Critical illness insurance
Critical illness insurance can pay a tax-free lump sum if you’re diagnosed with a condition your policy covers and your claim is approved. You decide how to use it: replace income, cover treatment costs, or simply take the pressure off while you recover.
Pays
A one-time, tax-free lump sum, not a monthly benefit
Triggered by
Diagnosis of a covered condition that meets the policy’s definition
Use it for
Anything: bills, time off work, travel for care, a caregiver
Typical terms
Covers a set number of conditions; a survival period usually applies
Provincial health care covers your treatment. It doesn’t cover the mortgage, the groceries or the months you might not be able to work. Critical illness insurance fills that gap with a cash payment made directly to you after a covered diagnosis, so the financial side of a serious illness doesn’t have to compete with getting better.
Good to know
Every policy defines its covered conditions differently, and most require you to survive a short waiting period after diagnosis before paying. A licensed advisor will walk you through the definitions before you commit to anything.
No employer sick leave or disability plan to fall back on if work stops for a few months.
A lump sum can keep the household running while one partner focuses on treatment.
Payments don’t pause for a diagnosis. The benefit can cover them while you recover.
Lists like this vary by insurer. Coverage for any specific diagnosis depends on your policy’s wording.
Getting a quote takes about a minute, and a real person handles everything after that.
1
Answer a few questions about your age, your province and whether you have any coverage today.
2
A licensed advisor in your province looks at critical illness policies from established Canadian insurers and explains the differences in plain language.
3
You see the options side by side. There’s no fee and no obligation to buy.
Bring these to your first conversation. A good advisor will answer every one in plain language.
01
02
03
04
05
In Canada, a lump-sum critical illness benefit paid to an individual is generally received tax-free. Your advisor can confirm how it applies to your situation.
Disability insurance replaces a portion of your income each month while you can’t work. Critical illness insurance pays one lump sum after a covered diagnosis, whether or not you keep working. Many people hold both.
It depends on the insurer, the amount of coverage and your health history. Many applications only ask health questions. Your advisor will tell you up front what to expect.
Group coverage is often a modest amount and ends when you leave the job. An advisor can help you decide whether a personal policy should sit on top of it.
No. PolicyBridge introduces you to an independently licensed advisor who gives the advice and arranges coverage. The insurer you choose issues and manages the policy.
Answer a few questions and a licensed advisor in your province will bring back real options. Free, and no obligation.
PolicyBridge is not an insurance company or a broker. Coverage, definitions, eligibility and pricing are determined by each insurer’s underwriting and policy terms, and nothing on this page is advice, a quote or a guarantee of coverage.