Things You Need To Know Before Buying Critical Life Insurance

If you are considering investing in critical life insurance but unsure whether it is worth having, here’s the answer. Critical illnesses such as heart disease, diabetes, and cancer can potentially rip out money. In many cases, people cannot work due to these critical illnesses. Unfortunately, prolonged illnesses are not covered under medical life insurance policies. That is why a critical life insurance plan in Toronto is very beneficial.

It provides financial coverage to pay hefty medical bills and also allow you to meet daily income requirements when you are not working. However, before you invest in a critical illness insurance policy in Toronto, it is better to look after these aspects to make an informed decision. Let’s get started!

What is Critical Illness Insurance?

Critical illness insurance in Toronto is a form of medical life insurance that provides coverage against life-threatening diseases such as liver transplants, cancer, renal failure, and more. The compensation is given to the policyholder as a lump sum if diagnosed with critical life insurance. The insurance can be used to pay for medical bills and treatment expenses. In most cases, the survival period is around 30 days, and you can settle a claim during the survival period.

Key Things to Consider While Buying Critical Illness Insurance

Critical illness insurance policy in Toronto is essential for people to meet financial expenses not covered by medical insurance. However, before you make a purchasing decision, check the benefits, the premium you need to pay, the coverage amount you get, and much more.

1. Types of Diseases Covered

Each critical illness insurance plan in Toronto covers almost a similar set of diseases and illnesses. Most of the diseases covered in the critical illnesses insurance policy in Toronto are cancer, stroke, heart attack, kidney failure, liver damage, and more.

But some critical illness insurance policies don’t cover diseases such as Parkinson’s disease, Alzheimer’s disease, deafness, etc. Therefore, consider the type of diseases covered in the critical illnesses before making your purchasing decision.

2. Coverage Amount

Well, the coverage amount of the critical insurance plan in Toronto depends on the requirement and personal circumstances of the individual. The person can choose a critical insurance plan that helps to cover the medical expenses and treatment. Besides this, you can opt for an insurance plan that compensates for the income loss you suffer due to your illness.

3. Limitations and Clauses of Exclusion

Remember that critical illness insurance in Toronto has limitations and exclusions. That’s why a good insurer who guides you regarding the fine print of these limitations and clauses is needed. Moreover, they help you to know what is not covered in the critical insurance policy.

4. Benefits

Whenever you invest in a critical illness insurance plan in Toronto, the biggest thing you need to check is the benefits you receive with your policy. Some of the critical illness insurance policies in Toronto provide lump sum payments to the policyholder if you are diagnosed with the critical disease covered under the insurance plan. On the other hand, some critical illness insurance plans in Toronto provide maximum coverage for lost income and medical expenses.

Therefore, whenever you choose any critical illness insurance plan in Toronto, check what type of benefits you receive. You can also ask several questions regarding insurance benefits and perks you have.

5. Premium Amount

Policy premiums may vary according to the critical illness insurance providers. Above this, the premium will be decided according to the coverage you ask for and many other factors. Before investing in a critical illness insurance policy in Toronto, check the premium amount offered by different insurance providers. Moreover, you can also get advice from insurance advisors to make the best decision.

6. Co-payments and Deductibles

Critical illness insurance in Toronto comes with numerous co-payments and deductibles. These deductibles are the amount the policyholder pays the insurance provider before their critical illness insurance plan in Toronto begins.

Like you compare benefits and premium amounts, do not forget to compare the co-payments and deductibles of the critical insurance policy in Toronto. This helps to fund the best policy that fits your requirements adequately.


Here you go! Comparison and questions are always necessary to make the best decision. Before investing in a critical illness insurance policy in Toronto, you have some key things to check. Understanding each aspect of a critical insurance policy is excellent for getting maximum benefits and meeting finance requirements.

If you need assistance making the right decision about a critical illness insurance plan in Toronto, we can guide you. INSUREDCAN has the best insurer advisors who can guide you and help compare different insurance provider plans. Contact us today to get a quote.

Our Partners

Foremost insurers for your financial freedom