The better way to buy insurance

Critical illness means being diagnosed with a serious health condition that is often life-threatening.

Insurance companies have different definitions of what a critical illness is and what conditions qualify. Common conditions such as stroke, cancer and heart attack are usually covered in critical illness insurance policies.

The purpose of critical illness insurance is to provide financial protection to an individual in the event that they are diagnosed with a serious condition or illness. Critical illnesses can often require a lot of out-of-pocket expenses that are not covered by public healthcare or employment benefits and can often require you to take time away from work without pay.

The lump sum payment you get from critical illness insurance can help offset these expenses and provide additional financial security during this difficult time.

Illnesses typically covered by critical illness insurance in Canada include heart attack, cancer, paralysis, stroke, organ transplants, Alzheimer's, kidney failure and multiple sclerosis.

Canadian insurers have different definitions of what a critical illness is, but it is essentially a life-threatening illness. Some insurers will only cover serious illnesses like heart attack, while others will also cover early-stage diseases such as early-stage breast cancer.

In Canada, PolicyMe recently introduced the most complete critical illness insurance that covers 44 conditions: full coverage for 27 conditions and partial coverage for 17 conditions.

Some conditions specify an amount of time that has to pass after you are diagnosed before you qualify for a critical illness payout. This differs by insurance company and by the condition that is covered. Usually, cardiovascular conditions (like heart attacks) are most likely to have a waiting period. That said, most of PolicyMe's covered conditions don't have waiting periods to qualify.

Critical illness insurance typically pays out between $10,000 to $1M in Canada. You choose your coverage amount when you apply for and sign your critical illness policy. If you want a higher coverage amount, your monthly premium will also be higher, though this rate is also determined by your health status, age and other factors.

Critical illness insurance is always paid out as a single lump-sum amount.

Yes, you can always cancel your critical illness insurance with any Canadian provider.

With PolicyMe, you get a full refund on any premiums you have paid if you cancel within 30 days of the date your critical illness policy became active.

If you cancel after this 30-day period, you will only receive a pro-rated refund of any premiums you have prepaid. You won’t be charged any cancellation fees or penalties.

Yes, you can buy critical illness insurance by itself in Canada. At PolicyMe, you can buy critical illness coverage by itself, you can buy it with term life insurance or you can add it on to existing term life insurance coverage after the fact.

Health and dental insurance provides coverage for a range of medical and dental expenses that aren’t covered by provincial healthcare plans in Canada. This type of insurance helps reduce out-of-pocket costs for services like prescription drugs, dental check-ups, orthodontics, physiotherapy, and mental health services.

Depending on the plan, coverage can vary widely, including everything from basic preventative care to more extensive treatments and specialized care. It can be an essential tool for managing unexpected health expenses and ensuring that routine care is accessible and affordable.

The cost of health and dental insurance in Canada can vary significantly based on factors like the level of coverage, your age, health status, and whether you're purchasing individual or family coverage. On average, individual plans can range from $50 to $150 per month, while family plans may cost between $100 and $300 per month.

The costs can be higher for more comprehensive plans that cover additional services like vision care, prescription drugs, and extended health services. It’s important to compare different plans and consider your healthcare needs to find a policy that balances cost and coverage.

Not all health insurance plans will automatically include dental coverage. Many basic health insurance plans focus on medical services like hospital visits, prescription drugs, and specialist care. While it depends on the insurance company you go with, dental insurance sometimes requires an additional premium or is offered as a separate plan.

Some comprehensive health insurance packages do include dental coverage, but it’s crucial to review the details of any plan to understand what is and isn't covered.

Vision care is sometimes included in basic health insurance plans, but there are certain policies in which you’ll need to pay an additional premium to add vision coverage on. For clarity, vision insurance usually covers expenses like eye exams, prescription glasses, and contact lenses.

Some extended health plans may offer limited vision care coverage as part of a broader package, but this is not always the case. It will depend on the type of plan you choose and the company you go with. Reviewing the specific terms of your health insurance plan is essential to determine if vision care is included.

The best health and dental insurance plan depends on your individual or family needs, budget, and the type of coverage you require. It’s important to consider factors like the range of services covered, the cost of premiums, deductibles, and any exclusions or limitations. Doing your research or consulting an insurance advisor is a good idea, because the health and dental insurance market is so widely varied.

Comparing multiple insurance providers, reading reviews, and consulting with an insurance advisor can help you find a plan that offers the best value and meets your specific health and dental care needs.

In Canada, health insurance provided by an employer typically expires shortly after your employment ends, often at the end of the month in which you leave the job. Some employers may offer a grace period, but this is not guaranteed. It’s important to check the terms of your specific plan to understand when your coverage will end.