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Critical illness insurance benefits:
- The benefits you receive are not taxable
- You do not need to justify how you spend the money—you can use it as you see fit
- It helps you cover additional expenses caused by the illness (medications, adapted equipment, experimental treatments not covered by public health insurance, rehabilitation costs and other private medical expenses)
- It helps you cover your financial commitments if you experience a decrease or loss of income
- You can use the money for home care for you and your family, such as meal preparation and homework help
- You can use the money to provide some financial flexibility as you recover so that you can work part time or extend your sick leave to take some time for yourself
Coverage adapted to your needs
This insurance offers a number of coverage options depending on your needs. It covers diseases such as cancer and stroke, but also other conditions such as paralysis, various childhood conditions, and loss of autonomy. Make sure you are fully covered with Transition.Find out about Transition
Cancer Guard is a simplified issue product designed to protect your finances if you are diagnosed with cancer. No medical exams or blood tests are required for this insurance. You just need to answer a few questions to confirm your eligibility.Find out about Cancer Guard
Kiddy Plan (free)Find out about Kiddy Plan
"At the age of 35, Scott Dempsey purchased the Transition product on the advice of his financial advisor. Nine years later, he developed a disease that led to him losing his sight. Having lost his job, he resigned himself to putting his house up for sale. Shortly thereafter, the advisor Greg Baldwin arrived at Scott’s home with reassuring news: a cheque for $100,000! Scott embraced him, while his spouse removed the “For sale” sign that was in front of their home."
Compare our critical illness insurance products
|Transition – 25 Illnesses
|Transition – 4 Illnesses
|Kiddy Plan (free)
|Age of eligibility
|$10,000 to $3,000,000
|$10,000 to $3,000,000
|$5,000 to $150,000
|Up to $2,000
|No medical exam
|Ability to sign up online
|25 illnesses + 5 childhood illnesses
|4 illnesses + 5 childhood illnesses
|10/20/25 years, to age 75, or for life
|10/20/25 years, to age 75, or for life
|10/20 years or to age 75
|Free service: medical second opinion (MediGuide)
Frequently Asked Questions
What is the difference between critical illness insurance and life insurance?
Life insurance provides payment of a non-taxable sum to beneficiaries following the death of the insured.
Critical illness insurance provides payment of a non-taxable sum as financial support following the diagnosis of a covered critical illness to assist you during your recovery.
What illnesses are covered by critical illness insurance?
It all depends on the insurance product and options you choose. To find out more about the illnesses covered, you can view the details for each product on the product page.
Note that in order for a benefit to be paid, the specialist’s diagnosis of the insured’s medical condition must meet the exact criteria set out in the contract.
Why would I need critical illness insurance if I am already covered by provincial health insurance?
Provincial health insurance covers only certain expenses for care that is required based on your medical condition. It does not reimburse certain additional expenses, such as home care and certain medications.
Critical illness insurance is an excellent complement to the provincial plan because the amount paid can allow you to:
- Replace your income, or even your spouse’s income so that he or she can take time off work to accompany you during your treatments
- Pay for assistance at home
- Pay for medications not covered by provincial health insurance
- Pay the costs of treatment abroad
- Continue repaying financial obligations such as your mortgage
I already have disability insurance. Why would I need critical illness insurance?
These two products meet different needs.
Disability insurance provides a non-taxable monthly benefit during your disability to replace a portion of your income if you are unable to work due to injury or illness.
Critical illness insurance provides payment of a non-taxable lump sum that can be used to cover your financial commitments, treatment costs, medications, travel to medical appointments and other expenses incurred as a result of the illness.
How many times can I use my critical illness insurance to make claims?
Critical illness insurance offered by iA provides two types of coverage, depending on the critical illness that the insured is diagnosed with.
Coverage for certain early-detected, non-life-threatening illnesses provides for a partial benefit payment up to four times for the duration of the policy. Payment of this partial benefit does not terminate the policy.
Coverage for certain other, more serious life-threatening illnesses, such as cancer or heart attack, provides for a one-time lump sum payment during the policy term. This payment terminates the policy.
To learn more about critical illness coverage, contact an advisor.
When can I make a claim?
You can make your claim as soon as you are diagnosed with a condition covered by your insurance.
Are the benefits I receive from my critical illness insurance taxable?
No. The lump sum paid to you is non-taxable.
How much critical illness coverage do I need?
It all depends on your situation.
The Transition Index helps you assess your needs and the financial impact of a critical illness diagnosis.
You can also use our Critical Illness Insurance Calculator to quickly determine how much you would need if you were diagnosed with a critical illness and had to take an extended absence from work.
You can then speak with a financial security advisor for a complete evaluation.
Can I get critical illness insurance if I have already had cancer?
Yes, it’s possible. Generally speaking, however, the person wishing to be insured must have been in recovery for a certain period of time before being able to obtain new insurance. The time between recovery and the purchase of a new product may vary.
Contact one of our advisors to evaluate your situation.