Critical illness insurance will pay a lump sum should the insured survive a covered critical illness. The insured must survive a diagnosis of critical illness for a period of 30 days (sometimes referred to as a survival period).

Each carrier has specific conditions they insure. Please refer to each carrier’s contract for an exact wording of which conditions are covered.

Coverage can include:

  • Heart Attack
  • Cancer
  • Stroke
  • Coronary Artery Bypass Surgery
  • Kidney Failure
  • Major Organ Transplant (surgery or waiting list)
  • Paralysis
  • Alzheimer’s Disease
  • Loss of Speech
  • Deafness
  • Severe Burns
  • Blindness
  • Coma
  • Parkinson’s Disease
  • Motor Neuron Disease
  • Loss of Limbs
  • Benign Brain Tumour
  • Occupational HIV Infection
  • Heart Valve Replacement
  • Loss of Independence
  • Aortic Surgery
  • Bacterial Meningitis
  • Aplastic Anaemia

Some carriers and policies offer riders that that can include:

  • Return of Premium on Death – If the life insured does not survive the waiting period or dies as a result of other causes the premiums advanced will be returned.
  • Return of Premium on Surrender – Policy will return a percentage of all premiums paid including riders upon surrender of the policy as long as the policy has been maintained for a set number of years (carrier options range from 70% to 100%).

Products are offered with guaranteed rates for terms of:

  • 10 years
  • 20 years
  • Until age 75
  • Until age 100

I recommend Canadian Term Insurance. I was offered a solution which allowed me to find coverage for both the immediate and long term with a mix of both 10 and 20 year term insurance.

Tom Hopper Account Executive, London, ON

Canadian Term Insurance helped to decide upon the correct amount of coverage to protect our family. Jeff recommended a program which provides 20 years of term coverage for my wife at preferred rates, and 10 years of term insurance for me at a higher death benefit.

Rob Poissant Teacher, Barrie, ON

Jeff Comiskey assisted my wife and I in identifying a need for insurance, and presented us with a variety of choices.  We chose universal life insurance because of the permanent protection it offered and rates that remain the same for our entire lives.

Chet Wydrzynski Lawyer, Toronto, ON