What is critical illness insurance?
Critical illness insurance, in its present form, was introduced to the Canadian market in 1993. Although previous forms of critical illness policies existed in the 1980s and can be traced back to as early as the 1950s, these policies were limited in range and scope.
The critical illness insurance that is available today is designed to meet the needs and challenges people face in their ever-changing circumstances and environments.
More specifically, critical illness insurance is designed to help you effectively confront and meet the financial challenges associated with the diagnosis, treatment, and recovery from a life-altering illness.
Critical illness insurance differs from life insurance, disability insurance, extended health coverage, personal health insurance, and long-term care insurance. Unlike the aforementioned, critical illness insurance provides you with a one-time cash payment if you are diagnosed with an illness covered by the policy you select, providing you meet the requirements of the contract.
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