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Critical Illness Insurance

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Why Critical Illness Insurance?

All of us work hard to build our life. We build our life around our dreams, our family and our future. But what if something were to happen?

Have you ever thought about how an illness like cancer, heart attack, stroke or multiple sclerosis could affect your life? Suddenly, everything would revolve around your illness, threatening your ability to look after your family and putting your future in doubt. Thanks to advances in medicine, your odds of beating a serious illness have never been better. Having some help with your finances could make all the difference.

What is critical illness insurance?

Critical illness insurance, also known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses.

The critical illness insurance policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for example, having a heart bypass operation.


Illnesses covered under critical illness insurance

Critical illness coverage varies between insurance companies.

Examples of conditions that might be covered include:

  • Heart attack
  • Alzheimer’s disease
  • Kidney failure
  • Occupational HIV
  • Blindness
  • Benign brain tumour
  • Loss of independence
  • Bacterial meningitis
  • Motor neuron disease
  • Stroke
  • Coronary artery disease
  • Heart valve replacement
  • Paralysis
  • Deafness
  • Loss of limbs
  • Major organ transplant
  • Aortic surgery
  • Major organ failure
  • Cancer (life-threatening)
  • Coma
  • Multiple sclerosis
  • Parkinson’s disease
  • Severe burns
  • Loss of speech
  • Aplastic anaemia
  • And more…
Due to the fact that the incidence of a condition may decrease over time and both the diagnosis and treatment may improve over time, the financial need to cover some illnesses deemed critical a decade ago are no longer deemed necessary today. Likewise, some of the conditions covered today may no longer be needed a decade or so in the future.

The actual conditions covered depend on the individuals need for the coverage, competition amongst insurers, as well as the policyholder’s perceived value of the benefits offered. For these reasons’ conditions such as diabetes and rheumatoid arthritis, among others, may become the norm cover provided in the future.

Return of premiums

This option allows you to get a 100% refund of your premium payments if you remain in good health.

With return of premium options, your critical illness insurance policy can help you accumulate savings! If you don’t suffer from one of the illnesses covered while your contract is active, you can receive up to 100% of the premiums you’ve paid! This guarantees the payment of a tax-free benefit upon the first occurrence of one of the covered illness.

Need for critical illness insurance

Critical illness insurance is intended to provide financial protection to individuals following the diagnosis or treatment of an illness deemed critical.
The finances received could be used to:

  • Pay for the costs of the care and treatment;
  • Pay for the costs of the care and treatment;
  • Replace any lost income due to a decreasing ability to earn;
  • Or even fund for a change in lifestyle.

This insurance can provide financial protection to the policyholder or their dependents on the repayment of a mortgage due to the policyholder contracting a critical illness condition or on the death of the policyholder. In this type of product design, some insurers may choose to structure the product to repay a portion of the outstanding mortgage debt on the contracting of a critical illness, whilst the full outstanding mortgage debt would be repaid on the death of the policyholder. Alternatively, the full sum assured may be paid on diagnosis of the critical illness, but then no further payment is made on death, effectively making the critical illness payment an ‘accelerated death payment’.

Some employers may also take out critical illness insurance for their employees. This contract would be in the form of a group contract and has become an essential strategy used by employers around the world to both protect their employees financially as well as attract more employees to consider working for the company.

Why Critical Illness insurance makes sense
With increased life expectancy and medical advances, the risk of living with a serious illness is significant, and the costs can be staggering. Government health care programs provide only the basics. Depending on your needs, Critical illness insurance coverage could help with the following:

The finances received could be used to:

  • Keep you and your family in your home.
  • Keep your business working as it should be.
  • Cover the cost of extended health care requirements.
  • Allow you to undertake out-of-country or alternative therapies.

There are no medical exams to qualify for this plan, and your benefits cannot be denied due to health reasons if you meet the above criteria.

That means you will have guaranteed coverage, even if:

  • You have health issues that other insurers would consider “uninsurable”;
  • You have been denied in the past for any kind of life insurance or other insurance plans;
  • You have risk factors in your life (obesity, smoking) that would make finding insurance difficult;
  • You are a newly-landed resident of Canada. No SIN or prove of Canadian citizenship is required to qualify.

How much does critical illness insurance cost?

The cost of critical illness insurance is based on your age, health, personal needs and the options you select, and will therefore vary for each person. Your financial security advisor from Final Expense Ontario is best equipped to help you determine your financial needs should a critical illness occur and calculate the cost of your insurance.

Here is an example to give you an idea:


Wants critical illness coverage as long as she has a mortgage to pay.

Purchases $100,000 of Critical Illness Insurance


  • Renewable term every 20 years until age 75
  • Refund of premiums paid to her beneficiary if she dies prematurely

Monthly premium: $66.69

At age 56, insured unfortunately is diagnosed with breast cancer…

She paid: $11,204
She receives: $100,000

Policy is then terminated.



Wants critical illness coverage as long as she has a mortgage to pay.

Purchases $100,000 of Critical Illness Insurance


  • Lifetime coverage
  • Premium refund with total reimbursement available after 20 years

Monthly premium: $144.27

At age 65, insured has not developed any illnesses covered. All the premium is refunded.

She paid: $51,937
She receives: $51,937

Policy is then terminated.


Who is eligible for critical illness insurance?

For those in good health. Now is the time to apply!

Would an insurance company agree to insure your house against fire if it was burning down? It’s somewhat similar with critical illness insurance: you can’t obtain insurance if you already have an illness.

Not in good health?

You can still qualify for a simplified critical illness insurance policy with limitations.


Contact Final Expense Ontario’s insurance advisor today to start working on your Burial Insurance plan.

Final Expense Ontario is here to help you find accommodating Burial Insurance policies. We help you make your decision with total peace of mind. Call now for a no obligation free consultation 1-800-593-1817 or Get Quote

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