Critical Illness Insurance in Ontario: Money When You Need It Most

If you're diagnosed with a covered condition and survive a short waiting period (often 30 days), the insurer pays you a lump sum. One cheque, paid to you.

You decide how to use it. Keep up with the mortgage while you recover. Replace your income or your partner's. Pay for treatment, a caregiver, or simply the time to focus on getting better. There are no receipts to submit and no rules about how you spend it.

Every policy lists the conditions it covers. Most include the big three (life-threatening cancer, heart attack and stroke) along with a list of other serious conditions. The exact list and definitions vary between insurers, and those details matter. We'll walk you through them before you choose.

One of the most common things we hear is, "What if I pay for years and never get sick?" Some critical illness policies offer an optional return of premium feature. If you never make a claim, you can get some or all of your premiums back, based on the conditions in your policy, such as keeping it for a minimum number of years.

It costs more up front. For many people, it takes away the worry of paying for something they might never use.

Life insurance pays if you die. Disability insurance replaces part of your income if you can't work. Critical illness insurance pays a lump sum when you're diagnosed, whether or not you're able to work. Each one fills a different gap, and we'll help you see which ones you actually need.