Critical Illness Insurance in Canada: Key Trends, Claims & Statistics
Did you know that only about 8% of Canadians have critical illness (CI) insurance? Yet with 2 in 5 Canadians expected to face a cancer diagnosis in their lifetime, the need for CI coverage has never been more urgent.
Key Statistics
- Cancer accounts for 67% of CI claims, representing 70% of benefit amounts paid.
- Cardiovascular conditions make up 33% of claims.
- In 2023, CI insurance premiums in Canada rose 12%, reaching $150.7 million, while policy sales increased by 4%.
- Roughly 90–95% of CI claims are paid, showing a strong likelihood that insurers honor valid claims.
Common Reasons for Claim Denials
- The condition does not meet the policy definition, or the illness is not covered.
- Non-disclosure of pre-existing conditions.
- Claims made before the waiting period has elapsed.
What This Means for You
- Review your policy: Know exactly what conditions are covered and how they are defined.
- Be transparent: Disclose all relevant health information to reduce the risk of denial.
- Consider CI coverage: With critical illnesses on the rise, a financial safety net can provide essential protection.
Final Thought
Critical illness insurance is more than a policy—it’s a safeguard for your financial stability during life’s most challenging moments. Given today’s statistics, it’s worth making CI coverage a thoughtful part of your financial planning.
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