Critical Illness Insurance Canada

Survive the Illness without Killing Your Finances

Modern life brings modern risks. While we enjoy more comfort than ever, factors like stress, poor diet, and lack of exercise have led to a sharp rise in major health events.

Medical science has advanced enough to save your life—but can your bank account survive the recovery?

At PankajBhatia.ca, we believe your only focus during a health crisis should be getting better, not worrying about how to pay the bills. Critical Illness Insurance provides a tax-free lump sum of cash exactly when you need it most.

Why Do You Need It?

Most Canadians assume their government health coverage is enough. It isn't. OHIP or provincial plans cover your doctor and hospital, but they do not cover:

• Lost Income: If you can't work for 12 months, who pays the mortgage?
• New Expenses: Expensive drugs, private nursing, or travel for specialized treatment.
• Lifestyle Changes: Home modifications (like wheelchair ramps) or childcare while you recover.

The Hard Truth: 1 in 3 Canadians will suffer a critical illness in their lifetime. The survival rates are high, but the financial cost of recovery is often devastating.

Ideal for Self-Employed & Business Owners

If you are self-employed, you don't have paid sick leave. If you don't work, you don't earn.

The "No-Questions-Asked" Advantage: Unlike Disability Insurance, which requires messy proof of income and monthly reports, Critical Illness Insurance is simple:

1. Diagnosis: You are diagnosed with a covered condition (e.g., Heart Attack, Stroke, Cancer).
2. Survival Period: You survive the standard waiting period (usually 30 days).
3. Payout: You receive a cheque for the full amount (e.g., $100,000).

It doesn't matter if your income fluctuated last year. The money is yours to spend however you wish.

How Much Coverage Do You Need?

While every family is different, the industry standard recommendation is to cover one year of your gross income OR one year of household expenses—whichever is higher.

This buffer allows you to take a full year off work to focus 100% on healing without falling into debt.

Commonly Covered Conditions include:

• Cancer (Life-threatening)
• Heart Attack & Stroke
• Coronary Artery Bypass Surgery
• Kidney Failure
• Multiple Sclerosis
• ...and up to 25 other conditions depending on the policy.

The "Cashback" Strategy (Return of Premium)

"What if I stay healthy and never use the insurance?" This is the most common objection—and we have a solution.

With the Return of Premium (ROP) rider, your policy becomes a disciplined savings plan.

• If you get sick: You get the large lump-sum payout.
• If you stay healthy: You can cancel the policy after a set time (e.g., 15 years or age 65) and get 100% of your paid premiums back.

It is a win-win strategy: You are either protected, or you get your money back.