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How many of us know about the basics of life insurance? If anyone approached you, would you be able to explain how life insurance works, or the cost of life insurance in detail? Would you be able to explain the procedure you can use when picking the best life insurance policy in Canada?
Life insurance may be one of the most important purchases you make. It is basically the pinnacle of the whole adulting thing. If you think a policy is too expensive, or your employer-offered insurance is enough, think again, analyze and research. The bottom line is, you need enough life insurance
Although it is not a mandatory requirement in Canada like car insurance, you and your loved ones will in one way or another need life insurance when you least expect it. This is especially important if you have dependents who will be largely affected financially should you as the sole provider die. It can be used to pay off debts like mortgages of a home that is to be inherited.
Below is an analysis of everything that entails life insurance policies including their different types, their cost, and who should be investing in them:
critical illness insurance

How does critical life insurance work? 

Upon finding the right insurance policy provider and picking the right policy that can cover the potential risk of contracting critical illnesses, the policyholder begins to pay premiums. The premiums could be paid on a monthly or annual basis. 

The policyholder is supposed to keep the policy coverage active by paying the premiums consistently and on time. If you are diagnosed with an illness that you are covered for, you can file a claim. 

The critical life insurance providers will review the medical documents and eventually pay you with a lump sum of cash. The amount is meant to help with the medical bills, medical care as well as provide financial stability and any other way the policyholder sees fit. They provide you with stability and all financial liabilities like mortgage, recurring bills among other financial commitments you may need. 

When you are shopping for critical illness insurance, check if there are any exclusions on the policy. These could be in form of early-stage cancer and neurological conditions. Talk to your financial advisor and insurance providers to get a policy that will help you without straining your financial stability.


How does our Critical Illness Insurance work? 


  • Customizing the perfect policy

We find the perfect policy for our clients by customizing coverage and premiums as per their needs. Our rates are favorable as compared to other top insurance providers. 


  • Providing guidance and advise

We provide step-by-step guidance as we seek for our clients to better understand their options when choosing the policy. Our teams of experts, resources, and tools are essential in helping you better understand what you are purchasing. 


  • Providing policy coverage 

Once you are ready to purchase the policy that works for you, we will provide the necessary support to help you get started. 


How much critical illness insurance do I need in Canada?

While choosing a critical insurance policy, there are a few factors that you should consider. This includes your financial income, your dependents, medical and healthcare expenses among other recovery expenses and liabilities. These aspects determine the amount of critical illness insurance you need. Below are simple tips to help you determine the amount of insurance you need: 

  • Calculate how much income you will need to ensure that when you stop working, you can still support your financial needs and liabilities. Keep in mind the amount of time your dependents will be relying on you. 
  • Calculate how much expenses you will need which includes rents/mortgage expenses, upkeep expenses, medication, and medical care. 
  • Consider the duration of time you will need critical illness insurance for, the benefits of the policy, and the available riders. 
  • To the above calculations, you should add the expected medical expenses like costs of medical care, and necessary medical adaptive changes. 
  • Consider the current savings and liquid assets like investments and deposit accounts that can be converted into cash. 
  • Research on the state benefits you may qualify for in case of a critical illness. 


What does critical illness insurance cover in Canada?

Critical illness insurance provides coverage for a wide variety of life-threatening and critical diseases as well as medical conditions. The most common diseases are brain tumors, blindness, cancer, heart attacks, amputations, Multiple Sclerosis (MS), coronary bypass, stroke, organ failures among other conditions. 


The benefits of critical illness insurance are paid to insurance policyholders with more serious conditions. This means that the more serious an illness is, the more benefits you get. If the illness is easily treatable, you may not receive the benefits if you file a claim. 

While most companies provide coverage from the standard list of illnesses, it is advisable to go through the list with your insurance provider. Different companies have policies that cover different illnesses. In the event that you need coverage for specific illnesses, consider exploring different policies and insurance providers. 


What does Critical illness insurance help within Canada? 

Medical expenses

  • Deductibles and co-pays
  • Prescription medicines
  • Upgraded medical facilities
  • Alternative treatment options


Non-medical expenses

  • Replace lost income for self or spouse
  • Homecare/home modification
  • Debt repayments
  • Travel and transportation costs


What you should know about your critical illness insurance exclusions to your policy? 

Exclusion based on Applicant conditions 

While shopping for the critical illness insurance policy, make sure you understand how the policy functions including when and how to file a claim and the exclusions. Exclusions in coverage simply mean that the insurance service provider will not pay for injuries and illnesses caused directly by these habits. 

Although common, these exclusions vary from one insurance provider to another. We advise you to research and choose the policy that works to your advantage. This should guide you in what to expect when it comes to critical illness insurance exclusions: 

  • Substance and alcohol abuse
  • Illegal or criminal acts
  • Risky professions like Aviation
  • Hazardous activities/hobbies like mountaineering, caving, boxing, climbing, martial arts, jet skiing, underwater diving, and pot-holing
  • Self-inflicted injuries. This includes attempted suicide.
  • Unreasonable failure to follow the doctor’s advice
  • Civil commotion, riot or 


Exclusion based on factors  

    • Age: The critical illness insurance is not responsible for some illnesses like Alzheimer’s disease, or Motor neuron disease contracted after the age of 60 years.
    • Severity: some illnesses like cancer, heart attack, organ failures, stroke and third-degree burns among other illnesses are only payable if the effects are severe. 
  • Surgery: Critical illness insurance only covers surgeries that are caused by diseases and not as a result of accidents.
  • Selective surgeries: some insurance policies will only provide coverage for certain surgical procedures like coronary bypass graft. 
  • Permanent symptoms: in some instances, critical illness insurance only pays benefits in the event that the symptoms are permanent. This includes benign brain tumor, affect to the senses like deafness/blindness, coma, amputation among others.
  • Time Frame: When it comes to terminal illness, the critical illness claim will not be paid should the terminal illness have been contracted within the last 1 year before the cover expires. 


Critical Illness Insurance compared to other Insurances 

Critical Illness insurance  Disability insurance  Life insurance  Health insurance  Accidental Insurance 
Definition  Critical insurance pays a lump sum benefit if you are diagnosed with a covered illness. It is designed to cover the cost of treating and recovering from expensive illnesses and procedures. Disability insurance replaces a major portion of your income if you are unable to work due to injury or illness. Life insurance is a contract with an insurance company that allows you to pay regular premiums. In exchange for a lump sum benefits paid to your beneficiaries if you die while the policy is still active. Health insurance pays some or all of the cost of a variety of medical treatments that include physicals to emergency room visits, surgical procedures, and Prescription drugs. Accident insurance pays out a lump sum if you incur specific kinds of injury as a result of an accident.

Why buy 

The insurance 

According to the American Heart Association, heart attacks and strokes are prevalent every second besides the big risk 33% risk of contracting cancer. 

In the event of such occurrences, health insurance and disability insurance may help cater for the financial needs, but CII will be essential in providing coverage with the other aspects of recovery. This will help you avoid heavy bills as you recover. 

In the event that you are unfit to work or unable to work consistently due to an injury or illness, providing financial support for you and your dependents becomes hard.  The disability insurance will help you by providing stable financial support in order to maintain your lifestyle.  Life insurance will only cater to your bills and dependents upon your death. If you get critically ill and don’t cash out on your cash value, life insurance is not helpful. The lump-sum benefits paid to your beneficiaries will help cover funeral and estate settlement costs and any other needs they may have.  Health insurance will only provide coverage for the full medical expenses procedures. The expenses incurred through the recovery process are all catered for by the policyholder.  Unlike disability insurance, your injury does not have to impact your ability to work in order to collect a policy benefit. It can also complement health insurance if an accident causes you to have medical expenses that your health insurance doesn’t cover.
What is covered by the insurance? Critical illness insurance covers common conditions like stroke, and organ damage, while others cover less common conditions, like blindness, deafness, ALS, cystic fibrosis, severe burns, major head trauma, and coma. The benefits of the coverage depend on how severe the condition is where more serious conditions receive more benefits upon the filing of the claim.

CII policies generally do not cover preexisting conditions and chronic conditions such as diabetes, asthma, or multiple sclerosis.

Disability insurance coverage is based on your ability to work although the benefits, exclusions, and conditions that are considered for the claim of the benefits vary. 

Disability insurance pays the policyholder in the vent that they suffer from an injury or condition that prevents them from working and therefore earning an income to support themselves financially. 

Life insurance policies typically pay all claims to your beneficiaries upon your death provided it is still active and it is within the contestability period, which is generally the first two years of the policy. However, as a policyholder, you should be aware of the existing exclusions to avoid miscommunication and claims being denied.  Generally, health insurance treats pre-existing conditions and necessary procedures, Doctors’ visits, hospital visits, treatments by specialists, prescription drugs, and mental health.  The policy has deductibles for the year and copayments. 

Once your deductible is met, the policy may only cover 60-80% of the full cost, though some policies will cover the full amount once the deductible is met.

Accident insurance covers a variety of injuries resulting from an accident which include dislocations, lacerations, concussions, burns, and other serious injuries. Injuries resulting from illness, dangerous activities, those that occur while under the influence, self-inflicted acts, or committing a crime. Are not covered.
Benefits of the insurance The critical illness insurance policy provides a one-time payment to the policyholder depending on the benefits of the policy. However, the amount of the benefits paid depends on how severe the condition is.  Generally, a disability policy pays monthly benefits that are 60- 80% equal to your regular income depending on the severity of the disability.  

The benefits will be consistent until you are able to work and resume your regular income depending on the contract of the policy.

Your beneficiaries will receive benefits of the active life insurance you’re your death. The amount depends on the policy purchases and is paid as a lump sum upon filing the claim. The benefits of are paid to the medical professional and institutions in exchange for medical services provided to the insured.

In the event that the bill is more than what the health insurance policy can cover, then the insured tops up. 

Accident insurance pays out a preset number of times or over a specific range of time. The benefit amount you receive depends on the diagnosis and severity of your injury, how your injury was treated, and the type of coverage you have.
Underwriting of the insurance  Generally, when a person purchases critical illness insurance as an individual, little underwriting is expected which mostly is yes-no questions to find out more on the pre-existing conditions. 

However, if the policyholder needs to purchase a lot of coverage, they will have to undergo a full underwriting process.

Disability insurance policies require a full underwriting process that includes medical exams and assessments based on age, gender, health conditions, job, hobbies, and income. Qualifying for life insurance requires the applicant to pass tests that are based on age, gender, overall health conditions, family medical history, substance and drug abuse, history of driving, etc. Your job and hobbies are also considered.  Most medical insurance policies don’t require any longer require an underwriting process given that the care act is affordable. Accident insurance doesn’t contain any underwriting.
The cost of insurance  Critical illness insurance premiums vary depending on age and the amount of coverage needed. However, you can use online platforms to get a personalized critical illness insurance policy.   Generally, a disability insurance policy can use up to 1-4% of the total current income on a disability insurance policy while paying approximately 2-6% of your monthly premiums. The cost of life insurance depends on the age and health conditions of the policyholder at the onset of the policy. The costs tend to be affordable for younger adults with no pre-existing conditions and no risky professionals or hobbies.  When individual life insurance is purchased through the affordable care act health insurance marketplace, the premiums of the policy depend on your income and dependents.

For private health insurance, the cost depends on, number of dependents, deductibles, coverage options among others.

Like life insurance, an accident insurance policy is more affordable to the young and healthy adults in safe professions. In such a situation, it may cost between 6$-20% per month. 


Is critical illness insurance in Canada worth it?

In Canada, the coverage offered by critical illness insurance is definitely worth it. The policy is designed to pay a lump sum benefit in the event that you are diagnosed critical illness that is listed in the policy. Critical illness insurance policies help protect you and your family from the financial fallout related to getting critically sick. 

Unlike disability insurance that is designed to cater for ongoing treatments, critical illness insurance offers solutions for immediate expenses. This means that you get the lump sum benefits in which you are free to use however you want. It is however a necessity for adults who are the sole financial providers for their dependents. 


How much does critical illness insurance cost in Canada?

The cost of a critical illness insurance policy will depend on a number of factors that are subject to the applicant or the circumstances surrounding the applicant. Some of the factors that depend on the applicant include age, substance and alcohol abuse, gender, history of health, and health conditions among others. When it comes to circumstances, the cost will depend on the desired coverage amount, the term length, and the number of illnesses to be covered. 

You should work with your critical illness insurance to calculate and customize your costs as per the conditions, needs, and expectations of the coverage. 


How do I get the quotes for disability insurance?

Our transparency and the need to help our customers on sport has made finding critical illness insurance policy quotes simple and instantly. Most compliant insurance service providers have made insurance quotations as easy as a click away.

You can use our online forms or reach out to us via email, and phone number. The quotations can be adjusted as per your financial situation and insurance needs.


Which is the best disability insurance company in Canada?

The best critical illness insurance companies are those that are experienced, have the knowledge and understanding of the insurance industry. Different companies offer different policies that range from the individual, group, and customized amount of benefits and premiums as per the needs.

While Canada has a number of trusted insurance companies, Policyhub stands out as the best choice for most Canadians. This is because of their industrial connection with a wide range of investment and insurance companies as well as well-trained and experienced staff that will guide you throughout every step of your coverage.

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