Top critical illness insurance BC plans in 2024

Facing serious illnesses like heart attacks, strokes, or cancer not only affects your health but also strains your family. Regular health insurance in BC might not cover all the costs, and treatments can be expensive.

That's where critical illness insurance comes in. It gives you a lump sum to cover immediate medical costs and support your lifestyle. Wondering what plan is right for you? Read on!

Our guide explains how critical illness insurance works, what it covers, and the best plans in BC. Use our free tool to compare providers, get personalized quotes, and find the perfect plan for you.

What is critical illness insurance?

Critical illness insurance, also known as critical illness cover or a dread disease policy, is a type of insurance that provides financial support in case you're diagnosed with a serious or life-threatening illness. It differs from regular health insurance in several ways.

With critical illness insurance, you get:

• Specific illnesses coverage: Unlike health insurance, which covers medical expenses for any illness or injury, critical illness insurance focuses on a defined list of critical illnesses. These typically include major diagnoses like cancer, heart attack, stroke, kidney failure, and organ transplantation.

• Lump sum payout: Upon diagnosis of a covered illness, critical illness insurance pays out a lump sum amount directly to you, the policyholder. You can use this money for any purpose, such as medical expenses, lost income, living expenses, or even alternative treatments.

Critical illness insurance doesn't replace your existing health insurance — it acts as an additional layer of financial protection. While health insurance covers the cost of medical bills, critical illness insurance provides a separate lump sum to help manage non-medical expenses during a difficult time.

Find out what leading companies offer under their coverage for critical illnesses — and their cost. You can use our comparison tool below to compare the best plans and get free quotes in no time.

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How does Critical Illness Insurance BC work? 

Critical illness insurance BC works similarly to its general function, but with some specific details unique to the province:

Covered illnesses

While the specific list may vary slightly between insurance providers, it generally covers 20-25 critical illnesses in BC, often including:

• Major cancers
• Heart attack
• Stroke
• Kidney failure
• Multiple sclerosis
• Paralysis
• Blindness
• Coronary artery bypass surgery
• Major organ transplantation

Benefits

• Tax-free lump sum: Upon diagnosis of a covered illness and surviving a stipulated "survival period" (usually 30 days), you receive a one-time, tax-free lump sum payment.
• Amount of coverage: You can choose a coverage amount ranging from $25,000 to $500,000 (or more in some cases), often in increments of $10,000.
• Flexibility in use: You can use the payout for any purpose, including medical expenses, lost income, alternative treatments, home modifications, childcare or simply maintaining your lifestyle.
• Optional riders: Some policies offer optional riders for additional coverage, such as children's critical illness coverage or accelerated benefits for terminal illness.

What is the cost of critical illness insurance BC?

The cost of critical illness insurance in BC can vary widely depending on several factors, including:

1. Age: Premiums increase significantly with age, as the risk of developing a critical illness rises.
2. Health: Individuals with pre-existing health conditions will pay higher premiums.
3. Smoking: Smokers typically face higher premiums than non-smokers.
4. Coverage amount: The amount of coverage you choose will directly impact the cost of your policy.
5. Term length: Shorter term lengths generally have lower premiums than longer terms.
6. Optional riders: Adding riders like children's coverage or accelerated benefits for terminal illnesses will increase your premium.

To give you an idea, here's a rough estimate of critical illness insurance premiums in BC based on age and coverage amount:

Age group	Estimated annual premium for $100,000 coverage
20-29 years old	$500-$1,000
30-39 years old	$1,000-$2,000
40-49 years old	$2,000-$4,000
50-59 years old	$4,000-$8,000
60+ years old	$8,000-$15,000

To get accurate quotes based on your age and other factors, use our comparison tool. Just fill in some basic details and get personalized critical illness insurance quotes from leading Canadian companies in minutes.

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What are the best critical illness insurance BC plans? 

Determining the best critical illness insurance in BC depends heavily on your individual needs and circumstances.

Here are some top insurance providers:

1. Sun Life: Offers comprehensive plans with various coverage amounts and optional riders. Sun Life also has group rates for select professions.
2. Manulife: Provides flexible plans with different term lengths and payout options.
3. RBC Insurance: Known for competitive rates and customer service. RBC offers various critical illness products, including term and permanent life insurance with built-in critical illness coverage.
4. Canada Life: Known for reliable coverage and customer support. Canada Life offers both individual and group plans with customizable features.

Let’s see what they offer when it comes to critical illness insurance in BC — and what makes them a good choice.

Sun Life: Comprehensive options and group perks

Sun Life offers 4 critical illness insurance BC plans, which are very popular:

Critical Illness Insurance: Known as Sun Critical Illness Insurance, this flagship plan boasts comprehensive coverage for 26 critical illnesses and 8 minor illnesses, with payout options ranging from $25,000 to $3 million. You can choose between lifetime coverage and term lengths up to 30 years. 

• Optional riders like children's coverage and accelerated benefits for terminal illness are available.
• Plus, Sun Life offers group rates for professionals in select fields like doctors, nurses, and teachers.

Express Critical Illness Insurance: Designed for simplicity and affordability, this plan offers three tiers:

• Basic (covering cancer only)
• Enhanced (adding heart attack and stroke)
• Comfort (including major organ transplants and surgeries)

You can choose coverage amounts from $25,000 to $250,000 and terms up to 30 years.

Sun Life Guaranteed CI Protection: This plan combines critical illness coverage with guaranteed conversion privileges for future uninsurability.

• You can initially choose a lower rate with the option to convert to a fully underwritten policy later without further medical evidence.
• Coverage amounts range from $50,000 to $500,000 and terms up to 20 years.

Manulife: Flexibility and choice at your fingertips

Manulife offers the following options for critical illness insurance BC:

• Manulife Clear & Simple CI: This straightforward plan covers 25 critical illnesses, with payout options ranging from $25,000 to $1 million and term lengths up to 30 years. You can choose from a standard or accelerated death benefit option for additional financial protection.

• Manulife Select CI: Offering more customization, this plan allows you to tailor coverage to your specific needs. Choose from three levels of critical illness coverage (Essential, Preferred, and Premier) and add optional riders like children's CI and guaranteed CI payout after a specific period.

• Manulife Future CI: Designed for young adults, this plan offers affordable rates and guaranteed insurability. You can start with a lower coverage amount and increase it later without medical evidence, ensuring your needs are met as you grow older.

• Manulife CI Rider: Similar to Sun Life, Manulife offers a CI rider to add critical illness coverage to your existing term life insurance policy. This option provides valuable flexibility and combines both death benefit and CI payout in one convenient package.

If you want to know more about Manulife's critical illness insurance plans, you can use our comparator. Just fill in some basic details and get all the information you need.

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RBC Insurance: Competitive rates and tailored products

With RBC, you get the following options for critical insurance BC:

• RBC CI Secure: This basic plan offers coverage for 25 critical illnesses with payout options from $25,000 to $500,000 and term lengths of up to 30 years.

• RBC CI Choice: Offering more customization, this plan allows you to select from three coverage levels and add optional riders like children's CI and guaranteed CI payout after a specific period. This option provides greater flexibility for those seeking more comprehensive protection.

• RBC CI Preferred: Combining critical illness coverage with permanent life insurance, this plan builds cash value while protecting you against covered illnesses. This option ensures long-term financial security and provides a lump-sum payout upon diagnosis of a critical illness.

Canada Life: Reliable coverage with personalized options

Here's what Canada Life offers:

• Canada Life CI Secure: This plan offers straightforward coverage for 25 critical illnesses with payout options from $25,000 to $500,000 and term lengths of up to 30 years.

• Canada Life CI Choice: With more customization options, this plan allows you to select from three coverage levels (Essential, Preferred, and Premier) and add optional riders like children's CI and guaranteed CI payout after a specific period. This plan provides flexibility for those seeking tailored protection.

• Canada Life CI Max: Combine critical illness coverage with guaranteed life insurance in this plan. Offering guaranteed acceptance and coverage regardless of your health status, this option provides peace of mind knowing you and your loved ones are protected.

What to consider when choosing critical illness insurance?

Here is what you should keep in mind when choosing critical illness insurance BC options or in any other province, for that matter:

• Coverage: Compare the list of covered illnesses in each policy. Some may cover more specific conditions than others.
• Benefit amount: Choose a coverage amount that aligns with your financial needs and potential expenses.
• Premiums: Compare premiums across different providers and coverage amounts. Consider your budget and long-term affordability.
• Eligibility: Review the eligibility requirements, including age restrictions, health conditions, and pre-existing conditions.
• Riders and features: Decide if you need optional riders like children's coverage or accelerated benefits for terminal illness.
• Claims process: Understand the claims process and any potential waiting periods.
• Customer service: Research the provider's reputation for customer service and claims handling.