How much is critical illness insurance?

When considering critical illness insurance (CII), one of the first questions people ask is, "how much will this cost?" The truth is there's no one-size-fits-all answer. Your premiums depend on several factors unique to your situation. Understanding what influences your rates can help you make an informed decision about your coverage needs.

Key takeaways:   

Sun Life offers two critical illness insurance products: Sun Critical Illness Insurance with coverage up to $4 million, or Express Critical Illness Insurance offering coverage of $25,000 or $50,000.   

Your insurance cost typically depends on several personal factors, including age, coverage amount, lifestyle and overall health status.   

To get the best value, balance affordability with coverage that meets your needs. Review your policy periodically as your life circumstances change.

What critical illness insurance products are available?   

At Sun Life, we offer two CII products with different coverage options to fit various needs and budgets:   

• Sun Critical Illness Insurance – Our most comprehensive policy offering up to $4,000,000 in coverage for adults   

Learn more about Sun Critical Illness Insurance   

• Express Critical Illness Insurance – Our streamlined solution offering $25,000 or $50,000 in coverage with instant online approval for eligible applicants 

Learn more about Express Critical Illness Insurance 

Apply online now for Express Critical Illness Insurance

What affects the cost of critical illness insurance?   

The price you pay for CII typically depends on your life stage and unique situation. Here are some of the key influencing factors:

Age and life stage   

Your age is one of the most significant factors affecting your premiums cost. Generally, premiums are lower when you purchase coverage at a younger age. This is because younger individuals statistically face lower risks of experiencing a critical illness. The cost of coverage increases as you age, reflecting the higher probability of illness occurrence in later years.

Coverage amount   

The amount of coverage you select directly impacts your monthly or annual premiums. Sun Life's product options range from $25,000 to $4,000,000, so you can choose a benefit amount that aligns with your financial needs.   

When choosing your coverage amount, consider your financial obligations, such as mortgage payments, living expenses, and income replacement needs, to find the right balance between protection and affordability.

Medical history and health status   

Your current health and medical history play an important role in determining your rates and eligibility.  If you have pre-existing conditions or a family history of serious illness, insurers may adjust your premiums accordingly. Some conditions may result in higher rates, while others may not affect your rates at all.   

Lifestyle factors also come into play. If you smoke, your premiums will typically be higher than for non-smokers.

Note: Sun Life's Express Critical Illness Insurance requires no medical exam or blood work for quick approval, making it an accessible option for eligible applicants. 

Occupation and lifestyle   

Your occupation may influence your rates because certain jobs carry different risk profiles. Additionally, your hobbies and lifestyle choices, particularly if they involve high-risk activities, may affect your premiums or eligibility. 

Sex at birth  

Sex at birth influences the cost of CII due to variations in illness rates between males and females, which insurers factor into their pricing models. 

Tailoring your coverage/coverage selection  

The options you choose for your policy structure can affect the cost:   

• Term length: Renewable Term policies initially tend to have lower premiums than longer terms. You can choose from various term lengths (such as 10 years or 20 years,) depending on your needs. The cost increases when the coverage renews and ends at a given age stated in the contract. 

Permanent coverage options (term to age 100/ Lifetime) may have higher premiums to start but they are guaranteed not to increase and may provide cost predictability over time due to level premiums. Consider your long-term financial goals and when you expect to need coverage most when selecting your term.  

• Coverage amount:  As mentioned earlier, higher benefit amounts result in higher premiums. Start by calculating your financial needs, including debt repayment, income replacement, and family support and select a coverage amount that provides adequate protection without overextending your budget.  
• Optional benefits: Adding riders or optional benefits to your policy will increase your premiums. Common add-ons might include coverage enhancements, waiver of premium features, or return of premium options. Evaluate which optional benefits align with your specific needs and financial situation before adding them to your policy. 

How can you get the best critical illness insurance value?   

While cost is important, the cheapest option isn't always the best choice. Consider these points when evaluating critical illness insurance:   

• Balance affordability with adequate coverage for your needs   
• Review your coverage periodically as your life circumstances change

Express Critical Illness Insurance

You can get started in the way that works best for you: