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Critical Illness Insurance: a requirement?

Comment choisir le bon montant pour mon assurance vie ?

Critical Illness Insurance allows you to focus on your recovery and preserve your financial security and that of your family. To better understand this type of insurance, we have created a guide that delves into the topic and answers your questions.

What is critical illness insurance?

Critical illness insurance provides you with a tax-free lump sum if you are diagnosed with a serious medical condition, such as cancer, heart attack or stroke. With this amount, you can do the following:

  • Stop working during treatment or recovery
  • Enjoy financial peace of mind during your recovery period
  • Access private health services or treatment outside the country
  • Stay close to the hospital that provides the health services
  • Get help at home

You can choose an amount that corresponds to your needs.

Who is this insurance for?

The vast majority of Canadians need critical illness insurance because everyone is vulnerable to future health problems. Critical illness insurance will allow you to tackle the problem with a reduced financial burden. This insurance is valid for a child, a healthy adult or an older individual.

Still have questions about the critical illness insurance offered by Matcha Insurance? Our financial security advisors are available to answer any questions you may have and to reassure you.

Contact us now by calling 1 844 532-3228 or Book an Appointment.

Which critical illnesses are covered?

There are several critical illness insurance coverages. Here are two very common options: The first covers the four most commonly diagnosed critical illnesses in Canada, while the second, more comprehensive option, provides you with coverage for the diagnosis of 25 or more serious illnesses. The price may vary depending on the number of diseases covered under your plan.

Four major serious illnesses in Canada: 

  • Stroke (cerebrovascular accident)
  • Heart surgery (coronary artery bypass surgery)
  • Cancer
  • Heart attack (myocardial infarction)

26 critical illnesses generally covered with your more comprehensive insurance:

  • Cancer
  • Autism
  • Aplastic Anemia
  • Third-degree burns
  • Blindness
  • Coma
  • Some types of diabetes
  • Muscular dystrophy
  • Cystic fibrosis
  • HIV diagnosis
  • Cardiovascular event
  • Stroke (cerebrovascular event) producing neurological sequelae
  • Major organ transplant
  • Multiple sclerosis
  • Alzheimer’s disease
  • Parkinson’s disease
  • Myocardial infarction
  • Coronary artery bypass surgery
  • Meningitis
  • Paralysis and Cerebral Palsy
  • Loss of speech
  • Loss of autonomy
  • Loss of Limbs
  • Deafness
  • Heart valve replacement
  • Benign brain tumour

What is the difference between critical illness insurance and disability insurance?

Disability Insurance

  • Pays you an amount if you become disabled as a result of an accident or illness that prevents you from working.
  • Monthly amount paid for a specified period (more details on this insurance here)

Critical Illness Insurance

  • Pays you an amount if you are diagnosed with a critical illness covered by your policy
  • The amount is paid in full at the time of the claim

If you become disabled as a result of a critical illness, you can make claims under both critical illness insurance and disability insurance.

What is the typical cost of critical illness insurance?

Several factors influence the cost of critical illness insurance:

  • The amount and term of your insurance policy
  • Your age and gender
  • Your health status
  • If you smoke

The price varies depending on the other related coverages you have.

For example, here is a table that uses three different profiles of insureds, with prices from one insurer.

Profiles: Men

Cost of monthly premium

Person 1, 29, non-smoking, professional
$100,000 critical illness coverage over 20 years

As little as $28

Person 2
55, non-smoking, office worker
$100,000 critical illness coverage over 10 years

As little as $130

Person 3, 45, smoker, manual worker
$100,000 critical illness coverage over 10 years

As little as $101

T25: term insurance 25 years

Profiles: Men

Person 1, 29, non-smoking, professional
$100,000 critical illness coverage over 20 years

Cost of monthly premium

As little as $28

Person 2 55, non-smoking, office worker $100,000 critical illness coverage over 10 years

Cost of monthly premium

As little as $130

Person 3, 45, smoker, manual worker
$100,000 critical illness coverage over 10 years

Cost of monthly premium

As little as $101

T25: term insurance 25 years

Profiles: Women

Cost of monthly premium

Person 1, 29, non-smoking, professional
$100,000 critical illness coverage over 20 years

As little as $28

Person 2 55, non-smoking, office worker $100,000 critical illness coverage over 10 years

As little as $121 

Person 3, 45, smoker, manual worker $100,000 critical illness coverage over 10 years
As little as $96

T25: term insurance 25 years

Profiles: Women

Person 1, 29, non-smoking, professional
$100,000 critical illness coverage over 20 years

Cost of monthly premium

As little as $28

Person 2
55, non-smoking, office worker
$100,000 critical illness coverage over 10 years

Cost of monthly premium

As little as $121

Person 3, 45, smoker, manual worker
$100,000 critical illness coverage over 10 years

Cost of monthly premium

As little as $96

T25: term insurance 25 years

What are the main benefits of my critical illness policy?

  1. Option to receive a premium refund after a predetermined period in the policy if no benefit has been paid
  2. Access to integrated counselling services for you and your family during a health crisis
  3. Versatility and flexibility based on your personal or family needs
  4. Multiple optional coverages and built-in options for your customized needs
  5. Non-taxable benefit

What are the most common exclusions related to my contract?

The CI policy details your coverage, and it is these definitions that allow the insurer to accept or reject your claim. So it’s very important for you to read the policy carefully to make sure it fits your needs. Your broker can also answer any questions you may have.

However, the following exclusions are found in most critical illness policies:

  • No claim will be accepted in the event of a diagnosis or signs or symptoms occurring within the first 90 days after your insurance is issued
  • No benefits will be paid in the event of the insured’s suicide, or an intentionally self-inflicted injury: your insurance never covers these situations

Compare critical illness insurance quotes

It is important to take the time to shop around so that you get the best value for your money and your needs.

When shopping for insurance, do not shop with multiple insurance brokers; the price of an insurance product is the same for all brokers. However, if you want to compare the prices of different insurers, an independent broker (like us!) will be able to help you.

We invite you to discuss critical illness insurance with your advisor. Your contact will be able to assess your situation and present you with the options of the various insurers, taking into account their specific circumstances and yours.

To access this coverage, contact one of the brokers at Matcha Insurance.

On the same subject

How do I file a complaint?

  • In case of dissatisfaction, start by getting in touch with our Director of operations, Mrs Sylvie Chartrand:
    Mrs Sylvie Chartrand
    Director of operations :
    sylvie.chartrand@matchainsurance.ca
    Telephone : 1 844 532-3228
  • If you are not satisfied with her response, you can contact our Complaints officer to make a formal complaint:
    Mr. Jean-Patrice Dozois
    Assistant Vice-President, Legal Affairs & Compliance
    1705-625, Avenue President-Kennedy
    Montreal (Québec) H3A 1K2
    Email: jean-patrice.dozois@humania.ca
    Telephone: 1-800-363-1334 or from Montreal: 514-485-1334, ext. 307
    Fax: 1-844-773-4999

The complaint must be filed in writing. If you need help filing your complaint, you may call Ms. Marie-Kim Larouche, Legal advisor, at 1-800-363-1334 ext. 479.

Any complaint made in writing to our Complaints officer will be recorded in Matcha Insurance’s complaints registry if it includes at least one of the following:

  • A reproach against Matcha Insurance;
  • The identification of real or potential harm that a consumer has sustained or may sustain; or
  • A request for remedial action.

A complaint file is opened for each complaint. The file includes all of the documents required to assess your complaint.