A tax-free lump sum, typically $25K to $1M, paid 30 days after diagnosis of one of 25+ covered conditions. Cash on hand to pay the mortgage, hire help, take time off, or travel for treatment.
The four "big" conditions (cancer, heart attack, stroke, coronary bypass) trigger most claims. Comprehensive policies extend to a longer list including:
Most common claim category by far. Excludes early-stage skin cancer and most carcinoma in situ, your advisor walks through exclusions.
Both must meet specific medical-evidence criteria. Coronary artery bypass is typically a separate covered condition.
Kidney failure, liver failure, lung failure, heart transplant, listed as separate conditions in most policies.
Progressive neurological conditions covered by most comprehensive policies.
Major surgical and acute conditions covered in comprehensive plans.
Permanent sensory loss typically covered after 90-day persistence.
Cancer survivors in Canada average 18 months of reduced or zero income. Even with provincial healthcare, the costs are real: drug coverage gaps, travel for specialists, lost spousal income for caregiving, childcare during recovery. CI covers that gap.
Unlike disability insurance (income replacement, payable while disabled) CI pays a one-time lump sum, tax-free, with no restrictions on how you spend it. Pay down the mortgage, fund private treatment, take 6 months off, your choice.
| Profile | 10-year term | 20-year term | To age 75 |
|---|---|---|---|
| 30-year-old, non-smoker | $28–$42/mo | $38–$58/mo | $72–$108/mo |
| 40-year-old, non-smoker | $52–$78/mo | $78–$118/mo | $148–$215/mo |
| 50-year-old, non-smoker | $98–$148/mo | $165–$245/mo | $285–$425/mo |
| 30-year-old, smoker | $48–$72/mo | $68–$98/mo | $128–$185/mo |
Premiums shown are sample ranges. Actual rates vary materially with health history, family history of covered conditions, occupation, and carrier underwriting. Final pricing requires application and underwriting.
We compare CI products across carriers, coverage list, definitions, waiting periods, ROP options. An LLQP-licensed advisor walks through the trade-offs.