CI Coverage

Critical Illness Insurance Canada

CI Coverage is financial protection that pays a lump sum of money upon diagnosis of a covered Critical Illness.

In Canada there are up to 24 covered conditions. Some policies only cover the basic three: heart attack, cancer and stroke. Read more on Basic Critical Illness Insurance

The most common Canadian Critical Illness Policies are term insurance plans. This means that coverage is in force for a certain time period. At the end of this time period some policies renew automatically – others expire at the end of the term.

The most common terms are ten year term, twenty year term, Term to age 75, and Term to age 100. There are also basic policies that renew every year at a different rate. These policies offer the least certainty.

Ten year term Critical Illness typically renews every ten years at a higher rate until age 75 at which time it expires. Twenty year term insurance is the same, except the renewals are every 20 years.

Term to age 75 means that the policy is in force to age 75 with no change in premium at any point. The same applies with Term to age 100.

Term 75 and Term 100 commonly include Return of Premium coverage. This means that if you do not have a claim, you get all of your premiums back. This is a very popular feature.

Learn more about CI Coverage - what illnesses are covered