Critical illness insurance

Critical illness is not something any of us like to think about, but unfortunately it becomes a reality for many. Despite our progressive health care system, we still are faced with increased waiting periods and out of pocket expenses for additional equipment, alternative treatments and loss of income. Critical illness insurance can take some of the burden off you and your loved ones so that you can focus on the things that are most important to you, without having to sacrifice your future plans due to financial hardship today.

How you can get critical illness insurance to work for you

Critical illness insurance is unlike any other living benefit in that it is not based on your ability to work or earn income. Critical illness insurance is a tax-free lump sum benefit payable due to the occurrence of a life altering illness (according to the definition of the insurance carrier). The benefit is paid after a specific waiting period (30 days in most cases), and these funds can be used for whatever you deem to be a priority. If not used, a critical illness policy can be structured to return to the owner all premiums paid over the course of the policy’s life (subject to the policy being in force for at least 15 years).

Did you know?

Canada is the only country that offers guaranteed level cost for critical illness insurance coverage today. Common uses include:

  • Out of country treatment
  • Coverage of a healthy spouse's lost income
  • Alternative treatments
  • Medications which are not covered by the public health care
  • Vacations
  • Home or vehicle modifications
  • Debt repayment
  • Home care

Get the most out of critical illness insurance

While there are many emotional issues to deal with when someone is diagnosed with a critical illness, one issue that often gets overlooked is the financial burden it can place on family and loved ones. Critical illness insurance allows you to focus on the things that are most important to you and takes the worry out of your financial future.


To learn more about critical illness insurance or receive our complimentary publication on the subject, please contact us.


Insurance services are offered through Richardson Wealth Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, NB, NS, NL and PEI. Additional administrative support and policy management are provided by PPI Partners. Insurance products are not covered by the Canadian Investor Protection Fund. Richardson Wealth Limited is a member of Canadian Investor Protection Fund. Richardson Wealth is a trademark of James Richardson & Sons, Limited used under license.