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Critical Illness Insurance: Financial Support When You Need It Most

Focus on Recovery, Not Finances, with a Lump-Sum Benefit

What is Critical Illness Insurance?

Critical Illness Insurance provides a one-time, lump-sum, tax-free payment if you are diagnosed with a serious illness covered by your policy and survive the waiting period (typically 30 days). This payment can be used however you see fit – to cover medical expenses not paid by provincial health plans, replace lost income, pay for home care, adapt your home, or simply reduce financial stress during your recovery.

Why Consider Critical Illness Insurance?

While advances in medicine mean more people survive critical illnesses, recovery can be long and costly. This insurance helps bridge the financial gap:

Cover Out-of-Pocket Medical Costs

Pay for prescription drugs, specialized treatments, or therapies not fully covered by government or group health plans.

Replace Lost Income

If you need to take time off work, the benefit can help cover your living expenses and maintain your financial stability.

Afford Home Care or Modifications

Use the funds for private nursing care, home modifications to improve accessibility, or other recovery-related needs.

Travel for Specialized Treatment

Cover travel and accommodation costs if you need to seek treatment in another city or country.

Reduce Debt & Financial Stress

Pay off debts like mortgages or loans, allowing you to focus entirely on your health and recovery without financial worries.

Support Your Family

Ensure your family members don't have to bear the financial burden of your illness, allowing them to focus on supporting you.

Common Covered Conditions:

Policies typically cover a range of serious illnesses. While the exact list varies by insurer (some cover 4 major illnesses, others 25+), common conditions often include:

  • Cancer (Life-Threatening)
  • Heart Attack (Myocardial Infarction)
  • Stroke
  • Kidney Failure
  • Major Organ Transplant
  • Multiple Sclerosis
  • Parkinson's Disease
  • Blindness
  • Deafness
  • Paralysis
  • Coronary Artery Bypass Surgery
  • Alzheimer's Disease

It's important to review the specific definitions of covered conditions in your policy, as they can vary.

Return of Premium Options

Some Critical Illness insurance policies offer a "Return of Premium" (ROP) rider. With an ROP rider, if you don't make a claim by a certain age (e.g., 65 or 75) or after a specific period (e.g., 15 or 20 years), or upon death if no claim was made, a portion or all of the premiums you paid may be returned. This can make CI insurance more appealing for those who want protection but also value getting their money back if they remain healthy.

Our Trusted Providers for Critical Illness Insurance

We partner with leading Canadian insurers like Industrial Alliance (IA), Equitable Life, Manulife Insurance, Canada Protection Plan (CPP), and Ivari to offer you a selection of robust Critical Illness insurance plans tailored to your needs and budget.

Secure Your Financial Well-being During Recovery

A critical illness diagnosis is challenging enough without the added stress of financial worries. Let us help you find the right Critical Illness Insurance.

Request a Critical Illness Quote

Call us at 647-709-3400 or email info@oneprotection.ca for a personalized consultation.