What’s critical illness insurance?
Critical illness insurance can help you cope financially if you’re diagnosed with a serious illness or condition by giving you a lump-sum payment. The payment is tax free and can be used however you choose. You can focus on getting better, knowing that you have your benefit payment to help with expenses.
When determining the amount of insurance you need, consider the income you would lose, the expenses you would still have to pay, and the new expenses that could arise if you fell ill.
Working with a financial security advisor can help you determine the amount of protection you need.
Source: Canada Life