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Critical Illness Insurance: a requirement?

Critical Illness Insurance allows you to focus on your recovery and preserve your financial security and that of your family. To better understand this type of insurance, we have created a guide that delves into the topic and answers your questions.

What is critical illness insurance?

Critical illness insurance provides you with a tax-free lump sum if you are diagnosed with a serious medical condition, such as cancer, heart attack or stroke. With this amount, you can do the following:

  • Stop working during treatment or recovery
  • Enjoy financial peace of mind during your recovery period
  • Access private health services or treatment outside the country
  • Stay close to the hospital that provides the health services
  • Get help at home

You can choose an amount that corresponds to your needs.

Who is this insurance for?

The vast majority of Canadians need critical illness insurance because everyone is vulnerable to future health problems. Critical illness insurance will allow you to tackle the problem with a reduced financial burden. This insurance is valid for a child, a healthy adult or an older individual.

Still have questions about the critical illness insurance offered by Matcha Insurance? Our financial security advisors are available to answer any questions you may have and to reassure you.

Contact us now by calling 1 844 532-3228 or Book an Appointment.

Which critical illnesses are covered?

There are several critical illness insurance coverages. Here are two very common options: The first covers the four most commonly diagnosed critical illnesses in Canada, while the second, more comprehensive option, provides you with coverage for the diagnosis of 25 or more serious illnesses. The price may vary depending on the number of diseases covered under your plan.

Four major serious illnesses in Canada: 

  • Stroke (cerebrovascular accident)
  • Heart surgery (coronary artery bypass surgery)
  • Cancer
  • Heart attack (myocardial infarction)

26 critical illnesses generally covered with your more comprehensive insurance:

  • Cancer
  • Autism
  • Aplastic Anemia
  • Third-degree burns
  • Blindness
  • Coma
  • Some types of diabetes
  • Muscular dystrophy
  • Cystic fibrosis
  • HIV diagnosis
  • Cardiovascular event
  • Stroke (cerebrovascular event) producing neurological sequelae
  • Major organ transplant
  • Multiple sclerosis
  • Alzheimer’s disease
  • Parkinson’s disease
  • Myocardial infarction
  • Coronary artery bypass surgery
  • Meningitis
  • Paralysis and Cerebral Palsy
  • Loss of speech
  • Loss of autonomy
  • Loss of Limbs
  • Deafness
  • Heart valve replacement
  • Benign brain tumour

What is the difference between critical illness insurance and disability insurance?

Disability Insurance

  • Pays you an amount if you become disabled as a result of an accident or illness that prevents you from working.
  • Monthly amount paid for a specified period (more details on this insurance here)

Critical Illness Insurance

  • Pays you an amount if you are diagnosed with a critical illness covered by your policy
  • The amount is paid in full at the time of the claim

If you become disabled as a result of a critical illness, you can make claims under both critical illness insurance and disability insurance.

What is the typical cost of critical illness insurance?

Several factors influence the cost of critical illness insurance:

  • The amount and term of your insurance policy
  • Your age and gender
  • Your health status
  • If you smoke

The price varies depending on the other related coverages you have.

For example, here is a table that uses three different profiles of insureds, with prices from one insurer.

Profiles: Men

Cost of monthly premium

Person 1, 29, non-smoking, professional
$100,000 critical illness coverage over 20 years

As little as $28

Person 2
55, non-smoking, office worker
$100,000 critical illness coverage over 10 years

As little as $130

Person 3, 45, smoker, manual worker
$100,000 critical illness coverage over 10 years

As little as $101

T25: term insurance 25 years

Profiles: Men

Person 1, 29, non-smoking, professional
$100,000 critical illness coverage over 20 years

Cost of monthly premium

As little as $28

Person 2 55, non-smoking, office worker $100,000 critical illness coverage over 10 years

Cost of monthly premium

As little as $130

Person 3, 45, smoker, manual worker
$100,000 critical illness coverage over 10 years

Cost of monthly premium

As little as $101

T25: term insurance 25 years

Profiles: Women

Cost of monthly premium

Person 1, 29, non-smoking, professional
$100,000 critical illness coverage over 20 years

As little as $28

Person 2 55, non-smoking, office worker $100,000 critical illness coverage over 10 years

As little as $121 

Person 3, 45, smoker, manual worker $100,000 critical illness coverage over 10 years
As little as $96

T25: term insurance 25 years

Profiles: Women

Person 1, 29, non-smoking, professional
$100,000 critical illness coverage over 20 years

Cost of monthly premium

As little as $28

Person 2
55, non-smoking, office worker
$100,000 critical illness coverage over 10 years

Cost of monthly premium

As little as $121

Person 3, 45, smoker, manual worker
$100,000 critical illness coverage over 10 years

Cost of monthly premium

As little as $96

T25: term insurance 25 years

What are the main benefits of my critical illness policy?

  1. Option to receive a premium refund after a predetermined period in the policy if no benefit has been paid
  2. Access to integrated counselling services for you and your family during a health crisis
  3. Versatility and flexibility based on your personal or family needs
  4. Multiple optional coverages and built-in options for your customized needs
  5. Non-taxable benefit

What are the most common exclusions related to my contract?

The CI policy details your coverage, and it is these definitions that allow the insurer to accept or reject your claim. So it’s very important for you to read the policy carefully to make sure it fits your needs. Your broker can also answer any questions you may have.

However, the following exclusions are found in most critical illness policies:

  • No claim will be accepted in the event of a diagnosis or signs or symptoms occurring within the first 90 days after your insurance is issued
  • No benefits will be paid in the event of the insured’s suicide, or an intentionally self-inflicted injury: your insurance never covers these situations

Compare critical illness insurance quotes

It is important to take the time to shop around so that you get the best value for your money and your needs.

When shopping for insurance, do not shop with multiple insurance brokers; the price of an insurance product is the same for all brokers. However, if you want to compare the prices of different insurers, an independent broker (like us!) will be able to help you.

We invite you to discuss critical illness insurance with your advisor. Your contact will be able to assess your situation and present you with the options of the various insurers, taking into account their specific circumstances and yours.

To access this coverage, contact one of the brokers at Matcha Insurance.

On the same subject

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.
Abraham Daoud Junior Diabaté 
FINANCIAL SECURITY ADVISOR

Abraham is a versatile professional with strong language skills in French, English and Portuguese. He also boasts an extensive background in finance, insurance sales, and technical banking support.

With six years of experience in customer service and sales to his name, he is a master at managing multiple client files simultaneously and draws on an in-depth knowledge of financial products and banking services. His expertise also extends to the areas of compliance, anti-money laundering, and credit and investment product management. His ability to work in fast-paced, stressful environments and his finely honed communication skills only strengthen Abraham’s reputation as an accomplished professional. He has achieved notable success in his career, hitting sales targets and earning official recognition from company leadership for his contributions.

As a Matcha Insurance financial services advisor, Abraham is now on a mission to get you the very best insurance coverage, wherever you are, whatever your needs, whatever your financial capacity—and whatever it takes.

Ginette St-Laurent
Ginette St-Laurent
FINANCIAL SECURITY
ADVISOR

Known for her natural ability to advise, Ginette is highly valued by her clients.

Ginette holds an AMF accreditation in personal insurance and is a member of the CSF. She is a seasoned financial security advisor with extensive industry experience. Ginette’s expertise lies in providing financial services and advice.

During her career, she has worked at reputed financial institutions such as Industriel Alliance and National Bank, where she served as a financial security advisor. Through this experience, Ginette developed a thorough understanding of people’s personal financial needs.

As a financial services advisor for Matcha Insurance, now her mission is to make every effort possible to find you the best insurance coverage, wherever you are, based on your needs and financial means.

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.
Marc Moisan
FINANCIAL SECURITY ADVISOR

Marc works with you, providing smart, conscientious, expert advice based on tons of experience.

Marc is coming on 20 years’ experience in property and casualty insurance as well as financial services. He’s a proud alumnus of Cégep de Jonquière and the Université du Québec à Chicoutimi.

And as a former personal insurance broker and financial services representative with the likes of Industrial Alliance, Infoprimes, and Bélair Direct, he knows it all, and that means solutions that are incredibly well suited to your needs.

Today as a Matcha Insurance financial services advisor, he’s on a mission to get you the very best insurance coverage, wherever you are, whatever your needs, whatever your financial capacity—and whatever it takes.

Fatimata Dia
FINANCIAL SECURITY ADVISOR

When Fatima is on your case, you notice the difference. She’s right there—patient, attentive, meticulous—with insurance solutions that do exactly what you need them do.

Her ACS in customer service and degree in management inform 15+ years’ experience in client services. Before joining the Matcha Insurance team, her career included a multi-year position as financial security advisor with IA Financial Group.

That experience left her with the expertise both to help you understand your financial situation and to come up with insurance solutions personalized to your specific needs.

Now that she’s a Matcha Insurance financial services advisor, she’ll make sure you get the best insurance coverage based on your needs and financial capacity.

Laurent Goyette - Conseillers
Laurent Goyette
FINANCIAL SECURITY ADVISOR

Laurent’s proactive approach to finding the best insurance solution for each client and his sympathetic ear make him a trusted advisor.

Young and vibrant, Laurent has a mission to develop relationships of trust with his clients in the search for the best insurance of persons on the market.

Laurent listens to everyone’s needs and expectations and takes the time to explain all the intricacies of insurance policies in order to educate each of his clients about insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Sylvie Chartrand - Conseillère
Sylvie Chartrand
DIRECTOR OF OPERATIONS FINANCIAL SECURITY ADVISOR

With her expertise in improving administrative processes, Sylvie is a master of the art of mobilizing and engaging

Sylvie has a bachelor’s degree in business administration and accounting (B.A.A.) from the Université du Québec en Outaouais and has been a Financial Security Advisor licensed with the Chambre de la sécurité financière since 1994.

Financial security advice, business process coordination or administrative and financial management, Sylvie is able to skillfully combine all the ingredients needed to lead the firm’s operations. With more than 25 years’ experience in the financial services industry, on both the insurer and the distributor sides, she has strong expertise in accounting and compensation, as well as in improving internal processes and implementing innovative IT solutions.

Karl Lenz Gravenhorst - Conseillers
Karl Lenz Gravenhorst
FINANCIAL SECURITY ADVISOR

With an ongoing commitment to protect the future of my clients through life’s uncertainties, I promise to guide and inform you with full transparency so that you are able to make the right decisions.

I am Karl Lenz Gravenhorst, a financial security advisor for Matcha Insurance, a Quebec-based financial services firm. As a financial security advisor since 2014, I have more than six years’ experience in the banking and financial services industries. I belong to that young generation of professionals who have developed a passion for working with people and an aptitude for clearly explaining at-times complex concepts.

My mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Driss Labad - Conseillers
Driss Labad
Financial Security Advisor

With an ability to break things down in an easy-to-understand manner, Driss can clearly explain life and health insurance products and discuss their pros and cons.

With a master’s degree in computer science from the Université du Québec à Montréal and a bachelor’s degree in science, Driss has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held various positions in the life and health insurance industry, particularly with Industrial Alliance and InfoPrimes as a financial advisor. Decoding an insurance policy and reading between the lines holds no secret for him. The more specific your needs, the more effective he can be.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Anita Mpola Mbele - Conseillers
Anita
Mpola Mbele
Financial Security Advisor

Thanks to her keen analytical and synthesis skills, she will easily guide you through your process.

Anita Mpola Mbele is known for her thoroughness and professionalism. She quickly identifies her clients’ needs and supports them throughout their process.

She has worked as a financial security advisor since 2015 and has over five years of experience in managing the financial health of individuals, including roles at Industrial Alliance and Desjardins Financial Security. In addition, Anita has experience with life insurance products and in personal finance. She will be happy to help you and propose solutions that meet your needs.

Today, as a financial services advisor for Matcha Insurance, her mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Roberto Sepulveda - Conseillers
Roberto Sepulveda
Financial Security Advisor

Known for his analytical mind and ability to synthesize information, he will assess your needs in a thorough and capable manner

With a Master’s degree in Civil Engineering from the École de Technologie Supérieure de Montréal, Roberto has over 8 years of experience in financial services. Before joining Matcha Insurance, Roberto held a number of management positions across Canada, including at Desjardins Financial Security, London Life and United Chartering in Vancouver.

Drawing from his experience in life insurance, disability and critical illness files, and wealth transfer and investment portfolio maximization, he has the skills required to provide the best solutions to his clients. He pays close attention to his clients’ needs to design strategies that will meet their objectives.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Mickaël Miller - Conseillers
Mickaël Miller
Financial Security Advisor

Mickaël's thoroughness, his ability to listen and his drive make him a versatile advisor and unifier

With strong listening and analytical skills, Mickaël knows how to identify and understand his clients’ needs. His humour and drive also allow him to find new ways to take the analysis of his files to the next level.

A financial security advisor since 2015, Mickaël has over four years of experience in managing the financial health of individuals, including roles at RBC Insurance and Combined Insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Michael Stearns - Conseillers
Michael Stearns
FINANCIAL SECURITY ADVISOR

Known for his analytical skills and his judicious guidance and advice, Michael consistently rises to the challenge.

With a bachelor’s degree in business administration from the University of New Brunswick – Fredericton and a Certificate in Personal Finance from the Institute of Canadian Bankers in Montreal, Michael has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held several positions where he was involved in managing the financial health of individuals and businesses, particularly for National Bank Insurance and Freedom 55 Financial. Perfectly bilingual, Michael is also a mutual fund representative.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

How do I file a complaint?

  • In case of dissatisfaction, start by getting in touch with our Director of operations, Mrs Sylvie Chartrand:
    Mrs Sylvie Chartrand
    Director of operations:
    sylvie.chartrand@matchaassurance.ca
    Telephone: 1-844-532-3228
  • If you are not satisfied with her response, you can contact our Complaints officer to make a formal complaint:
    Mr. Jean-Benoît Forgues
    Assistant Vice President, Legal Affairs and Compliance
    1705-625, Avenue President-Kennedy
    Montreal (Québec) H3A 1K2
    Email: jean-benoit.forgues@humania.ca
    Telephone: 1-800-363-1334 ext. 263
    or from Montreal: 514-485-1334, ext. 307
    Fax: 1-844-773-4999

The complaint must be filed in writing. If you need help filing your complaint, you may call Ms. Marie-Kim Larouche, Legal advisor, at 1-800-363-1334 ext. 479.

Any complaint made in writing to our Complaints officer will be recorded in Matcha Insurance’s complaints registry if it includes at least one of the following:

  • A reproach against Matcha Insurance;
  • The identification of real or potential harm that a consumer has sustained or may sustain; or
  • A request for remedial action.

A complaint file is opened for each complaint. The file includes all of the documents required to assess your complaint.