Insurance
Critical illness insurance that gives you room to recover
Critical illness insurance pays a lump sum if you're diagnosed with a covered serious illness and meet the policy's conditions. The money is yours to use as you choose — for time off work, treatment costs or keeping the household running while you recover.
What's included
What we’ll cover together.
Included
- How critical illness coverage works and which conditions policies typically include
- How it differs from life and disability insurance
- Choosing an amount that covers time away from work and extra costs
Worth a conversation if
- You're self-employed or have limited sick-leave
- You want a cushion that's separate from your savings
How it works
Four clear steps.
Step 1: Understand the gap
We look at savings, sick leave and any group coverage to see how long your household could manage.
Step 2: Choose an amount
Enough to cover time away from work and extra costs — without overpaying for coverage you don't need.
Step 3: Compare definitions
Covered conditions and their definitions differ between policies, so we read them side by side.
Step 4: Apply and review
I help with the application, then we revisit the amount as your income and family change.
What does critical illness insurance cost?
Cost depends on your age, health, smoking status, the amount, how long the coverage lasts and any optional features such as a return of premium. Comparing a few options is the best way to see the trade-offs.
How long does it take?
Most applications take from a few days to a few weeks. Coverage starts once the policy is approved and in force, and policies typically include a short survival period after diagnosis.
Common questions
Critical illness insurance, answered.
What does critical illness insurance cover?
Each policy lists the conditions it covers and defines them precisely. Commonly included conditions are cancer, heart attack and stroke, and many policies cover more. The definitions matter as much as the list, so it's worth comparing them carefully before you choose.
Is critical illness insurance the same as disability insurance?
No. Critical illness pays one lump sum on diagnosis of a covered condition, whether or not you stop working. Disability insurance pays a monthly income if illness or injury stops you working. Many families benefit from both, because they protect against different things.
Is a critical illness payout taxable?
For a personally owned policy, the benefit is generally received tax-free in Canada. If a business owns the policy or pays the premiums, the treatment can differ, so it's worth confirming with a tax professional for your situation.
Related
Let’s talk about your family’s plans.
A relaxed first conversation about where you are and where you'd like to be. Bring your questions — and your family, if you like.
Your message comes straight to me.— Rahul
- savanirahul42@gmail.com
- English · ગુજરાતી · हिन्दी
- Ontario, Canada