Affordable Critical Illness Insurance Policies with Blue Cross Life^®

Critical illness (CI) insurance provides you and your loved ones with a 100% tax-free, lump-sum payout if you receive an unexpected severe diagnosis.

Critical illness usually refers to serious health conditions like heart attacks, strokes, or cancers. The money can be put towards uncovered medical expenses, accessing specialized treatment, replacing lost income, or easing other financial burdens.

When you’re faced with a serious health issue, critical illness insurance offers a financial cushion for you and your loved ones. The money is yours to use as you see fit—to cover your mortgage, everyday living expenses, out-of-pocket medical care, childcare, or home health costs. It allows you to focus on your recovery, not extra expenses.

The main differences between life insurance and critical illness insurance is when the benefit is triggered, and who the benefit is paid to.

Term life insurance benefits are paid out to the beneficiary in the event of the policyholder's passing during the policy term. Critical illness insurance benefits are paid out to the policyholder in the event they are diagnosed with a covered condition as defined by the policy.

Critical illness insurance covers a range of illnesses. With Blue Cross Life, you’re covered for 44 conditions—more than the industry average of 20-30, and among the highest in Canada.

If you are diagnosed with any of the 27 fully covered conditions, you are eligible to receive a lump sum payment equal to your total coverage amount. These include serious cancer, heart attack, stroke, dementia, autoimmune conditions, and organ-related conditions, among others.

If you are diagnosed with any of the 17 early-stage conditions, you are eligible to receive a lump-sum payment equal to a percentage of your total coverage amount. These include early-stage cancers, cardiovascular conditions, and some surgical procedures, among others. If you receive a payout for an early-stage condition, it does not impact a future payout for a fully covered condition.

For critical illness insurance, the waiting period is how much time must pass after a diagnosis before you can submit a claim and receive a payout. With Blue Cross Life, the required waiting period varies for each condition.

Half of the covered conditions do not require a waiting period. Most cardiovascular conditions will have a waiting period of 30 days. The remaining conditions will have waiting period criteria included within their definition. We recommend you read your policy contract or a sample policy for more information.

With Blue Cross Life, you have the flexibility to apply for coverage ranging from $10,000 to $1 million, allowing you to choose the level of protection that best suits your financial needs and health concerns.

You can determine how much critical illness insurance you might need based on:

• Your annual income
• Your monthly expenses, including mortgage or rent, groceries, childcare, etc.
• Your current savings
• Potential medical expenses in the event of diagnosis

Here's an example. If you make $5,000/month and you want to have enough cashflow to cover 6 months of income, plus an additional $10,000 unexpected medical expenses, you would want to compare quotes for ($5,000 x 6) + $10,000 = $40,000 in critical illness coverage.

Critical illness insurance with Blue Cross Life does not provide lifetime coverage. Our policies are designed to offer flexible and customizable coverage over specific periods (or terms.) Longer terms will have higher premiums than shorter terms, because your risk of developing a severe health issue is higher over a longer period and increases as you age.

You can choose an affordable critical illness insurance policy based on the amount of coverage and the monthly premiums that best fit your needs.

Health questionnaires are a standard part of the critical illness insurance application process. They help insurers understand your medical history and assess risk before approving your coverage or setting your premiums.

The majority of applicants won’t need a medical exam. But if an insurer needs more information, they might request one. It’s an extra step in the process, but exams aren’t always a bad thing. In some cases, they can even lower your premiums. For example, if your tests show a pre-existing condition is stable and well-managed, an insurance company may view you as less risky to insure.

Critical illness insurance in Canada is typically paid out as a single tax-free, lump-sum payment. It’s paid to the policyholder, in some cases after a required waiting period, if they are diagnosed with a covered critical illness and meet the conditions outlined in the insurance policy.

The money is yours to use as you see fit—to cover your mortgage, everyday living expenses, out-of-pocket medical expenses, childcare, or home health costs.

To qualify for critical illness insurance coverage from a Canadian life insurance provider, you typically need to be a Canadian citizen or resident. Blue Cross Life also requires you to be physically located in Canada when you sign your policy contract.

If you don't currently meet these requirements, other providers may still offer financial protection. While some insurers may approve applications from non-Canadians, your coverage options may be limited.