Critical illness insurance provides a tax-free cash payout upon the diagnosis of specific diseases listed below. In general, one must survive 30 days from the date of diagnosis in order to collect.
Medical technology is such that most people can survive a critical illness today. Critical illness insurance was specifically designed to help you cope with the devastating financial consequences related to treatment and recovery. The use of the proceeds is solely at the policy owner’s discretion.
The following is a list of illnesses that the insurance industry in Canada views as critical. These vary somewhat from carrier to carrier. However, the first four illnesses (life-threatening cancer, heart attack, stroke, and coronary artery bypass surgery) are considered basic.