Canada Life Critical Illness Insurance Review (2023)
Great critical illness insurance is an incredible asset if the worst happens. Not only can a heart attack, stroke or cancer diagnosis sideline you from working, but the financial aspect can be a difficult weight to bear alone.
Have you ever thought about how you would provide for yourself and your dependents if you were to get ill? Whereas disability insurance can provide you with a monthly income when you are stopped from working, critical illness insurance can provide a large lump sum payment to defray the immediate costs of medical care and lifestyle changes.
Critical illness insurance comes in a wide range of coverage types and benefit amounts, so it is not always easy to pick the best one for you.
Are you wondering if Canada Life’s critical illness insurance is right for you? This page explores their offer in detail. Get our Canada Life review, a breakdown of available coverage options and much more.
Who is Canada Life?
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. Some of their popular products include their private health insurance plans, but it also offers compelling life insurance products and disability insurance.
On January 1, 2020, The Canada Life Assurance Company, The Great-West Life Assurance Company, 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 includes life, disability, health and dental, creditors and critical illness insurance.
Below we look at Canada Life's critical illness insurance coverage.
Why sign up for Canada Life critical illness insurance?
Critical illness insurance from Canada Life or another provider give 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
Beside 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.
Our review of Canada Life:
Canada Life is a major critical illness insurance provider in Canada, but not all clients have the same needs or situation. Here is what we like about Canada Life’s critical illness insurance offer and some considerations to weigh as you shop for coverage options.
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 available
- 25 covered illnesses
- Illness Assist Benefit for 8 other conditions
- Loss-of-independent existence rider available
Cons of Canada Life critical illness insurance:
- Application requires speaking with an advisor
- Information about Canada Life critical illness is limited on the website
Find a critical illness insurance policy that's right for you
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.
Disability insurance and critical illness insurance
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
-Benign brain tumour
-Coronary artery bypass surgery
-Dementia, including Alzheimer's
-Heart valve replacement or repair
-Loss of limbs
-Loss of speech
-Major organ failure on waiting list
-Major organ transplant
-Motor neuron disease
-Occupational HIV infection
-Parkinson's disease and specified
atypical parkinsonian disorders
Additionally, the Illness Assist Benefit offers assistance with the following conditions:
-Ductal breast cancer in-situ
-Early chronic lymphocytic leukemia
-Early prostate cancer
-Early thyroid cancer
-Gastrointestinal stromal tumours
-Grade 1 neuroendocrine tumours
-Superficial malignant melanoma
Finally, a optional rider is available for loss-of-independant existance.
Be aware that plans may cover fewer conditions than those listed below.
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 reach one through the Canada Life website to arrange a virtual or telephone meeting with one of their advisors.
Before settling on an offer with Canada Life it's smart to compare critical illness insurance quotes from other providers. You can do this below to be put in contact with an expert.
Shop critical illness policies now
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. Pricing varies widely based on the following factors
- 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 indication. Speak with an advisor for an exact Canada Life critical illness insurance quote.
|Age||Price per month|
|51 to 55||$27|
|56 to 60||$44|
|61 to 65||$56|
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.
How do I contact Canada Life?
You may reach Canada Life regarding existing individual disability insurance at 1-888-252-1847.