A serious illness can change everything in an instant—your health, your work, your income, and your long-term plans. Critical Illness Insurance helps protect your financial stability so you can focus on recovery, not bills.
As an independent financial advisory firm serving Quebec and Ontario, we help individuals, families, and business owners understand how critical illness protection works and compare solutions from major Canadian insurers such as Sun Life, Canada Life, Manulife, iA Financial, and Desjardins. Our approach follows all AMF and FSRA guidelines and is always tailored to each client’s unique situation.
What Is Critical Illness Insurance?
Critical Illness Insurance provides a tax-free lump-sum payment if you are diagnosed with a covered serious illness.
Common covered conditions include:
• Cancer
• Heart attack
• Stroke
• Major organ failure
• Coronary bypass surgery
• Multiple sclerosis
• Paralysis
• Severe burns
• And many more (depending on the insurer)
This benefit is paid directly to you. There are no restrictions on how the money must be used.
Why Canadians Need Critical Illness Protection
A major health event often leads to:
• Time away from work
• Reduced or lost income
• High out-of-pocket medical expenses
• Travel for treatment
• Childcare or home-care costs
• Business disruption for self-employed individuals
Government programs such as CPP/QPP, private group plans, or disability insurance may help with income replacement, but they do not provide a lump sum to cover unexpected costs or long-term financial adjustments.
Critical Illness Insurance fills this gap.
How the Benefit Helps
The tax-free payment can be used for anything, including:
• Covering monthly bills and living expenses
• Paying off debt (mortgage, credit cards, loans)
• Funding treatment or medications not covered by public or private plans
• Traveling for specialized medical care
• Hiring help at home
• Supporting your business during your recovery
• Providing peace of mind for your family
No receipts. No restrictions. The goal is financial flexibility at the moment you need it most.
Coverage Options Across Canadian Insurers
Major insurers such as Sun Life, Canada Life, Manulife, Desjardins, and iA Financial offer multiple types of critical illness solutions, including:
Traditional Critical Illness Insurance
Covers 24 to 28 illnesses depending on the insurer.
Provides the largest protection range.
Basic or Core CI Plans
A more affordable option covering the most common severe illnesses—usually cancer, heart attack, and stroke.
Return of Premium Options
Some policies allow you to receive 100% of your premiums back if you never make a claim or if you cancel the policy at certain ages.
Child Critical Illness Insurance
Protects children and offers financial support for parents, including coverage for childhood conditions and recovery benefits.
Because we are independent, we compare all major companies to help you choose the right coverage and price based on your needs.
Critical Illness for Business Owners
Business owners face additional financial risks when illness strikes. Critical illness protection can help with:
• Covering fixed business expenses
• Funding a Buy–Sell Agreement
• Protecting key employees
• Ensuring continuity while an owner recovers
Many Canadian companies combine critical illness with life and disability insurance to build a complete business protection plan.
How Much Coverage Do You Need?
The ideal amount depends on factors such as:
• Monthly expenses
• Family responsibilities
• Mortgage and other debts
• Income replacement needs
• Business obligations
• Existing group insurance
• Emergency savings
Most Canadians choose between $50,000 and $250,000, while business owners often consider higher amounts for operational security.
We help calculate the right amount based on your personal or business situation.
Eligibility and Medical Requirements
Critical illness policies usually include:
• Medical questions
• Nurse visits or fluid tests for higher amounts
• Access to preferred rates for healthy individuals
Some insurers offer simplified or no-medical options for certain ages or amounts.
Why Work With an Independent Advisory Firm
Because we are not tied to a single insurer, we compare multiple providers to help you find:
• Competitive pricing
• The most comprehensive coverage
• The best contract wording
• The most flexible return-of-premium options
• A plan that fits your long-term goals and budget
Our guidance follows provincial regulations, including AMF (Québec) and FSRA (Ontario) rules.
Protecting Your Future Starts With a Conversation
Critical Illness Insurance is one of the most powerful tools for protecting your financial stability. It provides confidence, choice, and flexibility when life takes an unexpected turn.
If you’re considering coverage for yourself, your family, or your business, the next step is a personalized review of your needs and the available options.
Book a consultation with us to explore your critical illness coverage options and receive a customized plan.
