Policies vary from company to company so it is crucial that you read and understand the definitions of the critical illness insurance that you end up purchasing.
In general, critical illnesses include:
Cancer
Heart attack
Stroke
Heart bypass surgery
Kidney failure
Major organ transplant
Blindness
Deafness
Loss of speech
Paralysis
ALS - aka Lou Gehrig's Disease
Multiple Sclerosis
Coma
Alzheimer's disease
Parkinson's disease
Occupational HIV
When will I be covered?
Coverage starts the day that your policy is issued. However, for some illnesses there is what's called an exclusion period. This means that if you are diagnosed with an illness during the exclusion period you will not receive the lump-sum payment. Generally the exclusion period is 90 days.
Receiving your lump-sum payment
You will be eligible to receive your lump-sum payment usually 30 days after having one of the covered illnesses diagnosed by a certified medical doctor. This is commonly called the 'survival period'.
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Medical advancements mean critical illness insurance is more important than ever
Hundreds of thousands of Canadians suffer from serious illnesses each year. Thanks to the advance of modern medicine, the vast majority of these people will survive. Recovery is often expensive and can take a long time. Life insurance won't help.
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