Critical Illness Insurance

Based on the Canada Revenue Agency's current position, benefits paid under individually-owned Critical Illness Insurance policies are generally tax-free.

The key difference lies in the benefit trigger. Critical Illness Insurance pays out when you are diagnosed with a covered illness and meet certain conditions, while life insurance pays out to your beneficiaries upon your death.

It depends. The necessity for a medical examination or answering health-related questions varies based on factors such as your age, the specific plan you select, and the amount of coverage. You might be required to participate in a telephone interview, undergo medical examinations, and submit relevant medical records.

Yes, you can add a return-of-premium benefit to your policy.

Critical Illness Insurance provides a tax-free, one-time payout if diagnosed with a covered condition, with no waiting period in certain cases. Disability Insurance offers monthly income replacement if you can’t work due to injury or illness, usually with a waiting period. Critical Illness Insurance covers life, while Disability Insurance generally ends at age 65.