Life insurance covers the worst-case scenario, but what if you survive a serious illness and need time to recover — physically and financially? That’s where critical illness insurance comes in.
What It Covers
Critical illness insurance pays a tax-free lump sum if you’re diagnosed with a covered illness, such as:
- Cancer
- Heart attack
- Stroke
- Multiple sclerosis
- Major organ failure
Some policies also cover conditions like Parkinson’s, Alzheimer’s, or severe burns.
Why It Matters
Recovering from a critical illness can take months or even years — and government programs or work benefits often don’t fully cover lost income, home care, or travel for treatment. A lump sum payment gives you financial freedom to:
- Take time off work
- Pay for out-of-pocket medical costs
- Hire help at home
- Focus on healing without added stress
Who Should Consider It?
Anyone can benefit, but especially:
- Self-employed Canadians
- Those without strong disability coverage
- People with family health histories
Final Thought
Critical illness insurance fills a gap most people don’t realize exists — until it’s too late. It’s about protecting your recovery, not just your life. If you would like for a licensed professional to help you explore your options, fill in a quick form below to get connected to a Canadian Insurance Broker.
