Protect Yourself from Critical Illness — With Coverage That Fits Your Budget
At Citadel Financial Wealth Group (CFWG), we know that life can change in an instant. A serious illness like cancer, heart attack, or stroke can cause emotional and financial strain.
Our Critical Illness Insurance solutions provide a tax-free lump sum payment to help you focus on recovery — not worrying about bills.
Critical Illness Insurance is a type of insurance that pays you a one-time, tax-free lump sum if you’re diagnosed with a covered serious illness.
You can use the payout however you choose — covering medical expenses, replacing lost income, paying off debts, or even seeking alternative treatments.
Unlike traditional health insurance, critical illness coverage provides financial flexibility exactly when you need it most.
📖 Learn more: Government of Canada – Life and Health Insurance
High Rates of Illness:
1 in 2 Canadians is expected to develop cancer in their lifetime (Canadian Cancer Society)
Heart disease is the second leading cause of death in Canada (Statistics Canada)
Financial Impact:
The average Canadian family faces around $400/month in out-of-pocket medical costs during a major illness.
Survival Rates Are High:
Thanks to medical advances, more Canadians survive serious illnesses — but recovery often comes with major financial strain.
27 critical illnesses and 17 early-stage conditions – some of the most in Canada
Get covered for $10K to $2.5M, from 10 to 30 years
With multiple payouts possible
Compare with many of the top insurance companies.
If you become sick, you're covered. If you stay healthy, you can receive a full or partial refund of the premiums you paid.
Coverage depends on your policy, we can offer up to 44 conditions, but it often includes:
Cancer of specified severity
Aortic surgery
Cardiomyopathy
Coronary artery bypass surgery
Heart attack
Heart valve replacement or repair
Stroke
Acquired brain injury
Bacterial meningitis
Benign brain tumor
Coma
Dementia, including Alzheimer's Disease
Motor neuron disease (incl. ALS)
Parkinson's Disease and specified atypical Parkinsonian disorders
Paralysis
Aplastic anaemia
Multiple sclerosis
Occupational HIV infection
Blindness
Deafness
Loss of limbs
Loss of speech
Loss of independent existence
Severe burns
Kidney failure
Major organ transplant
Major organ failure on waiting list
Aortic aneurysm
Coronary angioplasty
Endovascular aortic surgery
Implantation of a permanent cardiac pacemaker
Implantation of a permanent implantable cardioverter-defibrillator (ICD)
Chronic lymphocytic leukemia – stage 0
Breast Cancer: Ductal carcinoma in situ of the breast or lobular carcinoma in situ of the breast
Gastrointestinal stromal tumours (GIST)
Prostate cancer – stage T1a or T1b
Malignant melanoma – stage 1
Dermatofibrosarcoma
Primary cutaneous lymphoma
Papillary thyroid cancer or follicular thyroid cancer – stage 1
Neuroendocrine tumours (including carcinoid tumours)
Carcinoma in-situ (non-invasive cancer)
Carcinoma in-situ (CIS) of the breast treated with total mastectomy
Prostate cancer treated with radical prostatectomy
Coverage is subject to underwriting approval and varies based on the specific policy you select. While we offer coverage for up to 44 conditions, the actual conditions covered, eligibility, and benefits will depend on the insurer’s final review and approval of your application. Terms, conditions, and exclusions may apply.
| Other Companies | Citadel Financial Wealth Group | |
|---|---|---|
| Application | Typically: a call or meeting with an advisor and a paper application. | Online process. Get approved and covered in 20 minutes, on average. |
| Number of Conditions Covered | 20-30 conditions covered, on average | Up to 44 conditions covered |
| Coverage Amounts | $25,000 to $2.5M, on average | $10,000 to $2.5M |
| Term Lengths | Usually 10 or 20 years, or until age 70 or 75 | 10, 15, 20, 25 or 30 years or until age 70 or 75 |
| Fully Covered Severe Conditions | 24-26 severe conditions, on average | Up to 27 severe conditions |
| Partially Covered Early-Stage Conditions | 0-8 early-stage conditions, on average | Up to 17 early-stage conditions |
| Payout Details | Lump-sum tax-free payout | Lump-sum tax-free payout |
| Locked-In Rate? | Yes | Yes |
| Convertible? | Yes | Yes |
| Can I apply with my partner? | No, others require separate applications | No, others require separate applications |
If you have loved ones who rely on your income, critical illness insurance can be an essential safety net. Facing a serious illness often means time away from work and unexpected medical expenses not covered by provincial health care.
Critical illness insurance offers a financial cushion to help protect you and your family during one of life’s most challenging times.
Your Coverage, Your Timeline: Once you’re approved, take the time to review your policy carefully. You’re in control — payment is only required when you’re ready to move forward and activate your coverage.
Financial Freedom When You Need It: Once your claim is reviewed and approved, you’ll receive a lump-sum payment that you can use however you choose — so you can focus fully on what matters most: your recovery.
Support When You Need It Most: If you're ever diagnosed with one of the covered conditions, our team will be by your side, guiding you through every step of the claims process.
Flexible Application Options: You can apply for critical illness insurance on its own, or bundle it with term life insurance and find out if you're approved for both at the same time.
The right amount of critical illness insurance depends largely on your existing emergency savings and your family’s financial needs.
Financial experts typically recommend having three to six months’ worth of after-tax income set aside as an emergency fund.
If you have this amount readily available in cash savings, you may require less critical illness coverage — or in some cases, you may choose to rely on your emergency fund instead.
But here’s the important question:
Would your savings be enough to cover all medical costs, lost income, household expenses, and potential recovery time?
What about replacing your spouse’s or partner’s income if they needed to step away from work to care for you?
Even if you’re not the primary breadwinner, your income — or the unpaid services you provide, like childcare, elder care, or household management — is critical to your family’s financial stability.
Critical Illness Insurance ensures your family maintains financial security without depleting savings or taking on debt during an already challenging time.
At Citadel Financial Wealth Group, we believe insurance should work for you, not just protect you.
That’s why many of our Critical Illness Insurance policies offer a powerful feature: Return of Premium (ROP).
Return of Premium means if you stay healthy and never make a claim during your policy term, you can receive some or all of your premiums back — tax-free.
It rewards you for maintaining good health and ensures your investment into protection is never wasted.
You pay regular premiums for your Critical Illness Insurance.
If you do not experience a covered illness and no claim is made by the end of your policy, you may qualify to receive a full or partial refund of the premiums you paid.
Some plans offer Return of Premium upon death or at policy maturity.
It’s a win-win:
If you get sick, you have a tax-free lump sum.
If you stay healthy, you get your money back.
Protect Your Investment: Ensure the money you spend on premiums comes back to you if not needed.
Flexible Financial Planning: Use the refunded premiums for retirement, education, travel, or reinvestment.
Peace of Mind: Coverage if you need it, a refund if you don’t.
Age 30 healthy applicant buys a 20-year Critical Illness plan with Return of Premium rider.
Pays premiums for 20 years without making a claim.
At age 50, receives a full refund of all premiums paid — tax-free — while maintaining full protection during the entire 20 years.
📖 Learn more about flexible life and health solutions: Explore Additional Solutions at CFWG
Check your price: no commitment, just quotes!
Apply online when you’re ready.
Licensed Canadian advisors are available by phone Monday to Sunday.
Give us a call at: +1 (877) 273-5614
Our advisors care, so there’s no pressure or upselling.
Critical illness insurance provides a tax-free lump sum payment if you're diagnosed with a serious illness covered under your policy. This payment can be used however you choose — for medical treatments, replacing lost income, paying your mortgage, or covering everyday expenses while you recover.
Most policies cover major illnesses such as:
Life-threatening cancer
Heart attack
Stroke
Kidney failure
Major organ transplant
Multiple sclerosis
Parkinson’s and Alzheimer’s disease
Coverage may vary by insurer, so it's important to review your specific policy.
Yes. Provincial health plans in Canada only cover basic medical care. They don’t cover lost income, private care, home modifications, or out-of-country treatment. Critical illness insurance bridges that gap by giving you the financial flexibility to choose the best path to recovery.
Return of Premium (ROP) is an optional feature that refunds part or all of your premiums if no claim is made. It’s a popular way to ensure that your premiums are never "wasted" — you either get protection or your money back.
Yes, many providers in Canada offer no-medical-exam critical illness coverage, especially for lower coverage amounts. However, policies with full underwriting may offer better rates and broader coverage.
If a major illness would create financial hardship for your family — due to income loss, medical bills, or debt — then yes, critical illness insurance can offer vital protection and peace of mind.
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© 2025, Citadel Financial Wealth Group (CFWG). All rights reserved. Citadel Financial Wealth Group is a licensed insurance brokerage in Canada, proudly serving individuals, families, and businesses across the country.
CFWG offers life, health, and group insurance products through partnerships with many of Canada’s leading insurers. Insurance policies are subject to underwriting approval and may include limitations, exclusions, or waiting periods. Always refer to your official policy documents for complete terms and coverage details. In the event of any conflict, your policy contract will take precedence over information presented on this website or in any CFWG print or digital content.
CFWG is licensed and operates in the following provinces and territories:
Ontario (FSRA #36494M)
Alberta (License #5-11164367-2020 & 6-11164367-2020)
British Columbia (License #2022-0036740-R01)
Saskatchewan (License #09178)
Newfoundland and Labrador (License #23-78-CI090-1)
New Brunswick (License #210031147)
Nova Scotia,(License #2333071070000)
All pricing comparisons displayed on this website are based on current publicly available rates and may vary based on your health, age, coverage amount, and insurer. Timeframes for approval and policy issuance may vary depending on your application and underwriting requirements. In some cases, additional documents or medical examinations may be necessary.
Head Office:
150 King Street West, 2nd Floor, Suite 335
Toronto, Ontario M5H 1J9, Canada
