Critical Illness Insurance - Free Online Calculator
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Critical illnesses are unfortunately widespread in Canada. Recent statistics show that around 8% of adults have a diagnosed heart condition and 2 out of 5 Canadians are expected to be diagnosed with cancer throughout their lifetime. 1 out of 4 Canadians is expected to die of cancer.
This is where critical illness insurance comes into the picture, providing a crucial safety net for you and your family in the face of such health challenges that could lead to emotional and financial burdens. It provides you a lump sum payout if you are diagnosed with a covered serious illness, offering financial support that can be used as per your needs.
But how much critical illness insurance do you exactly need? How do you calculate it? Read on to find out.
Why should I use a critical illness insurance calculator?
A critical illness calculator allows you to determine if critical illness insurance is worth it for you. It will help you look at different scenarios and visualize the difference made by greater or lower contributions. It can also help you see the pros and cons of different critical illness insurance providers.
Good to know
Disability vs critical illness insurance: Disability insurance is designed to provide a source of income replacement if you are unable to work due to a disability or illness. Critical illness coverage will not replace a loss of earnings due to inability to work. It provides a lump-sum payment upon diagnosis of a specified critical illness, such as cancer, heart attack, or stroke.
Once you learn how much critical illness insurance you need, you can use our free comparator tool to compare the best critical illness insurance plans in Canada and free personalized quotes from the best providers right here.
Find a critical illness insurance policy that's right for you
How to use the critical insurance calculator?
This tool will help you calculate how much critical insurance coverage is right for you. First, you will input your monthly income and how many months of coverage you require. To quickly estimate how much critical illness coverage you need, you can multiply your monthly income by the number of months you would like to be covered.
Next, you should consider additional costs related to illness. We suggest taking into account the costs of transportation to and from the hospital, the installation of accessibility aids around the home, etc.
Then you can choose how much of your savings would be available to you in case of critical illness and how much you would be willing or able to draw upon.
Finally, you can take into account any existing disability insurance or life insurance you already have in place.
How does critical illness insurance in Canada work?
Critical illness insurance in Canada gives a lump sum of money to a beneficiary, after a waiting period set out in the contract, if they are diagnosed with one of the illnesses defined in the policy.
The lump sum is given as a one-time payment and is typically equivalent to 100% of the amount specified in the insurance policy. Hence it is important to know the amount you would need before purchasing. The critical illness insurance calculator gives you an idea of how much money you would need in the event of a critical illness diagnosis.
How much does critical illness insurance cost?
The pricing of your critical illness insurance will depend on the amount of coverage you require, your budget, your health and family situations, and the duration of the coverage that suits you. Some providers like BMO Critical Illness Insurance offer discounts for non-smoking adults.
Some insurance providers cover more illnesses than others. Most cover around 26 but there are budget options, for example with Canada Life Critical illness insurance, that cover just the big 4: heart attack, cancer, stroke, and coronary artery bypass surgery. Additionally, some providers offer insurance that specifically deals with cancer, such as iA (Industrial Alliance).
Here is a general overview of how much critical illness insurance would typically cost you.
| Coverage Amount | Monthly Premium Range |
|---|---|
| $50,000 | $20 - $70 |
| $100,000 | $30 - $100 |
| $250,000 | $50 - $150 |
| $500,000 | $80 - $200 |
These are rough estimates, and actual costs can vary based on individual circumstances. It's recommended to request personalized quotes from insurance providers for accurate pricing tailored to specific needs and factors. To find the best critical illness insurance for you, and get accurate quotes, shop around online or simply use our life insurance comparison tool and get quick results.
Find a critical illness insurance policy that's right for you
What does critical illness insurance cover in Canada?
Critical illness insurance in Canada provides coverage for a range of serious medical conditions. Commonly covered illnesses include cancer, heart attack, stroke, coronary artery bypass surgery, kidney failure, major organ transplant, multiple sclerosis, and more.
Early discovery benefits for certain early-stage conditions may also be included, offering additional support. You must read policy details as coverage can vary across providers and based on your age, the extent of protection you want, and pre-existing conditions.
