What is critical illness insurance?
Definition
Educational information only. Last reviewed August 25, 2026.
How it works in Canada
The benefit is not tied to receipts or lost income and can be used for any purpose. Contractual definitions of each covered condition govern eligibility, so two policies listing the same conditions may not pay in the same circumstances.
Example
A policyholder diagnosed with a covered cancer may use the lump sum for treatment travel, unpaid leave for a spouse, or business continuity costs.
Learn more
Written and reviewed by CanadaGFI.ca Editorial Team
Licensed insurance and financial professionals contributing to CanadaGFI.ca
Published and last reviewed August 25, 2026. Read our editorial policy and disclosures.
This page is educational information about Canadian financial concepts. It is not personalized financial, tax, insurance or legal advice, and it does not consider your individual circumstances. Product availability, eligibility, pricing and tax treatment depend on the provider, your situation and current Canadian rules. Speak with a professional licensed in your province before acting.
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