Critical Illness Insurance
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Overview
Advances in medicine now allow people to live longer and fuller lives—even while managing serious illnesses. However, these illnesses often come with significant direct and indirect costs. Some medications and treatments may not be covered by standard health plans, and certain leading‑edge medical options may only be available outside Canada. Indirect costs can include travel, childcare, home modifications, and more—expenses many people don’t think to plan for. If you were to become seriously ill, Critical Illness coverage can provide a lump‑sum payment to use however you choose. Once paid, there are no restrictions—you can apply the funds toward medical care, hiring in‑home support, making your home more accessible, taking time away to recover, or even paying down your mortgage. At Wells Insurance Services, we help you access the best that modern medicine has to offer by designing a customized Critical Illness policy that’s cost‑effective and provides the long‑term financial flexibility you may need.
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Online application
To evaluate your options, call Wells Insurance Services today!
Request a quote
FAQs
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Is Critical Illness insurance paid out to my family after I pass away?
No. Critical Illness insurance is a living benefit and is usually paid out to you as a lump-sum following a survival period of 30 days after diagnosis of one of the listed illnesses.
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What is a survival period and how long does it last?
A survival period refers to the waiting time between receiving a diagnosis and when your benefit is paid out. For most Critical Illness policies, it is 30 days.
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How is the lump-sum determined?
Typically, you need to purchase coverage for up to two years of income. However, we can offer you access to limits of up to $1 million. There is also no associated deductible.
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Are there any restrictions as to how I can use the money from my Critical Illness insurance?
No. You can use your Critical Illness insurance for anything from medical treatment to a luxurious vacation. How you want to spend your money is completely up to you.
