Critical illness insurance in Canada is a type of insurance meant to pay out a lump-sum benefit if one is diagnosed with a covered critical illness. The most common critical illnesses these policies cover are cancer, heart attack, stroke, and kidney failure. However, some policies may also give coverage to other conditions, such as multiple sclerosis, Parkinson's disease, and Alzheimer's disease.

Critical illness insurance can offer a valuable financial safety net for individuals and families. If one is diagnosed with a covered critical illness, the insurance benefit helps them pay for medical expenses, lost income, or other expenses that the person may face. This helps them maintain their financial security and focus more on their recovery.

Critical illness insurance is actually a stand-alone policy, but one can purchase it as an add-on with an existing life insurance policy. If you want to purchase critical illness insurance, you need to compare quotes from different insurance companies and choose a policy meeting individual needs and budget.

Below are some of the benefits of critical illness insurance in Canada:

Financial security: Critical illness insurance provides you with a lump-sum benefit if a person is diagnosed with a covered critical illness. This benefit can be utilised for medical expenses, lost income, or other expenses that they may face.

Peace of mind: Critical illness insurance offers you peace of mind as you know you are financially protected in the event of a critical illness.

Flexibility: Critical illness insurance policies are generally flexible, and it is easy to
choose the coverage that best meets one's needs and budget.

Tax benefits: The lump-sum benefit from critical illness insurance is typically tax-free.

If you want to purchase critical illness insurance in Canada, you need to speak with a financial advisor to discuss your individual needs and budget.