Critical illness insurance (CII) is coverage that can help Canadians or those living in Canada pay the additional costs associated with life-altering illnesses.
Sun Life offers 2 critical illness insurance products: Sun Critical Illness Insurance and Express Critical Illness Insurance. These products offer different amounts and scope of coverage.
Our most comprehensive CII policy
Coverage: Up to $4,000,000 for adults | Up to $1,000,000 for children
It can:
Our CII solution that offers instant online approval with no medical exam or blood work required
Coverage: $25,000 or $50,000 for adults
It can:
CII provides a lump sum payout if you are diagnosed with a covered critical illness. This allows you to focus on treatment and recovery without worrying about additional medical or other costs.
The lump sum from CII is yours to use however you see fit - to pay medical bills, daily living expenses, mortgage, treatment/recovery, home health care, etc.
CII works alongside other types of coverage, like Personal Health Insurance (PHI) to cover additional expenses not paid for by regular medical plans. It helps fill the gaps if a critical illness strikes.
CII pays a lump-sum payment that you can use however you want; to help you, your family or business financially manage a life changing illness so that you can focus on your recovery.
Use the funds for medical expenses, lost income, home care, mortgage payments, or any other needs during your recovery.
Illnesses commonly covered by CII include cancer, heart attack, stroke, major organ failure (on waiting list), severe burns, and more.
Coverage varies by product:
Claims are assessed based on critical illnesses specifically covered in your contract at time of issue. Covered illnesses must meet specific definition requirements, and coverage is subject to exclusions and limitations.
CII is intended to help anyone manage financial costs due to a covered critical illness.
CII may help individuals maintain their independence by allowing them to pay for care services and other unexpected costs to manage their recovery.
It can also help protect savings and RRSPs from unplanned withdrawals in the short term and retirement income in the long-term.
Critical illness insurance for a child can help a family cope financially at a very stressful time if the child becomes seriously ill.
By deciding to purchase critical illness coverage for your child early in life, you may provide them with:
CII can also help business owners in case of critical illness. The benefit from the insurance can assist with business continuity, debt repayment, and succession planning during an extended period away from the business.
You can apply for Express Critical Illness Insurance online.
Online approval is instant with no medical or blood work required.
A Sun Life advisor can explain all our insurance products, how they work, and help you figure out which products meet your needs and goals.
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You can give us a call to talk to one of our licensed advisors about which insurance products are right for you.
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Answer a few quick questions online for Sun Life GO, which is one of our term life insurance products. You could get coverage up to $1,000,000.
It depends on the product you're applying for. If you're applying online for Express Critical Illness Insurance, then you won't have to answer any medical questions or undergo a medical exam.
However, if you're applying for Sun Critical Illness Insurance, which offers coverage up to $4,000,000, you may need to complete a medical exam during the application process.
In Canada, there are no specific tax laws governing CII policies. The Canada Revenue Agency (CRA) has not developed its own position on the tax treatment of a benefit paid under a CII policy.
Talk to a tax professional for more information.
The most common type of waiting period for CII is the survival period. In Canada, if included, the survival period is usually 30 days. This means that, in some cases, you are required to survive a minimum of 30 days after the diagnosis of the covered illness before you can submit a claim and receive the benefit.
Other covered illnesses or diseases, such as cancer, require your coverage to be in effect for a certain amount of time before you're eligible for the benefit.
For full details, please familiarize yourself with your policy or connect with an advisor
Our critical illness insurance products can cover carcinoma, melanoma, leukemia, lymphoma and sarcomai.
To receive a payout, you must have a cancer diagnosis confirmed by a specialist. It's important to note that the cancer definition has exclusions. Please refer to your contract or speak with an advisor
It depends on the product you buy.
Sun Critical Illness Insurance can cover you for your whole life, but Express Critical Illness Insurance won't.
You may need critical illness insurance for a child if you think you can't afford all the expenses that may arise if your child is diagnosed with a covered critical illness.
For example, you may need to take time off work (resulting in income loss) to take care of your child. In such cases, a critical illness insurance plan for a child will give you a lump sum of money if your child ever gets one of the illnesses covered in the policy.
Here's how to find out if your children need critical illness insurance
The main difference between critical illness insurance and life insurance is how the insurance benefit is triggered.
CII benefits are paid out when you or the insured person has a covered critical illness and meets all of the contract requirements.
Life insurance benefits, however, are paid out to your estate or named beneficiary when you die.
Learn more about the difference between life insurance and critical illness insurance
Find out how much a critical illness may cost you and how much coverage you may need to financially protect yourself.
If you already have CII coverage with Sun Life through a workplace benefits plan and want to keep your CII coverage with Sun Life, then Choices Critical Illness Insurance may be an option for you.
Not sure where to start when it comes to submitting a critical illness insurance claim?
Whether your policy was purchased through an employer or an advisor, we can help!
This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply.
