According to the latest released statistics from the heart and stroke foundation 70,000 Canadians suffers heart attack annually while 50,000 suffers stroke. Apart from being the most expensive disease to treat, Cardiovascular emerged to be the leading cause of death in this country. It was also established that heart disease accounts for a larger inpatient hospitalization that stands at 18 percent for both male and female. At the same time nearly half of the survivors suffer heart related ailments as well as high instances of repeat heart attack.

In the modern world people are living longer but get sick more often than before with a shortened lifetime. It is no doubt that a serious ailment can change your life forever. Recovered individuals need a lot of insurance funds to start a new life. Critical Illness Insurance in Canada helps you cope with such changes by ensuring that your family is protected from the effects of such illness. It provides financial resources that assist you in facing the new challenges.

Critical Illness insurance is a pretty new form of insurance in Canada and pays you a benefit (in form of compensation) if you are stricken by a critical illness such as cancer or heart attack. Contrary with Life Insurance, the benefit is paid directly to you instead of to the beneficiary. You can later use this benefit in paying for treatment, paying off your mortgage, replacing your lost income, paying for your children education as well as covering other family monetary needs.

There are a number of life insurance companies in Canada that offers critical illness coverage. These companies compete with each other in a bid to offer their customers with good protection. They include: -
AIG Life of Canada with the Living Benefit being 10, 75, 65, 100, Plus, Critical Care Assist Benefit
Manulife Financial Living Benefit 10, 75, 100
Standard Life Living Benefit 10, 75, 100
Equitable Life Living Benefit 10, 75, 100
Canada Life Living Benefit 10, 75, 65, 100
RBC Insurance Living Benefit 10, 75, 100
Critical Illness insurance has been the fastest growing sector of the Canadian insurance market. This has been occasioned by the increased rate of life-threatening illnesses such as heart attack, cancer and stroke. Canadians are therefore protecting their families and finances by purchasing critical illness insurance.

Critical illness insured conditions include; Alzheimer's disease, Aortic surgery, Meningitis, Coma, Aplastic Anaemia, Blindness, Deafness, Benign Brain Tumor, Heart attack (excluding elevated cardiac markers), Kidney failure, Coronary Artery Bypass, Heart Valve replacement, Loss of limbs, Occupational HIV infection, Loss of speech, Major organ transplant, Multiple sclerosis, Motor Neuron disease, Loss of independence existence, Stroke, Severe burns, Parkinson's disease, Paralysis and life threatening Cancer (Excluding Carcinoma in Situ, early prostate cancer diagnosed as T1a or T1b, malignant melanoma, to a depth of 0.75mm or less, any tumor in the presence of HIV, Basal cell carcinoma and squamous cell carcinoma of the skin that have not metastasized).
The moment a critical illness policy is in force, any individual's coverage against either of the above listed conditions starts immediately. The contract policy covers specific definitions regarding the covered ailment thus defining a criterion for proper diagnosis.
Exceptions at the start of the coverage period states that incase the life insured is diagnosed with or have had symptoms of cancer within the first 90 days, payment will not be made. However, coverage will remain on the life insured but the contract will not include any cancer coverage. It remains the responsibility of the life insured to notify the insurance company within 6 months failure to which the contact will be nullified.
After the diagnosis the life insured must satisfy a 30 days survival period. The survival period is very important in demonstrating the financial need once the life insured has been diagnosed with a serious illness.