Our Review on Canada Life's Critical Illness Insurance

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Alexandre Desoutter updated on 6 May 2024

Critical illness insurance is essential in Canada, providing crucial financial support in the face of serious health issues like heart attacks or cancer. However, finding the right plan can be challenging due to the wide range of coverage types and benefit amounts.

Canada Life stands out as a reputable provider, but you should carefully evaluate factors such as coverage, pros, cons, and costs to determine if it aligns with your specific needs. Read this review to find everything you need to know about Canada life critical illness insurance.

You can also use our free comparator to get personalized quotes from Canada Life and other big providers, compare them, and find a plan that truly fits your needs right here.

Canada Life Critical Illness Insurance: Key Takeaways

  1. Canada Life, founded in 1847, is a reputable insurance company.
  2. Canada Life Critical illness insurance covers 25 major illnesses.
  3. It offers benefits from $10,000 to $3 million.
  4. The plans offer flexibility with permanent and level premium options.
  5. Speaking to an advisor is essential for personalized policy information.

Our 2024 review of Canada Life Critical Illness Insurance

Canada Life, established in 1847, stands out as a reliable provider of critical illness insurance, offering comprehensive coverage for 25 major illnesses with benefits ranging from $10,000 to $3 million. Its flexibility, including permanent and level premium options with Return of Premium riders, caters to various needs.

Best suited for those seeking a well-established company with versatile coverage and flexible plans, Canada Life may be less suitable for individuals looking for extensive online plan details without direct advisor consultation. Overall, it provides a robust financial safety net for those facing critical health challenges.

If you think Canada Life is the right choice for you, you can get a personalized quote in a few seconds right here.

Pros of Canada Life Critical Illness Insurance

  • Coverage for life
  • Coverage up to $3 million
  • Return of Premium riders available
  • Permanent and level premium options are available
  • 25 covered illnesses
  • Illness Assist Benefit for 8 other conditions
  • Loss-of-independent existence rider available

Cons of Canada Life Critical Illness Insurance

  • The application requires speaking with an advisor
  • Information about Canada Life critical illness is limited on the website

If you want to see how Canada Life critical illness fares against other policies, you can do it using our comparator below. Compare multiple plans and get personalized quotes right here in seconds.

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Who offers Canada Life critical illness insurance?

The Canada Life Assurance Company was founded in 1847, making it Canada’s first domestic life insurance company. Canada Life has expanded since and now provides insurance and wealth management products and services in Canada and beyond under subsidiary and partner brands.

On January 1, 2020, The Canada Life Assurance Company, The Great-West Life Assurance Company, the London Life Insurance Company, and their holding companies unified under the Canada Life brand. Today the companies have been combined and operate under The Canada Life Assurance Company name. They provide a wide range of insurance products that include life, disability, health and dental, creditors, and critical illness insurance.

Why sign up for Canada Life critical illness insurance?

Critical illness insurance from Canada Life or another provider like BMO Critical Illness Insurance or Manulife gives you a powerful financial safety net should you contract a critical illness or condition. A serious diagnosis is likely to affect your ability to work while engendering serious expenses. These include:

  • Medical costs and specialists not covered under a different policy
  • Transportation to see specialists
  • Chair lifts or ramps at home
  • Therapy and counseling
  • Retrofitting vehicles for accessibility

Besides these additional costs, you still need a plan for continuing to pay your rent or mortgage, child care, groceries, and other day-to-day living expenses. The flexibility of the large lump-sum benefit from critical illness insurance means that you'll have the ability to cover these bills as you see fit. You can take care of yourself and your family while focusing on recovery.

How much does Canada Life critical illness insurance cost?

Unfortunately, it is difficult to provide an accurate price range for Canada Life Critical Illness Insurance as it is highly dependent on individual needs, budget, and health conditions. Pricing varies widely based on the following factors:

  • Age
  • Pre-existing conditions
  • General Health
  • Smoking status
  • The amount of coverage desired

For general information, the table below summarizes the average price of critical illness insurance for various ages with a $25,000 benefit for the average provider. This is meant solely to provide a rough estimate. Speak with an advisor for an exact Canada Life critical illness insurance quote.

AgePrice per month
Under 25
51 to 55
56 to 60
61 to 65
Example critical illness quotes by age

Good to know

Need help deciding how much coverage to buy from Canada Life? Our critical illness insurance calculator can help you make an informed decision.

What critical illness insurance plans does Canada Life offer?

Canada Life has a comprehensive and customizable critical illness insurance offer under the LifeAdvance name. Coverage is available between $10 000 and $3 million and they cover 25 illnesses and illness assist benefits. Additional benefits include optional Return of Premium at Death and Return of Premium at Withdrawal riders.

10-year and 20-year terms are available with coverage until you turn 75 (before your 65th and 55th birthdays respectively). For more on Canada Life's critical illness insurance offer see the pdf below.

We recommend that you compare coverages of other plans like Blue Cross critical illness insurance, Desjardins critical illness insurance, and more before settling on a policy. You can speak to the company representatives to get quotes and compare. But this may be a time-consuming process.

Alternatively, you can use our free comparator tool to explore the best critical illness insurance plans in Canada from multiple providers and get free personalized quotes in no time.

What illnesses and conditions qualify for Canada Life critical illness insurance?

The following illnesses and conditions may qualify a Canada Life policyholder for critical illness benefits.

  • Acquired brain injury
  • Aortic surgery
  • Aplastic anemia
  • Bacterial meningitis
  • Benign brain tumour
  • Blindness
  • Coma
  • Coronary artery bypass surgery
  • Deafness
  • Dementia, including Alzheimer's disease
  • Heart attack
  • Heart valve replacement or repair
  • Kidney failure
  • Life-threatening cancer
  • Loss of limbs
  • Loss of speech
  • Major organ failure on waiting list
  • Major organ transplant
  • Motor neuron disease
  • Multiple sclerosis
  • Occupational HIV infection
  • Paralysis
  • Parkinson's disease and specified atypical Parkinsonian disorders
  • Severe burns
  • Stroke

Additionally, the Illness Assist Benefit offers assistance with the following conditions:

  • Coronary angioplasty
  • Ductal breast cancer in-situ
  • Early chronic lymphocytic leukemia
  • Early prostate cancer
  • Early thyroid cancer
  • Gastrointestinal stromal tumors
  • Grade 1 neuroendocrine tumors (carcinoid)
  • Superficial malignant melanoma

Finally, an optional rider is available for loss-of-independant existence. You must note that plans may cover fewer conditions than those listed above.

Good to know

Different insurers have different criteria for determining the severity of an illness or condition and whether it qualifies. If you have questions, it's best to refer to the policy documents and speak with your insurance broker or Canada Life advisor.

How do I apply for Canada Life insurance?

Canada Life critical illness insurance coverage is available through its licensed insurance brokers. Alternatively, access the Canada Life website to arrange a virtual or telephone meeting with one of their advisors.

You can also use our comparator below to get a quote from Canada Life based on your individual needs. Before settling on an offer with Canada Life it's smart to compare critical illness insurance quotes from other providers. You can do that using our comparator below and get quick results.

Shop critical illness policies now

Compare prices then speak with an expert

How do I contact Canada Life?

You may reach Canada Life at 1-888-252-1847 or 1-833-750-27881 from Monday to Friday, 8 am - 6 pm ET. Authorized personnel will speak with you and explore the best options for you based on your needs and budget.

You could alternatively book an appointment on the Canada Life website by clicking on the "Book online" option that you will find under the "Contact Us" section. Based on the answers to a few basic questions on what you're looking for, an expert will get in touch with you based on a time of your convenience.

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Alexandre Desoutter Redactor in chief

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a contributor to several publications. In this sense, his role leads him to carry out steering and support work with all HelloSafe editors and contributors so that the editorial line defined by the company is fully respected and declined through the texts published daily on our platforms. As such, Alexandre is responsible for implementing and maintaining the strictest journalistic standards within the HelloSafe editorial staff, in order to guarantee the most accurate, up-to-date information on our platforms and expert as possible. Alexandre has in particular undertaken for two years now the implementation of a system of systematic double-checking of all the articles published within the HelloSafe ecosystem, able to guarantee the highest quality of information.