Affordable Critical Illness Insurance Policies with Blue Cross Life^®

Critical illness (CI) insurance in Canada is a type of insurance that provides a financial cushion if you were to become diagnosed with a critical Illness. “Critical illness” usually refers to serious health conditions like heart attacks, strokes, or cancer. The tax-free, lump-sum payment can be put toward uncovered medical expenses, accessing specialized treatment, replacing lost income, or easing other financial burdens. Critical illness insurance allows you to focus on your recovery, not extra expenses.

Read A Complete Guide to Critical Illness Insurance in Canada to learn more.

Yes, for many Canadians, the cost of buying critical illness insurance is worth it. The payout from critical illness insurance can cover loss of income, non-medical costs, and any other expenses, minimizing stress for you and your loved ones. With Blue Cross Life, you can choose an affordable critical illness insurance policy based on the amount of coverage and the monthly premiums that best fit your needs.

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.

At Blue Cross Life, the required waiting period will vary depending on a given 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.

Here’s how you can estimate the critical illness coverage you might need:

If you make $5,000/month and you want to have enough cash flow to cover 6 months of income, with an additional $10,000 on top of that for 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 is designed to offer flexible and customizable coverage over specified 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.

With Blue Cross Life, you can choose critical illness insurance term lengths of 10, 15, 20, 25, or 30 years, up to a maximum age of 85. Because critical illness insurance tends to cost more as you age, you may end up paying a higher premium when your policy comes up for renewal.

Medical questionnaires are a standard part of the critical illness insurance application process. They help insurers understand your health 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.

The main difference between life insurance and critical illness insurance is when the benefit is triggered. Term life insurance benefits are paid out to the beneficiary if the policyholder were to die during the policy term. Critical illness insurance benefits are paid out if the insured person is diagnosed with a covered critical illness as defined by the policy.

Your payout depends on how much coverage you selected (up to $1 million at Blue Cross Life.) A greater coverage amount means higher critical care insurance costs. Factors such as your health, lifestyle, and age can also impact your monthly rate.

You receive the full coverage amount for any of the 27 fully covered conditions, and a smaller percentage of the coverage amount if you’re diagnosed with one of the early-stage conditions. If you receive a payout for an early-stage condition, this does not impact your payout for a fully covered condition.

To find out more information on critical insurance payouts, read our article on Key Questions to Ask When Buying Critical Illness Insurance in Canada.

Critical illness insurance in Canada is typically paid out as a 100% tax-free, lump-sum payment. 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. 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.

If you don't experience a critical illness during the term of your critical illness insurance policy, you won't receive a payout. The policy is designed to provide financial support if you're diagnosed with a covered illness. If no claim is made during the policy term, the coverage and monthly premiums simply end.

To qualify for Blue Cross Life Critical Illness Insurance coverage, you must be a Canadian citizen or resident to apply. We also require you to sign your policy contract while physically in Canada and not overseas.

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