Critical Illness

What if you have cancer, heart attack or a stroke?

Get tax-free cash to use the way you want when diagnosed with a covered condition.

Leading critical illness insurance plans cover over 20 conditions. If you are diagnosed to get a tax-free benefit to use as you wish. If you don't have a claim, you can get your money back.

The basics

This video from Sun Life Financial gives a quick overview of critical illness insurance:

How would you use the money?

Here are some ways:

  • pay your mortgage
  • take time off work
  • arrange for additional childcare
  • travel to receive specialized treatment without waiting
  • access whatever help you need
  • cover expenses which provincial health plans exclude, such as
    • life-saving drugs
    • medical equipment
    • home renovations to accommodate a wheelchair

How a 39 year old used his benefits after a heart attack in December 2017.

How likely is a critical illness?

The statistics are scary. You're more likely to survive what killed in the past. There can be a big effect on your finances though. You can self-insure by using money saved for retirement or by taking a loan against home equity. Maybe critical illness insurance is cheaper and provides more peace of mind.

What if you already have disability insurance?

Disability (or income replacement) insurance is for disability risk. Critical illness insurance is for morbidity risk. These risks are different, though there may be overlap. For example, if you have a critical illness like cancer, you may be unable to work and qualify for disability benefits too.

Some of both may be better than all of one — or none of either.

What if you already have long term care insurance?

Some critical illness plans overlap with long term care insurance. This may be a more cost effective solution than buying separate plans. Some critical illness plans can be converted to long term care insurance.

What conditions lead to claims?

RBC CI Claims Data - Claims for each condition.pdf

Treatment Costs

RBC CI Cost of covered conditions.pdf

Sample Contract

RBC CI Sample Contract (to age 75 non-cancellable) 2017.pdf

Application Form

RBC CI Application (fillable).pdf

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