A lump sum if you're diagnosed with a covered serious illness.
Critical illness insurance pays a tax-free lump sum if you're diagnosed with a covered condition — giving you room to focus on recovery instead of worrying about bills, travel for treatment, or lost income during time off.
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A policy that pays you a lump sum if you're diagnosed with a serious illness it lists, such as certain cancers, heart attack or stroke, and you meet the policy's conditions. It is not the same as health or disability insurance.
No. Only the conditions the policy names, and only when they meet the policy's definition. Definitions matter, because some early-stage conditions are excluded or pay a smaller amount. Read the definitions, not just the list.
Usually anything. The payment goes to you, and you decide how to use it: treatment costs, time off work, travel for care, or everyday bills. You generally don't need to send receipts.
Critical illness insurance pays a one-time lump sum when you're diagnosed with a covered condition. Disability insurance pays regular income while you can't work, for any covered illness or injury.
Critical illness benefits from a personal policy are generally not taxable in Canada. A tax professional can confirm how it applies to you.
Pick your province or territory for a plain-language overview of how insurance works there.