Get Financial Relief When You Need It Most
A serious illness can change your life overnight. But it doesn’t have to derail your finances.
Critical Illness insurance provides a living benefit, not a death benefit. If you’re diagnosed with a major illness such as:
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Cancer (life-threatening)
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Heart attack
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Stroke
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Other covered conditions
You’ll receive a one-time, tax-free payout you can use for:
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Medical treatments (public or private)
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Replacing lost income
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Paying for in-home care or rehab
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Mortgage or rent payments
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Taking time off work to recover — or support a family member
Why Critical Illness Insurance is So Popular in Canada
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1 in 2 people will be diagnosed with cancer in their lifetime
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Every 5 minutes, someone suffers a stroke or heart attack
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Public health care is excellent but doesn’t cover everything (out-of-country drugs, travel, private treatment, home care)
Is Critical Illness Insurance right for you?
It may be a smart choice if you are:
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Self-employed and rely on your income to pay the bills
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Supporting a young family or aging parents
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A business owner or incorporated professional with no group benefits
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Wanting to protect retirement savings from being drained by illness
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Get your answers
Most policies cover 24–26 serious conditions, including (but not limited to):
- Life-threatening cancer
- Heart attack
- Stroke
- Kidney failure
- Major organ transplant
- Multiple sclerosis
- Blindness
- Paralysis
- Severe burns
- Loss of limbs
- Coma
- Deafness
- Dementia (including Alzheimer’s), and more
We’ll help you compare insurer-specific definitions and select the right level of protection.
- Critical illness pays a one-time lump sum after diagnosis of a covered condition.
- Disability insurance pays monthly income replacement if you can’t work due to illness or injury.
They serve different purposes, and many clients choose to have both for full protection.
However you choose. Your lump-sum payout is tax-free and unrestricted. Common uses include:
- Private or out-of-country medical treatment
- Paying bills or debts
- Replacing income
- Taking time off to recover
- Supporting a family member
There are no receipts and no restrictions — it’s your money.
Critical illness insurance only pays out if you survive the diagnosis for a minimum period (usually 30 days). If you pass away sooner, the benefit is not paid.
Not necessarily. Some policies offer return of premium options — meaning you may get back part or all of your premiums if you stay healthy and don’t make a claim.
No. In Canada, the lump sum payout from a critical illness policy is completely tax-free.
In some cases, yes, depending on the type of cancer, how long you’ve been in remission, and your current health. Most insurers require a certain waiting period after treatment or recovery before you can qualify for new coverage.
Provincial health plans cover basic medical care, but they don’t cover many real-life costs that come with a serious illness, like:
- Private or out-of-country treatment
- Prescription medications not on the public formulary
- Home care or rehab
- Travel and accommodation for treatment
- Replacing your income, or a partner’s, if either of you takes time off work
Critical illness insurance fills the financial gaps that government coverage doesn’t.
Still Have Questions?
Disclaimer: The information contained in this article is provided for general informational purposes only and does not constitute financial, legal, tax, or investment advice. While we strive to ensure that the content is accurate and up to date, Safe Horizon Financial makes no guarantees regarding its applicability to your individual circumstances. Readers should consult qualified professionals (such as a licensed financial advisor, accountant, or lawyer) before making decisions based on the information presented. Safe Horizon Financial is not responsible for any actions taken or not taken as a result of this content.