Critical Illness Insurance

A diagnosis of illness is obviously difficult news to accept.  Fortunately, critical illness insurance will allow you to devote all your energies to healing.


It does not have to be as difficult to understand as most people make it out to be. Basically, you purchase a policy and if you are diagnosed with one of the covered conditions, the insurance company will send you a cheque tax-free which you can spend whichever way you wish. There are no limitations on the way you spend the money.  It is 100% yours and you can do what you wish with it.


Benefits of buying critical illness insurance

  • The benefits you receive are not taxable.
  • You do not need to justify how you spend the money—you can use it as you see fit.
  • It helps you cover additional expenses caused by the illness (medications, adapted equipment, experimental treatments not covered by public health insurance, rehabilitation costs and other private medical expenses)
  • It helps you cover your financial commitments if you experience a decrease or loss of income.
  • You can use the money to provide some financial flexibility as you recover so that you can work part  ime or extend your sick leave to take some time for yourself.


When do you need critical illness insurance?

Critical illness is an insurance product that allows you to personally decide what level of coverage you need. Some of the cases when people choose critical illnesses insurance include:

  • Having a family, especially with kids – should something happen to the main income earner, there should be some financial reserve for medical treatment and for the family’s expenses.
  • Having some history of critical illnesses in the family. Note that in this case, your rates might be significantly higher.
  • In some cases, such as when you have your own company or startup, you might have difficulties getting disability insurance. Although critical illness insurance covers different risks, it reduces your overall risk.


To know more differences between term life and whole life insurance, see Frequently asked questions.

Request A Quote

    Not sure what you need? Learn in seconds which types of insurance match your business.

    Term Life Insurance

    Provides a death benefit that pays the beneficiaries throughout a specified period

    read more

    Simplified Life Insurance

    Simplified Life Insurance is a type of No Medical Life Insurance that comes without medical exams.

    read more

    Whole Life Insurance

    Whole life insurance is a life insurance policy that covers a policyholder

    read more

    Critical Illness Insurance

    Critical illness insurance is a type of policy that pays you a lump sum should you be diagnosed with illnesses.

    read more

    Universal Life Insurance

    While providing lifetime protection like whole life insurance, it offers key financial

    read more

    ​Disability Insurance

    Disability insurance is designed to replace your income if you become disabled and are unable to earn an income.

    read more

    Our mission

    At GSA Financial, we are committed to helping you with your needs of life insurance, disability insurance, as well as critical illness insurance, online via our website, phone call and email.


    If you are a Canadian citizen or resident and you purchased a policy from a member life and health insurance company, you are automatically protected by Assuris


    Top insurance providers