A Guide to Buying Term Critical Illness Insurance in Canada

Critical illness insurance is one of the best ways to protect yourself and your loved ones in the event of a severe medical diagnosis or emergency. But how exactly do you buy critical illness insurance? Do you need to visit an expert in person? And how do you make sure your policy is the right fit for you?

Keep reading as we take a look at the best critical illness insurance policies in Canada and how you can buy your own in our critical illness insurance guide.

The best part? You will be able to do it all from the comfort of your home.

What is critical illness insurance?

Critical illness insurance is a type of coverage that can provide you with a one-time, lump-sum payment—known as a living benefit—if you’re diagnosed with a severe health issue. The goal of critical illness insurance is to give you and your loved ones extra financial support during a difficult time.

Critical illness insurance policies cover severe, life-threatening illnesses such as cancer, heart attack, stroke, paralysis, or other life-altering conditions.

How does it work?

The way critical illness insurance works is very similar to other types of insurance. In a nutshell, you pay a monthly premium in exchange for coverage in the event of an unexpected medical diagnosis or emergency.

Here’s a general overview of what to expect when you purchase a critical illness insurance policy:

You purchase a critical illness insurance policy from an insurance provider.
You pay the insurance company monthly (or yearly) premiums to keep your policy active.
If you’re diagnosed with a covered critical illness, you’ll submit a claim.
If you meet the terms of your policy, your claim will be approved.
Once approved, you’ll receive a one-time, tax-free payment based on the coverage in your policy.
You can then use this money to pay for anything you need during your recovery.

Keep in mind that critical illness insurance only covers one fully covered diagnosis. So if your claim is approved and you receive the full value of your critical illness benefit, your coverage will come to an end. If you’ve received a partial payout for any Early Condition Benefit payout, your policy will continue.

If you’re never diagnosed with a critical illness during the term of your policy, that’s something to celebrate! At that point, you can decide if you want to renew or buy a new policy.

Who should get critical illness insurance?

A lot of Canadians who are shopping around for policies may be wondering who should get critical illness insurance? The truth is the majority of Canadians can benefit from critical illness insurance even if you do not currently need it. There are two main benefits to having critical illness insurance: financial security in case of a medical diagnosis and helping put your mind at ease knowing that you have a safety net.

You might benefit from a critical illness insurance policy if:

You have a partner who relies on your income.
You have financial dependents, like children or elderly parents.
You contribute to your household through labour, such as childcare.
You only have provincial healthcare coverage.
You don’t have a large emergency fund or savings.

Because critical illness insurance is customized to your needs, you’re likely to find a policy that fits your budget.

Who offers the most comprehensive critical illness insurance in Canada?

Blue Cross Life Critical Illness Insurance is among one of the most comprehensive critical illness insurance policies in Canada.

But overall the best critical illness insurance in Canada can vary based on the type of coverage you need. Some policies may have critical insurance benefits that focus on early-stage conditions while other may have more benefits for neurodegenerative or even cancer-related conditions.

The benefits of choosing Blue Cross Life Critical Illness Insurance include:

More conditions covered on average: Blue Cross Life Critical Illness Insurance covers 44 conditions, 27 fully covered conditions and 17 early-stage or partially covered conditions, amongst some of the most comprehensive coverage in Canada.
Flexible coverage options: Blue Cross Life Critical Illness Insurance offers coverage options ranging from $10,000 to $1 million. You can also choose a term length ranging from 10 to 30 years in 5-year increments.
Easy application process: With Blue Cross Life Critical Illness Insurance, you can apply, get approved, and secure coverage online. Need help? Our expert advisors are just a call away.
Industry-leading partners: Blue Cross Life Critical Illness Insurance provides coverage from a trusted leading provider that you can depend on.

Get a personalized Blue Cross Life Critical Illness Insurance quote in minutes. Talk to our expert advisors today.

Why Blue Cross Life Critical Illness Insurance is worth it for Canadians

With 44 illnesses covered (27 full and 17 early-stage), amongst some of the most comprehensive coverage in Canada including most cardiovascular and cancer conditions, Blue Cross Life Critical Illness Insurance gives you the financial protection you need to live your life with confidence.

Discover how you can put your mind at ease with some of the most comprehensive critical illness insurance coverage in Canada. Round out your coverage with Blue Cross Life Critical Illness Insurance today.

FAQs for how to buy critical illness insurance

When should you get critical illness insurance?

To get the best benefits from your critical illness insurance, you should get critical illness insurance when:

You have limited savings to cover any unexpected expense.
You have a partner or dependents who rely on your income.
You don’t have additional health insurance or coverage.

You never know when or if you will experience a medical diagnosis or emergency. But with critical illness insurance, you can enjoy every day with confidence knowing you and your loved ones are financially protected if the unexpected happens. It’s a good idea to purchase critical illness insurance sooner rather than later if you intend to do so, so you’re protected as soon as possible.

Do you need to take a medical exam when you buy critical illness insurance?

No, you won’t necessarily be required to take a medical exam when you buy critical illness insurance. When you apply for Blue Cross Life Critical Illness Insurance, you will be asked some health and medical-related questions in your application.

In some situations, a medical exam may be required.

Can you buy critical illness insurance without life or health insurance?

Yes. Even if you have life or health insurance that offers critical illness coverage, you might find it beneficial to have a specific critical illness insurance policy to make sure that you have a large enough financial safety net in the event you experience a qualifying medical diagnosis.

How do you make a claim against your Blue Cross Life Critical Illness Insurance policy?

Making a claim against your Blue Cross Life Critical Illness Insurance policy is simple. All you need to do is fill out a claims form and provide the information required to support your claim. If your claim is approved, you’ll receive your lump-sum payout so you can focus on your recovery.