Best Calgary critical illness insurance in 2024

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

Enter critical illness insurance—it gives a lump sum for immediate medical costs and supports your lifestyle. But how do you choose the perfect plan?

Our guide explains how Calgary critical illness insurance works, its pros and cons, and highlights top plans in the region. Use our free tool to compare policies, get personalized quotes, and find the right plan for you.

What is critical illness insurance?

Critical illness (CI) is a type of insurance that provides a lump sum payment if you are diagnosed with a covered critical illness. This money can be used to help you cover expenses like medical bills, lost income, or other costs associated with dealing with a serious illness.

Both life insurance and CI offer financial protection, but:

• A life insurance pays out a benefit to your beneficiaries upon your death.
• Critical illness insurance pays out a lump sum to you if you are diagnosed with a covered critical illness, even if you recover.

Critical illnesses typically covered:

• Cancer
• Heart attack
• Stroke
• Kidney failure
• Organ transplant
• Blindness
• Paralysis
• Coma
• And more

Things to consider in Calgary:

1. Availability: While not specific to Calgary, CI availability might differ based on location and regulations.
2. Policy details: Carefully review the specific illnesses covered, exclusions, limitations, and benefit amounts.
3. Premiums: Costs can vary based on factors like your age, health, and chosen coverage.

Also, consider consulting with Calgary-based insurance brokers or advisors for specific guidance and options. You can also use our comparator below to compare different plans and get free quotes.

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How much does a Calgary critical illness insurance plan cost?

The cost for CI in Calgary depends on your age, health, desired coverage amount, and chosen policy features.

Here are rough ballpark figures to give you a general idea:

Age Range	Estimated Monthly Premium
20-29 years old	$50 - $100
30-39 years old	$100 - $200
40-49 years old	$200 - $400
50-59 years old	$400 - $800
60+ years old	$800+

Here’s how the factors we mentioned above can influence the cost of critical illness insurance in Calgary:

• Age: Premiums increase significantly with age.
• Health: Good health can lead to lower premiums.
• Coverage amount: Higher coverage translates to higher premiums.
• Policy features: Additional riders or features increase costs.
• Smoking: Smoking significantly raises premiums.

The actual costs can vary considerably based on these factors. Compare quotes from multiple insurers with your specific details to find the most affordable and suitable CI plan in Calgary. You can use our comparator in the previous section.

What are the best Calgary critical illness insurance plans?

Here are some well-known large national providers that offer critical illness insurance plans in Calgary:

1. Sun Life Financial: A highly regarded company with a long history, offering various CI plans with flexible options.
2. Manulife: Another major player in the Canadian insurance market, known for its comprehensive CI products and diverse coverage choices.
3. RBC Insurance: Part of the Royal Bank of Canada, RBC Insurance provides CI policies with competitive rates and strong financial ratings.
4. Canada Life: Offering a variety of CI products with customizable features and strong financial backing.

But what makes them a good choice? Let's find out!

Sun Life’s Calgary critical illness insurance

Sun Life provides critical illness coverage through two plans: Express and Comprehensive.

The Express plan offers coverage for up to 7 illnesses, providing benefits of up to $50,000.

• It is categorized into three tiers: Basic, Enhanced and Comfort Plus.
• Basic provides coverage for cancer only, with each subsequent tier expanding the range of coverage.
• Eligibility is open to adults under the age of 65.

Sun Life’s Comprehensive plan extends coverage to 26 illnesses, with an additional 8 qualifying for partial payouts.

• It also includes coverage for 5 childhood illnesses for individuals under the age of 24.
• The plan offers flexible terms, with coverage reaching up to $3 million for adults ($1 million for children).
• Various add-ons are available, such as the return of premiums, owner waivers, and long-term care conversion.

For adult plans, coverage amounts range from $25,000 to $3,000,000, while child plans are available in amounts ranging from $25,000 to $1,000,000.

Manulife: Flexibility and choice at your fingertips

With Manulife, you can get the following options for critical illness coverage:

• 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 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.

RBC Critical Illness Insurance in Calgary

RBC offers critical illness insurance through two distinct plans:

1. Critical Illness Insurance Plan: Designed for budget-conscious individuals, this plan provides coverage for three critical illnesses — cancer, heart attack, and stroke. It is accessible to individuals aged 18 to 50, offering benefits of up to $75,000.

2. Critical Illness Recovery Plan: A comprehensive option, this plan extends coverage to 30 different illnesses, with benefits reaching up to $2 million. Tailored to meet individual needs, the plan offers customization options and flexible term choices.

Canada Life: Reliable coverage with personalized options

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

With its CI Choice, with more customization options, you can 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.

Then we have Canada Life’s CI Max — a combination of 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.

You must compare providers and get quotes to get the best plan. While it might be time-consuming to contact them individually, you can instead simply use our free comparator below. Compare the best critical illness insurance Calgary plans, and get personalized quotes right here.

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What factors should you consider when choosing a CII policy?

Choosing the right critical illness insurance policy can be a daunting task, as it involves balancing various factors that impact your financial security and peace of mind in the face of a critical illness.

Here are some key aspects to consider:

Coverage amount

• Financial needs: Estimate potential expenses from medical bills, lost income, and ongoing care to determine the necessary coverage amount. Consider your future earning potential and family situation.
• Under/over-insuring: Avoid under-insuring, leaving you financially vulnerable, or over-insuring, leading to unnecessarily high premiums. Aim for a comfortable balance.

Benefits

• Lump sum payout: This is the primary benefit, ensuring immediate financial support. Consider how you'll utilize the funds.
• Additional riders: Some policies offer optional riders like child support riders, income replacement riders, or accelerated death benefits for added protection. Assess their value and cost-effectiveness.

Exclusions

• Pre-existing conditions: Review carefully how the policy handles pre-existing conditions, waiting periods, and potential exclusions based on your medical history.
• Specific illnesses: Not all CI policies cover the same critical illnesses. Ensure the policy covers the illnesses you're most concerned about.
• Lifestyle factors: Some policies might have exclusions for certain lifestyle factors like smoking or hazardous occupations.

Premiums

• Affordability: Choose a policy you can comfortably afford without straining your budget. Consider potential premium increases over time as you age.
• Premium structure: Some policies offer level premiums that stay constant throughout the term, while others have age-based premiums that increase over time. Choose a structure that suits your financial planning.
• Premium discounts: Investigate potential discounts for healthy lifestyles, non-smoking, or family plans.