and treatment. These types of illnesses can affect anyone regardless of age, gender, health or socioeconomic status and place a significant burden not only physically, but also mentally, socially, and financially on both the individual and their family. Some of the most common critical illnesses include:
- Cancers and tumors, such as life-threatening malignant tumors and brain tumors
- Cardiovascular diseases, including aortic surgery, coronary artery bypass surgery, heart attack, heart valve replacement or repair, and stroke
- Neurological disorders, such as bacterial meningitis, dementia (e.g., Alzheimer’s), motor neuron disease, multiple sclerosis (MS), and Parkinson’s disease
- Vital organ disorders, including kidney failure and being placed on the waiting list for major organ transplants
- Severe and debilitating injuries, such as traumatic brain injury, coma, blindness, deafness, limb loss, loss of speech, paralysis, and extensive burns
- Illnesses requiring long-term care, such as aplastic anemia and HIV infection
Although some of the treatment costs for critical illnesses may be covered through the public healthcare system or government programs, these supports are usually not sufficient. In many cases, patients are required to personally cover a significant portion of the expenses related to treatment, medication, home care, or rehabilitation. In such situations, having a critical illness insurance becomes an essential tool for managing the crisis, maintaining quality of life, and reducing psychological stress during the illness.
Under this insurance, if the insured person is diagnosed with one of the covered critical illnesses, the insurance company pays out a significant lump sum amount—tax-free. This amount can be used for treatment, living expenses, home care, replacing lost income, or even taking time off for rest and full recovery. In fact, having critical illness insurance allows you to maintain financial stability for yourself and your family during some of life’s most challenging moments, so you can focus fully on your recovery. This insurance is available in two types: permanent and term.
Permanent Critical Illness Insurance:
- Option to pay premiums annually (with an 8% discount) or monthly
- Lifetime coverage with payments until age 100 at a lower cost, or limited payment periods of 10 or 20 years at a higher premium
Term Critical Illness Insurance:
- Option to pay premiums annually (with an 8% discount) or monthly
- Payment options include term-based plans (5, 10, or 20-year terms) or age-based plans (coverage up to age 65 or 75)
In both types, by paying a higher premium, you can choose a return of premiums (ROP) option—meaning all premiums paid will be refunded if no illness occurs.
Other types of Critical illness insurances in Canada:
Although it is primarily intended to be purchased before the onset of any covered condition, it may still be available after diagnosis under certain circumstances—based on a thorough review of a completed medical questionnaire in case of a Pre-existing conditions.
Simple Assessment Form
To choose the best and most suitable insurance and to receive an accurate quote, please complete the form below.
***Why is it important to provide accurate personal information in the insurance form? ***
Benefits
- If the insured becomes temporarily or permanently unable to perform daily living activities, benefits can be paid with the option for long-term care.
- The only critical illness insurance in Canada that covers various types of cancer along with unique cardiovascular treatment options.
- With coverage for 26 critical illnesses and conditions, and early payout options for over 15 treatments and early diagnoses, this insurance can be an excellent choice for adults.
- With coverage for 6 childhood-specific illnesses, in addition to standard critical illness protection, it can also be a great option for children.
- Only a 30-day waiting period applies to cardiovascular conditions; no waiting period for other covered conditions.
- Free support and consultation services are available.
- Return of premium is available if no illness occurs.
- Conversion, changes, and renewals are possible.
- Access to medical advisory services is included.
- Return of premium upon death is also available.
Conditions
Our critical illness insurance is not only suitable for Canadian citizens, but is also available to immigrants, individuals with a work visa, and international students residing in Canada.
Coverage
After purchasing the insurance, if a physician diagnoses you with a critical illness such as a heart attack, stroke, cancer, multiple sclerosis, Alzheimer’s, Parkinson’s, or other covered critical conditions, the insurance company will pay a lump-sum, tax-free benefit ranging from $10,000 to $3 million, depending on your policy type. The definitions of some covered conditions are as follows:
Life-threatening cancer: A tumors characterized by the uncontrolled growth and spread of malignant cells and the invasion of tissue as confirmed by histological examination of tissue samples.
Heart attack (myocardial infarction): The death of a portion of the heart muscle due to atherosclerotic heart disease. The diagnosis must be based on all of the following criteria occurring at the same time:
- New episode of typical chest pain or equivalent symptoms; and resulting from the blockage of one or more coronary arteries; and
- New electrocardiographic changes indicative of myocardial infarction; and
- Biochemical evidence of myocardial necrosis including elevated cardiac enzymes and/or troponin.
Stroke: A cerebrovascular incident causing infarction of your brain tissue, due to intracranial hemorrhage, thrombosis or embolism, producing a new measurable permanent clinical neurological deficit persisting for at least thirty (30) days following the occurrence of the stroke.
Coronary artery bypass surgery: You have undergone heart surgery to correct the narrowing or blockage of one or more coronary arteries with bypass grafts.
Kidney failure: End stage renal disease, due to whatever cause or causes, as a result of which you are undergoing peritoneal dialysis or hemodialysis on a regular basis or have received a transplanted human kidney.
Major organ transplant: You have received a transplant of a human heart, liver, lung or human bone marrow, due to irreversible failure of such organ.
Please note that it is essential to carefully review the terms and conditions of each insurance policy to understand which services are covered and which may be excluded. You should also examine the benefit amounts, as well as any limitations or requirements needed to qualify for coverage. Consulting with your insurance advisor at Insufin can help you gain a clearer understanding of the coverage and find answers to your questions.
Premium Rate
The premium Rate of critical illness insurance in Canada can vary significantly depending on several factors, including the type of coverage, the insurance company, age, policy start date, health status, and the amount of coverage selected. Additionally, your place of residence may also influence your insurance cost. Your monthly premium will also depend on the number of illnesses covered and the length of the policy term. If you choose to pay annually, you may be eligible for an 8% discount.
Critical illness insurance premiums are usually set as regular monthly or annual payments. The amount of these payments varies based on the level of coverage, policy terms, and any limitations. For example, broader coverage with a higher benefit amount will typically result in a higher premium.
It’s also important to note that premiums may change upon policy renewal depending on your circumstances. For instance, as you age or if your health status changes due to illness, your premium rate may increase. However, your premium remains fixed during the term of the policy. Therefore, it is recommended to purchase critical illness insurance at a younger age, while in good health, and ideally for a longer term.
While we recommend choosing this insurance for your entire lifetime, you may decide—for financial reasons—to opt for a 5, 10, or 20year term, or an age-based plan such as coverage until retirement age (65 or 75) or for life (up to age 100). In more comprehensive versions of this insurance, the insured person may be eligible to receive a full refund of all premiums paid to the insurance company if no illness occurs and the policy is canceled.
Policy Changes After Issuance
Changes may be possible depending on the insured person’s circumstances.
Important Notes
Critical illnesses often occur without warning and can have a profound impact on an individual’s financial, professional, and emotional well-being—as well as that of their family. Before facing such a situation, it’s wise to honestly consider a few key questions:
- Are you currently covered by private health insurance?
- Has your employer provided you with a comprehensive health insurance plan?
- Do you know someone who has faced a serious illness such as cancer, stroke, or kidney failure?
- Has that person had to personally cover out-of-pocket expenses for essential medications or medical services not covered by insurance?
Please pay good attention that Canada’s public healthcare system, despite its many advantages, does not fully cover all medical expenses—even for permanent residents or citizens. Moreover, critical illnesses not only affect physical health but can also severely disrupt daily life due to disability, loss of income, dependence on others, and increased day-to-day expenses. For this reason, critical illness insurance can serve as a reliable and proactive solution.
A Bitter Reality Called Cancer
Cancer is one of those words that may sometimes sound repetitive or tiresome to explain—but unfortunately, it never becomes an old or irrelevant story. In cancer patients, cancerous cells multiply and divide uncontrollably. Thanks to decades of scientific research, many of the secrets of this mysterious and terrifying disease have been uncovered.
If the cancer cells form a solid tumor or are localized in a specific organ, surgery to remove the tumor is one of the recommended treatment options. Other methods to combat cancer include radiation therapy, chemotherapy, and immunotherapy. Today, targeted drugs have been developed for many types of cancer. Now, imagine you’re undergoing cancer treatment, and your specialist introduces a new medication that could significantly increase your chances of survival—but it’s not on the government’s list of covered drugs and costs $8,000 per month. What can you do in such a situation? The only real solution is having proper insurance coverage.
Consider the following facts:
- More than 30% of cancers are preventable. Avoiding smoking, maintaining a healthy diet, engaging in physical activity, and limiting alcohol intake can significantly reduce the risk of developing cancer.
- More than 100 types of cancer have been identified, which can affect virtually any part of the body.
- In 2008, cancer was the cause of 13% of all deaths worldwide—around 7 million people.
- Over 70% of cancer-related deaths occur in low-income countries.
- The five deadliest types of cancer worldwide are, in order of frequency: lung, stomach, liver, colorectal, and esophageal cancer.
- Among women globally, the five deadliest cancers are: breast, lung, stomach, colorectal, and cervical cancer. In developed countries, cervical cancer ranks at the top of the list.
- Tobacco use is the leading preventable cause of cancer worldwide.
- One in five cancers globally is linked to a chronic infection. For example, the human papillomavirus (HPV) causes cervical cancer, and the hepatitis B virus (HBV) leads to liver cancer.
- The most common cancers—such as breast, cervical, and colorectal—can be treated successfully if detected early.
- For all cancer patients who experience pain, the use of pain-relieving medications helps manage the pain and improve comfort.
Real-Case Examples
- Insured: Female, age 56, non-smoker
- Occupation: Teacher
- Coverage: $100,000 Critical Illness Insurance
- Event: Suffered a stroke that caused partial paralysis on the left side of her body. Diagnosis confirmed by MRI and neurologist reports.
- Outcome: Claim approved after 30-day survival period.
- Benefit Paid: $100,000 lump-sum, tax-free.
- Impact: Paid for intensive physiotherapy, speech therapy, and allowed early retirement without income loss.
FAQ
How do you define Signs and or symptoms of critical illness?
In the Critical Illness Insurance Health Declaration, “signs and/or symptoms” means any indication that a named condition may exist – for example:
- Presence of an undiagnosed breast lump
- Chronic cough
- Blood in urine
- Unexplained weight loss
- Chest pain
- Shortness of breath
- Difficulty speaking
- Numbness
- Paralysis
- Severe headache
- Sudden onset of blurred vision
If you have had any unusual signs or symptoms that have not yet been diagnosed by a doctor or if you have been diagnosed with a condition named in the Health Declaration, you are not eligible for Critical Illness Insurance coverage.
