Kanetix Forum

How does critical illness insurance work? Since you can't get insured after you get sick, when is the right time to get it?

The right time to buy critical illness insurance will vary by individual, and it is best to talk to it out with a financial advisor you trust.

Understanding what critical illness insurance is, and is not, will help you in determining when the right time is for YOU to buy critical illness insurance. Many people confuse critical illness insurance with disability insurance. These are in fact two different insurance products.

Our research found that critical illness insurance provides you with a lump-sum payment to help with the cost of recovery should you become critically ill during the term of the policy. Not all illness are covered under a critical illness insurance policy but you'll find most policies include cancer, heart attack, and stroke. You'll also find however that many policies cover many more conditions than just these three.

When looking into critical illness insurance policies make sure you compare not only the price of the policy but also the number of conditions covered.

There is a great resource at the Financial Services Commission of Ontario website that talks specifically about critical illness insurance. In it, it helps to answer questions like:

• What is critical illness insurance?


• What are the types of illnesses covered by critical illness insurance?


• Do I need critical illness insurance?


• How much does it cost?


• How can I make a claim?


• If my claim is approved, when will I receive payment?


• What if I never make a claim?


• What if I make a full recovery?


• Is long-term care insurance the same as critical illness insurance?


• Is disability insurance the same as critical illness insurance?


• Where can I get critical illness insurance?


• What if I have a concern or complaint about my life or health insurance?

All of this can be found at the FSCO website: www.fsco.gov.on.ca