Critical Illness Insurance
A tax-free lump sum if you are diagnosed with a covered condition.
What it covers
If you’re diagnosed with a covered condition and survive the required period (usually 30 days), the policy pays a tax-free, lump sum benefit. People use it for time off work, travel for treatment, childcare help, paying down debts, or just creating breathing room.
Why people buy it
- To reduce financial stress during recovery
- To protect savings and retirement plans from being drained
- To cover “hidden” costs not handled by provincial health care
- To complement disability insurance and life insurance
Key decisions
- Coverage amount
- Term length
- Smoker or non-smoker
- Male or female