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.

  1. Life-threatening Cancer
  2. Heart Attack
  3. Stroke
  4. Coronary Artery Bypass Surgery
  5. Heart Valve Replacement
  6. Aortic Surgery
  7. Multiple Sclerosis
  8. Kidney Failure
  9. Parkinson’s Disease
  10. Alzheimer’s Disease
  11. Organ Transplants
  12. Major Organ Failure on Waiting List
  13. Paralysis
  14. Motor Neuron Disease
  1. Blindness
  2. Benign Brain Tumor
  3. Coma
  4. Deafness
  5. Loss of Limbs
  6. Occupational HIV Infection
  7. Loss of Speech
  8. Severe Burns
  9. Aplastic Anemia
  10. Bacterial Meningitis
  11. Loss of Independent Existence – this commands its own policy because financial implications can be potentially overwhelming.

The following are generally associated with partial payouts:

  1. West Nile Virus
  2. Lyme Disease
  3. E. Coli Infection
  4. Necrotizing Facciitis (flesh eating disease)

Besides illnesses 1-25 above, the following illnesses are associated with children:

  1. Cerebral Palsy
  2. Congenital Heart Disease
  3. Cystic Fibrosis
  4. Muscular Dystrophy
  5. Type 1 Diabetes Mellitus
  6. Autism
  7. Rett’s Syndrome



I first met Miles Posner in 2003 while I was involved in a family business. My brother and I were looking for key man Insurance in order to satisfy our partnership agreement. Miles was introduced to us by our father. The first day Miles walked into my office, I could tell he wasn’t your typical insurance broker—he was sharp, intelligent and made me feel at ease. Not only did Miles put up with my procrastination but also mentioned something called “critical illness insurance” during one of our many meetings.

Wow, who could have imagined such a great insurance product? If you get critically ill, you will receive a lump sum payout. If you stay healthy, you will receive all your premiums back at age 65. This was the type of critical illness insurance that Miles strongly suggested to me.

Thank goodness I listened and acted upon Miles’ recommendation. I believed that my father having had a heart attack at age 53 and my mother being diagnosed with cancer at 49 was excellent reason enough to buy this product. I was 38 years old and in very good health.

Fast forward 6 years later and I was just leaving the doctor’s office with the bad news….cancer. My first call was to Miles, asking about my “critical illness policy”.

Miles Posner was there for me in my hour of despair. As soon as I received all my reports, Miles met me and the paperwork was filled out. I received a cheque in 10 days. You would think that’s where the story ends, but it doesn’t. Miles was there for me all during my treatments, always calling to see how I was doing. How many insurance brokers do that? I wasn’t just a statistic, number on a file or one of many claims paid out and forgotten. I can’t thank Miles Posner enough for taking the time to show me that there was more to insurance than life, car and home.

Stephen F