List of Canadian Critical Illness Insurance Companies (2024)

What is a critical illness insurance company?

In Canada, a critical illness insurance company is a type of company that provides coverage for specific critical illnesses, such as cancer, heart attack, stroke, and organ failure, among others. The policyholder pays a premium to the insurance company, and in the event that they are diagnosed with a covered critical illness, the insurer pays out a lump sum benefit to help cover the cost of medical treatment, recovery, and other expenses.

Critical illness insurance can provide financial support to policyholders and their families during a challenging time, allowing them to focus on recovery without worrying about financial hardships. The terms and conditions of critical illness insurance policies may vary depending on the insurer, and policyholders should carefully review their policy to understand what conditions are covered and the terms of the coverage.

These insurance companies tend to offer additional types of of insurance policies, such as short- and long-term disability, life insurance, health insurance, auto insurance, home insurance, and commercial insurance, among others.

How do insurance companies make money?

Critical illness insurance companies in Canada are typically organized as corporations and are owned by shareholders. They generate revenue by charging premiums for insurance policies and investing the premiums they receive to generate additional income. The profits earned by insurance companies are usually distributed to shareholders in the form of dividends.

In addition to money earned through premiums, insurance companies make profit by denying critical illness claims and benefits for people who legitimately need to access them.

What should I do if my critical illness claim is denied?

If the insurance company denies or cuts off your critical illness claim, you should contact a Canadian critical illness lawyer at Samfiru Tumarkin LLP immediately to find out what your rights are.

Insurers can deny claims for various reasons. They may also suggest you object to the denial through their internal appeals process. Our experienced and respected critical illness lawyers understand the stress a denial can add.

When the insurance company turns their back on you, Samfiru Tumarkin LLP is ready to provide you with support and solutions.

List of Critical Illness Insurance Companies in Canada

The following is a list of the largest and most notable insurance companies offering critical illness policies in Canada in 2024:

• AMA Insurance
• Beneva (formerly La Capitale and SSQ Insurance)
• Blue Cross
• BMO Insurance
• Canada Life
• Chubb Canada
• CIBC Life
• CIGNA Life
• The Co-operators
• CUMIS Life
• Desjardins
• Edge Benefits (BeniPlus)
• Empire Life
• Equitable Life
• First Canadian
• Humania Assurance
• Industrial Alliance
• ivari
• Manulife
• OTIP
• RBC Insurance
• SISIP Financial
• Sun Life
• TD Life
• Wawanesa