Critical illness insurance
What Is It?
Critical illness insurance pays a tax-free payment if you’re diagnosed with a critical illness.
What are covered critical illnesses conditions?
Covered illnesses may vary by insurance company, but there are typically around 25 conditions included, with cancer, heart disease, and strokes being among the most common.
Why is it important?
It’s more common than you might think: According to Canadian Cancer Statistics, nearly 1 in 2 Canadians will develop cancer in their lifetime. Additionally, the Heart and Stroke Foundation of Canada reports that 90% of people in Canada have at least one risk factor for heart conditions, stroke, or vascular cognitive impairment.
Protect your retirement savings: Avoid dipping into your RRSP or other investments to cover medical expenses.
Focus on recovery: Allows you to concentrate on your health and recovery without the stress of financial concerns.
Peace of mind: Offers reassurance knowing that you have financial support in the event of a serious illness.