Three reasons Critical Illness Insurance is critical to have


Critical Illness Insurance, CII for short, can protect the insured from a myriad of conditions that Canadians get diagnosed with every day.  Here are three reasons why you should consider critical illness as a part of your financial plan:


1 – Unlike life insurance, which pays out to beneficiaries or your estate, critical illness insurance provides the benefit to the insured – you.  Life insurance is great in helping look after your spouse or children if you were to pass away prematurely.  However, have you considered what would happen to loved ones if you were to survive a stroke?  Critical illness coverage can protect your ability to continue to take care of others.


2 – “I’m healthy” is a common objection to CII.  However, statistics show that more than 1 in 3 Canadians will suffer from a critical illness in their lifetime. Furthermore, the probability of surviving a critical illness before age 65 is two times greater than dying from it.  Imagine you were diagnosed with cancer tomorrow.  Where will you get the funds to pay for regular expenses and medical bills not covered by healthcare?  Hint – dipping into your retirement savings is not the solution.


3 – What happens to the money you pay in premiums if you don’t collect on the policy?  Many insurers offer return of premium riders to address this concern.  These riders can return ALL your premiums back to you in the event you pass away or reach a predetermined date without suffering from a critical illness.


Jeremy Ruban and Trevor Stark, in partnership with the Bradet-Simpson Investment Group at Richardson GMP, work hard to develop focused strategies to meet the unique needs of today’s investor.  Richardson GMP is Canada’s leading independent wealth management firm, supported by expert tax and estate planning professionals.


If you have questions, feedback or topics you would like us to write about, please contact us at (204) 953-7850 or email  You can also visit us online at


The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own legal or tax advisors for advice with respect to the tax consequences to them, having regard to their own particular circumstances. Before acting on any of the above, please seek individual financial advice based on your personal circumstances.  Richardson GMP Limited is a member of Canadian Investor Protection Fund. Richardson is a trade-mark of James Richardson & Sons Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited. Richardson GMP Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, NB, NS, PEI and NL. Additional administrative support and policy management are provided by PPI Partners.