Read the covered conditions
A diagnosis alone does not establish a claim. The policy’s specific definitions and conditions govern whether a benefit is payable.
Income and family
Room to make decisions while you recover.
Critical illness insurance can provide a lump-sum benefit if you are diagnosed with an illness covered by the policy and meet its conditions. It is different from disability insurance. Covered conditions, definitions, exclusions and any waiting or survival periods need to be understood before deciding whether it fits your plan.
Start a private conversationSpeak with an advisor, or prepare a brief first.
Before choosing a policy
Four questions
worth asking.
What would recovery change about your household spending?
Would a spouse or partner need time away from work?
What do existing benefits cover?
Which conditions and exclusions are in the proposed contract?
Options and tradeoffs
The details
make the difference.
Compare the job each policy does
Disability, critical illness and health benefits respond differently. Review how they work together before adding another premium.
Keep the budget sustainable
Choose coverage that fits your priorities and ongoing budget. Discuss any optional features and their additional cost.
Common questions
A clearer
starting point.
Does it cover every serious illness?
No. It covers the conditions specified in the contract, subject to their definitions, exclusions and other requirements.
Can it replace disability insurance?
The two products address different risks. Review both against your income needs and existing coverage rather than treating them as interchangeable.
General information to prepare for a conversation. Coverage depends on underwriting and the policy contract. Your circumstances require individual advice.
Further reading: Financial Consumer Agency of Canada: Health insurance
A family name behind the advice