Best Critical Illness Insurance Ontario Plans in 2024

Dealing with a serious illness like a heart attack, stroke, or cancer not only affects your well-being but also puts a strain on your family. Traditional health insurance in Ontario may not cover all the expenses associated with life-threatening conditions, and the treatments can be costly.

This is where critical illness insurance comes in. Providing a lump sum payment, it helps cover immediate medical costs and supports your lifestyle. But what is the perfect plan for you? How much critical illness insurance do you need?

Our guide breaks down how critical illness insurance operates, what it includes, its advantages and disadvantages, and the top plans available in Ontario. Use our free comparison tool to easily assess the best providers, receive personalized quotes, and discover the most suitable plan for you.

What is critical illness insurance?

Critical illness insurance is a type of insurance that pays out a lump sum benefit if you are diagnosed with a covered critical illness. In Ontario, Canada, several insurance companies offer CII coverage.

Here are some things to consider when deciding if CII is right for you:

• The cost of CII premiums: Premiums for CII can vary depending on your age, health, smoking status, and the amount of coverage you choose.
• The covered critical illnesses: CII policies typically cover several critical illnesses, such as cancer, heart attack, stroke, kidney failure, and organ transplantation. However, the specific illnesses that are covered can vary from policy to policy.
• The amount of coverage: The amount of coverage you choose will depend on your individual needs and financial situation.
• The survival period: Some CII policies have a survival period, which means that you must survive for a certain period after diagnosis to receive the benefit.

Before choosing any plan, make sure to explore multiple options — coverage, rates, exclusions, and more. Use our comparator to compare the best plans and get free quotes right here for the best deals.

What are the best critical illness insurance options in Ontario?

Here are some of the reputable and popular insurance providers in Ontario offering CII coverage. Let’s dig deep into their coverage and see what makes them a good option.

Sun Life 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 Critical Illness Insurance

Manulife offers critical illness insurance coverage through three distinct plans: CoverMe, Lifecheque, and Synergy.

• CoverMe is tailored for individuals aged 18 to 65, this plan provides a benefit of up to $75,000. It safeguards policyholders against five major illnesses, namely aortic surgery, coronary artery bypass surgery, heart attack, life-threatening cancer, and stroke.

• Lifecheque is a more comprehensive option, which offers coverage of up to $2 million and encompasses protection against 24 critical illnesses. This plan comes with flexible term options, and Manulife's advisors can assist in identifying the most suitable term for individual needs.

• Synergy is a 3-in-1 comprehensive plan, that combines life, disability, and critical illness insurance. With coverage extending up to $500,000 and encompassing up to 24 conditions, Synergy offers an affordable policy streamlined with a single application and a consolidated premium payment structure.

Canada Life Critical Illness Insurance

Canada Life presents a comprehensive and adaptable critical illness insurance package known as LifeAdvance.

• This offering allows for customization with coverage options ranging from $10,000 to $3 million, encompassing protection against 25 specified illnesses and illness assist benefits.
• Notable supplementary benefits include the availability of optional Return of Premium at Death and Return of Premium at Withdrawal riders.

For added flexibility, you can opt for either 10-year or 20-year terms, with coverage extending until the age of 75, contingent on your age at the policy's inception (before turning 65 for the 10-year term and 55 for the 20-year term).

If you like Canada Life's coverage, use our comparator to get personalized quotes from the company to get a better idea of the cost.

RBC Critical Illness Insurance

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.

What is covered by critical illness insurance?

Critical illness insurance in Canada typically covers a range of serious conditions that can significantly impact your life and finances. The specific illnesses covered can vary depending on your insurance provider and policy details, but here's a general overview of commonly covered illnesses:

• Major cancers: Most policies cover various types of invasive cancers, often excluding early-stage or non-invasive forms.
• Heart attack: This includes severe heart attacks requiring significant medical intervention.
• Stroke: Coverage usually applies to severe strokes with lasting neurological damage.
• Coronary artery bypass surgery (CABG): This critical procedure for treating blocked arteries is often covered.
• Aortic valve surgery: Replacement or repair of the aortic valve due to severe disease is often included.
• Organ failure: Some policies cover the failure of vital organs like kidneys, liver or lungs.
• Major organ transplant: Coverage may be offered for transplants like heart, lung or kidney.
• Neurological conditions: Some policies cover severe conditions like Alzheimer's disease, Parkinson's disease or multiple sclerosis.
• Blindness: Permanent, irreversible loss of vision in both eyes is typically covered.
• Deafness: Complete and irreversible hearing loss in both ears might be covered.
• Loss of limbs: Permanent loss of limbs due to accident or illness may be included.
• Coma: Extended periods of unconsciousness with minimal brain activity may be covered.

How much does critical illness insurance cost in Ontario?

Premiums for CII are highly dependent on several factors, making blanket estimates inaccurate and potentially misleading.

These factors include:

1. Age: Premiums significantly increase with age, as the risk of contracting a critical illness grows. Expect younger individuals to pay considerably less than older individuals for the same coverage.
2. Health: Your overall health and medical history play a crucial role. Pre-existing conditions or high-risk lifestyle factors like smoking can significantly increase premiums.
3. Coverage amount: The desired lump sum payout amount directly impacts the premium cost. Higher coverage naturally translates to higher premiums.
4. Policy features: Additional riders or benefits like early diagnosis coverage or specific illness riders can add to the overall cost.
5. Term of coverage: Choosing a longer coverage period generally means higher premiums compared to shorter terms.

Here’s a rough estimation for your reference:

Is there a critical illness insurance Ontario government plan?

The Ontario government does not directly offer or subsidize any critical illness insurance programs for its residents. However, there are some indirect connections between CII and the Ontario government you should be aware of:

• Employment Standards Act: Ontario's Employment Standards Act allows for critical illness leave, which gives employees up to 42 weeks of unpaid leave to care for themselves or a critically ill family member. This can provide time for individuals to focus on treatment and recovery without worrying about losing their jobs.

• Ontario Physicians Services Inc. (OPSI): OPSI previously offered an optional $50,000 CII subsidy for Ontario physicians under the Ontario Medical Association (OMA) group life insurance program. However, this program ended in 2019.

• Other government programs: Some government programs, like the Canada Pension Plan Disability (CPP-D), provide financial support for individuals with severe, prolonged disabilities caused by illness. However, these programs have different eligibility requirements and benefits than CII.

Did you like this article?

Sunny Yadav Copywriter

Sunny has over six years of experience curating engaging content spanning across industries. Specifically in finance, his expertise is insurance reviews and lending and investment topics.