Why Critical Illness Insurance Is a Smart Move for Canadians
- Laura Fitzsimons
- May 8
- 2 min read
By Laura Fitzsimons
Safeguard Your Finances from a Health Crisis
Your health and your financial wellbeing are more connected than you think. A sudden, serious illness can disrupt your life—and your bank account. Medical expenses, combined with lost income, can quickly spiral into financial distress.
For example, many cancer survivors in Canada deal with ongoing pain that affects their ability to work. On average, they earn 10% less after their diagnosis. And cancer isn’t the only risk. Every year, over 100,000 Canadians suffer from heart attacks or strokes—often without any prior warning.
What Is Critical Illness Insurance?
Critical illness insurance provides a one-time, tax-free payout if you're diagnosed with a covered condition like:
Cancer
Stroke
Heart attack
Organ transplant
Coronary artery bypass surgery
Unlike traditional life insurance, critical illness insurance benefits you while you're still living. You decide how to use the money—whether it's for medical treatment, travel for specialized care, home modifications, or simply to replace lost income.
Why You Need It
More than 220,000 Canadians will be diagnosed with cancer this year. An estimated 50,000 will experience their first stroke. These events aren’t just statistics—they can happen to anyone, at any time.
Without proper coverage, a health crisis can force you to dip into your savings, delay retirement, or burden your family financially. Critical illness insurance ensures that you have the resources to recover—physically, emotionally, and financially.
Who Should Get Critical Illness Insurance?
If you’re a professional, business owner, or primary income earner, critical illness coverage is an essential layer of protection. It complements your existing financial plan and helps maintain your lifestyle, no matter what comes your way.
At Lifecycle Wealth, we believe that true financial security includes preparing for life’s unexpected challenges.
Plan Now, Protect Later
You insure your home, your car, and your life—don’t overlook your health. Investing in critical illness insurance is a proactive way to protect your income and long-term goals.
Ready to take the next step? Our advisors at Lifecycle Wealth can help you explore options and tailor a policy that fits your needs.
This publication contains the opinion of the writer. The information contained herein was obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made by the writer, Mandeville or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any securities. The information in this publication is intended for informational purposes only and is not intended to constitute investment, financial, legal, tax or accounting advice. Many factors unknown to us may affect the applicability of any statement or comment made in this publication to your particular circumstances. Hence, you should not rely on the information in this publication for investment, financial, legal tax or accounting advice. You should consult your financial advisor or other professionals before acting on any information in this communication.
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