Critical illness insurance: a cash cushion when you need it most
Critical illness insurance pays a tax-free lump sum if you are diagnosed with a covered condition and survive a short waiting period, typically 30 days. Cancer, heart attack and stroke account for most claims in Canada, and most policies cover two dozen or more conditions.
The money is yours to use however recovery demands: replacing income while you are off work, paying for treatment or travel, covering the mortgage, or letting a partner take time off. Bima shows indicative ranges and connects you with a licensed advisor who confirms the definitions and the premium.
Free, about 3 minutes, no obligation
How it differs from disability and life insurance
Disability insurance replaces a portion of income month by month while you cannot work. Life insurance pays when you die. Critical illness sits between them: one payment, triggered by diagnosis rather than by inability to work, whether or not you return to your job. Many Canadians hold it alongside a term life policy for that reason.
What to look for in a policy
Policies differ more than their price suggests. Your advisor will walk through:
- The list of covered conditions and how each is defined
- Partial payments for early-stage conditions
- Return-of-premium options if you never claim
- Term versus permanent coverage, and whether the premium is level
What affects your critical illness rate
Carriers price on age, gender, smoking status and the coverage amount, then underwrite health and family history. Because the risk of a serious diagnosis rises with age, applying earlier locks in a lower rate. Bima's checkup uses the first four factors to show a range before you speak with anyone.
Bima shows indicative rate ranges calculated from published carrier tables. They are estimates only. A licensed advisor confirms your final premium before anything is bound.
Critical Illness insurance questions, answered
How much critical illness coverage do people usually buy?
A common starting point is one to two years of income, or enough to cover the mortgage and treatment-related costs during recovery. The checkup helps you size it to your household.
Does critical illness insurance cover every cancer?
No. Policies define which cancers and stages qualify, and some early-stage or non-life-threatening cancers are excluded or paid partially. Reading the definitions matters, and your advisor will go through them with you.
Are Bima's critical illness ranges final?
No. They are indicative ranges from published carrier tables. A licensed advisor confirms the premium after underwriting.