Critical illness insurance for Canadians, improved

The best protection against critical illnesses at a competitive rate.
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BMO
29
$39.06/mo
Manulife
31
$41.76/mo
RBC
32
$37.71/mo
Sun Life
34
$41.49/mo
PolicyMe
44
$37.67/mo
Based on publicly available rates for a 45yo non-smoking female with $50,000 in coverage over a 10-year term.
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What is critical illness insurance?

Critical illness insurance pays out a lump-sum cash benefit if you become critically ill during the time you’re covered.

Critical illnesses include heart attacks, stroke or cancer, among others.

Our insurance also covers you from select conditions that are detected early – such as some early forms of breast cancer – so that you can focus on your recovery. 

Unlike life insurance, the payout from critical illness insurance goes to you if you become ill, not to a beneficiary. You can use the cash to help replace your income while you take time off work or to pay for out-of-pocket medical expenses.

Benefits of critical illness insurance with PolicyMe

44 conditions covered

27 critical illnesses and 17 early-stage conditions – the most in Canada

More coverage options 

Get covered for $10K to $1M, from 10 to 30 years

Extensive coverage for early-stage cancers and cardiac illnesses

With multiple payouts possible

Backed by giants

Federally regulated, backed by industry leader Canadian Premier

Genuine advice, 7 days a week

Our licensed Canadian advisors don’t get commission

See for yourself

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What does PolicyMe's critical illness insurance cover?

27 fully covered conditions
17 partially covered conditions

Who needs critical illness insurance in Canada?

Parents

Employees without critical illness coverage

Freelancers

People without supplemental health coverage

Canadians without an emergency fund

Parents
Employees without critical illness coverage
Freelancers
People without supplemental health insurance
Canadians without an emergency fund

You may need critical illness insurance if you have people in your life who depend on your income. Being seriously ill often means taking time off work or paying for medical expenses that are not covered by provincial health insurance.

Critical illness insurance provides a financial cushion during that difficult time.

How does critical illness insurance work with PolicyMe?

20-30 conditions covered, on average

Other Companies

PolicyMe

Typically: a call or meeting with an advisor and a paper application.
Online process. Get approved and covered in 20 minutes, on average.

Number of Conditions Covered

Application

Fully Covered Severe Conditions

Partially Covered Early-Stage Conditions

Payout Details

Locked-In Rate?

Convertible?

Can I apply with my partner?

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Coverage Amounts

$25,000 to $2.5M, on average
Usually 10 or 20 years, or until age 70 or 75
24-26 severe conditions, on average
0-8 early-stage conditions, on average
Lump-sum tax-free payout
Yes
Yes
No, others require separate applications
44 conditions covered
$10,000 to $1M
10, 15, 20, 25 or 30 years
27 severe conditions
17 early-stage conditions
Lump-sum tax-free payout
Yes
Yes
Yes, one online application for both partners

Term Lengths

See how affordable critical illness insurance can be with PolicyMe

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How much critical illness insurance do I need?

How much critical illness insurance you need depends on the size of your emergency fund.

Experts usually recommend having three to six months' worth of post-tax income. You may not need critical illness insurance if you have this much available in cash.

Do you have enough saved up to replace what you contribute? What about your spouse or partner? Even if you’re not the breadwinner, your family may still depend on your salary or free labour such as childcare.

Tally up your expenses to estimate your coverage needs:

  • Mortgage or rent payments
  • Loans or debts
  • Bills and utilities
  • Groceries
  • Child care
  • Retirement savings
  • College savings
  • Other expenses

 Critical illness insurance quotes

Get a quote online

Check your price: no commitment, no personal information collected.

Apply online when you're ready.

Get personalized advice

Licensed Canadian advisors are available by phone 7 days a week.

Give us a call at: +1 (866) 966-7457

Our advisors don’t receive commission, so there’s no pressure or upselling.

Critical illness insurance 101

What does critical illness mean?

Critical illness means being diagnosed with a serious health condition that is often life-threatening. 

Insurance companies have different definitions of what a critical illness is and what conditions qualify. Common conditions such as stroke, cancer and heart attack are usually covered in critical illness insurance policies. 

What is the purpose of critical illness insurance?

The purpose of critical illness insurance is to provide financial support to an individual that has a serious disease or illness. Public health care in Canada may not cover all medications, travel for treatment and homecare. You may also not have an employer group benefit plan or other private coverage to rely on. A critical illness may also mean unpaid time off work and/or additional costs like child care or retrofitting your home.

The lump sum payment you get from critical illness insurance helps to offset these expenses and provide additional financial security during this difficult time.

What illnesses are covered by critical illness insurance?

Illnesses typically covered by critical illness insurance in Canada include heart attack, cancer, paralysis, stroke, organ transplants, Alzheimer's, kidney failure and multiple sclerosis.

Canadian insurers have different definitions of what a critical illness is, but it is essentially a life-threatening illness. Some insurers will only cover serious illnesses like heart attack, while others will also cover early-stage diseases such as early-stage breast cancer.

In Canada, PolicyMe recently introduced the most complete critical illness insurance that covers 44 conditions: full coverage for 27 conditions and partial coverage for 17 conditions. Sun Life and Equitable offer the next best coverage options with 34 conditions covered: full coverage for 26 conditions and partial coverage for 8 conditions.

What’s the waiting period for critical illness insurance?

Some conditions specify an amount of time that has to pass after you are diagnosed before you qualify for a critical illness payout. This differs by insurance company and by the condition that is covered. Usually, cardiovascular conditions (like heart attacks) are most likely to have a waiting period. That said, most of PolicyMe's covered conditions don't have waiting periods to qualify.

How much does critical illness insurance pay out?

Critical illness insurance typically pays out between $10,000 to $1M in Canada. You choose your coverage amount when you apply for and sign your critical illness policy. If you want a higher coverage amount, your monthly premium will also be higher, though this rate is also determined by your health status, age and other factors.

How is critical illness insurance paid out?

Critical illness insurance is always paid out as a single lump-sum amount.

Can you cancel critical illness insurance?

Yes, you can always cancel your critical illness insurance with any Canadian provider.

With PolicyMe, you get a full refund on any premiums you have paid if you cancel within 30 days of the date your critical illness policy became active.

If you cancel after this 30-day period, you will only receive a pro-rated refund of any premiums you have prepaid. You won’t be charged any cancellation fees or penalties.

Can I get critical illness coverage only?

Yes, you can buy critical illness insurance by itself in Canada. At PolicyMe, you can buy critical illness coverage by itself, you can buy it with term life insurance or you can add it on to existing term life insurance coverage after the fact.