What is critical illness insurance?

Critical illness insurance is a form of health insurance coverage that provides a lump-sum payment should you become seriously ill.

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

  • Alzheimer's disease

  • Aortic surgery

  • Benign brain tumour

  • Blindness

  • Cancer

  • Coma

  • Coronary artery bypass surgery

  • Deafness

  • Heart attack

  • Kidney failure

  • Loss of independent existence

  • Loss of speech

  • Major organ failure on waiting list

  • Major organ transplant

  • Multiple sclerosis

  • Paralysis

  • Parkinson’s disease

  • Severe burns

  • Stroke

Do I need critical illness insurance?

In determining your need for critical illness insurance, you should consider benefits that may already be available to you through other insurance policies, such as life insurance and group health insurance. For example, the benefits offered through your employer’s group disability plan may provide appropriate and adequate coverage in the event of a critical illness.

You should also consider your personal circumstances and the added financial strain that could be brought about by dealing with a serious illness or disease. Public and private health insurance plans typically do not provide coverage for day-to-day living expenses such as travel to and from treatments, home care and child care. 

What if I never make a claim?

If you don't make any claim, typically for 15, 20 or to age 65 and end up cancelling your policy the premiums you paid will be refunded to you in full as long as you have added the return of premium rider to your policy.