Insurances

Critical illness insurance

A lump sum payment made directly upon diagnosis of a covered serious illness — with no restrictions on its use. You decide how to use it: treatments, loss of income, home modifications, or simply your peace of mind.

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What it covers

Lump sum paid for diagnosis — without justification

Covers cancer, stroke, heart attack and several other conditions

Traditional options or options with premium refunds

Supplementary to disability insurance and life insurance

1 / 2 Canadians affected

26+ Diseases covered

100% Free to use

Understanding the product

What is critical illness insurance?

Critical illness insurance pays you a single lump sum at the time of diagnosis of an illness covered by your policy. Unlike disability insurance, which replaces a percentage of your income, this amount is paid in a single lump sum and can be used as you see fit.

Whether it's to cover treatments not reimbursed by RAMQ, compensate for a loss of income, adapt your home, pay for home care, or simply give you time to heal without financial stress — the money is yours, without any restrictions.

It's a financial safety net that complements your other protections and acknowledges a reality: A serious illness often costs far more than what the public system covers.

Commonly covered diseases

Policies typically cover between 25 and 30 serious conditions, including:

Cancer (life-threatening)

Heart attack

Stroke

Coronary bypass

Multiple sclerosis

Insuffisance rénale

Organ transplantation

Paralysis, blindness, deafness

1 in 2 Canadians will be affected by cancer during their lifetime

Options

Two types of cover

Critical illness insurance comes in two main categories, depending on your protection horizon and objectives.

traditional

Coverage in the event of a diagnosis of a covered serious illness. The policy pays a lump sum that can be used for medical treatments, loss of income, or any other expense—without restriction.

Premiums are generally affordable

Coverage for 25+ serious illnesses

At maturity (with refund)

Protection up to a predetermined age (often 65 or 75). If you have not made a claim by the expiry date, you receive a partial or full refund of the premiums paid — a safety net with a return on investment.

Premium refund if no claim

Coverage up to age 65 or 75

Evaluation

Pros and cons

Powerful protection, but one that deserves to be fully understood before subscribing.

Benefits

Lump sum paid without restriction of use
Coverage for several serious illnesses (cancer, stroke, heart attack, etc.)
Premiums are generally affordable, especially for younger people.
Bonus refunds may be available with certain products.
Supplementary to disability insurance and life insurance

Drawbacks

Limited to the diseases specified in the policy
Premiums may increase upon renewal
No cash surrender value or (traditional) savings accumulation
Required survival period (usually 30 days after diagnosis)

Additional option

Premium refund amendment

Get your premiums back if you stay healthy — a powerful incentive to sign up.

Protected… and refunded if all goes well

The premium refund rider provides for the return of all or part of the premiums paid if you have not made any claims for a specified period. This is a way to transform your insurance into a low-risk investment.

Full or partial refund of premiums after the agreed period

Encouragement to keep your protection in place

Moderate additional cost compared to the value recovered

Concrete example

Karim, a 40-year-old engineer, took out critical illness insurance with a reimbursement rider. After 20 years without a claim, Karim received a reimbursement of his premiumsrecovering a significant portion of his investment.

20-year protection — premiums refunded if in good health

Concrete examples

How does it work in practice?

Nadia, a teacher — traditional

Nadia, 35, has a traditional critical illness insurance policy for $100,000. When she is diagnosed with cancer, she receives a lump sum payment to cover treatments not reimbursed by RAMQ, travel to specialized centers, and to maintain her standard of living during her convalescence.

$100,000 paid for diagnosis

Isabelle, self-employed — due date

Isabelle, 30, chooses a critical illness insurance policy with a maturity date of age 65. If she makes no claim by then, she will receive a refund of her premiums. If a diagnosis occurs before then, she will receive a lump sum payment to focus on her health.

Protected up to age 65 — premiums refunded if healthy

Explorer advantage

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Be prepared if the disease strikes

A diagnosis of a serious illness changes everything—except your need for financial stability. Our advisors can help you choose the right coverage for your situation and budget.