Skip to main content
ratehub.ca homepage
Sign in to your account

Critical Illness insurance

Start your critical illness insurance comparison today. In under a minute we’ll connect you with a verified life insurance broker to help find the best critical illness insurance in Canada for you and your loved ones.

compare quotes today

What is critical illness insurance?

Critical illness insurance provides you with a lump sum of financial support following a tragic medical diagnosis. Suppose you're unable to work due to a sudden heart attack, stroke, or cancer diagnosis. In that case, critical illness offers immediate financial relief.

Critical illness insurance helps you pay for costs beyond and outside of your disability, health, or life insurance plans. It can pay for expenses such as assistive modifications to your home (e.g. ramps, handrails, or grab bars), travel to and from treatment, or even home care costs.

Why Ratehub?

A few things we're proud of

  • 1,200,000

    monthly users

  • 9 years

    young

  • Over 1M

    better choices made

  • Trusted partner

    to Canada’s top financial institutions

Is critical illness insurance worth it in Canada?

Critical illness insurance can be a low-cost way of buying peace of mind knowing you have coverage should a sudden critical illness arise. If you're unable to work and don't have long term disability insurance, a critical illness insurance policy is worth it. Especially if you don't have an emergency fund of 3 - 6 months of salary. While we have excellent health care in Canada, it doesn't cover all the potential costs associated with a critical illness.

If you're self-employed, having critical illness insurance is not only recommended; in our eyes, it's essential.

How does critical illness insurance work?

After comparing quotes and speaking with an insurance broker, you begin to pay premiums, either monthly or annually, to cover the potential risk of contracting a critical illness. Should you be diagnosed with an illness outlined in your policy, you can file a claim with your insurance provider. After reviewing any medical documentation, they pay you a lump sum of cash to help you gain financial stability. Whether it's to cover mortgage payments, recurring bills, or modifying your bathroom for easier accessibility is up to you.

Know that not all critical illness insurance policies are created equal. Be sure to check for exclusions such as early-stage cancers or neurological conditions such as dementia. Don’t be afraid to shop around to get the best possible critical illness insurance coverage for your situation and needs.

How much does critical illness insurance cost in Canada?

The annual premium cost depends on several factors, including your age and general health, the number of critical illnesses included in the policy, and the length of term (i.e. either 10 or 20 years, or up to a specified age 75 or 100).

The most common amount of critical illness coverage purchased is $100,000. If a 40-year-old non-smoker buys a 10-year policy worth $100,000, it will generally cost about $70 per month. Whereas, a 25-year-old buying a $50,000 policy could cost as little as $6 per month.

As with any health, life, or disability insurance products, the older you buy it, the more expensive it becomes.

Get a critical illness insurance quote

In the market for critical illness insurance? We'll connect you with a verified Canadian life insurance broker to help you uncover the level of coverage needed to protect you and your family.

start my quote

When to buy critical illness insurance

 

Monthly premium for $25,000 of critical illness insurance

Under 25

~$7.00/month

Age 26-30

~$7.25/month

Age 31-35

~$8.50/month

Age 36-40

~$9.50/month

Age 41-45

~$12.50/month

Age 46-50

~$17.50/month

Age 51-55

~$26.50/month

Age 56-60

~$44.00/month

Age 61-65

~$55.50/month

*source: Manulife.com

When do I buy?

The best time to buy critical illness insurance is when you're young and healthy because it will be at its least expensive.

How to buy critical illness insurance

You can purchase critical illness insurance online or direct from an insurer (e.g. Manulife or Aviva). You can also use a life insurance broker (e.g. Lions Peak Financial Group) or visit a bank that offers life insurance (e.g. TD or RBC). At Ratehub.ca, we help you compare disability, critical illness, and life insurance quotes with the help of a verified insurance broker.

compare quotes

FAQ

Questions about critical illness insurance

Does health insurance cover critical illness?

Is a critical illness insurance payout taxable in Canada?

What is the waiting period for critical illness insurance?

Does critical illness insurance cover pre-existing conditions?

How much critical illness insurance do I need?

What illnesses are covered by critical illness insurance?

Author Bio

Matt Hands, Business Director of Insurance

Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.

read linkedin bio

The knowledge bank

A wealth of knowledge delivered right to your inbox. From the latest interest rates, to tips on getting the best from your credit cards. It’s all in there.

By submitting your email address, you acknowledge and agree to Ratehub.ca's terms of use and privacy policy. Contact us for more information. You can unsubscribe at any time.

About Ratehub

We help you find better financial products for your specific needs. Whether you need a mortgage, credit card, savings account, or insurance coverage, we get you the information you need to choose better.

How does Ratehub.ca make money?

Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.

read more about us