Critical illness coverage provides a tax-free lump sum payment if you are diagnosed with one of the listed covered conditions provided in the plan. 


Critical illness coverage can provide benefits if you suffer a sudden heart attack and are concerned about losing income if it takes time to recuperate. Upon approval of your claim and providing you survive for 30 days after your diagnosis; you will receive a lump sum benefit for use in any way you wish. There are no restrictions on how the funds are used. Some critical illness payment recipients use the lump sum to cover the cost of seeking immediate or experimental treatments in other countries. In contrast, others may use the benefit so that a partner or supporting family member can take time off work to care for an ill family member. 


Critical illness plans can vary in the number of illnesses covered and includes up to 31 covered conditions. Commonly included illnesses include:

  • Heart attack 

  • Cancer 

  • Stroke 

  • Multiple sclerosis 

  • Parkinson’s disease 

  • Alzheimer’s disease 

  • Numerous other illnesses

It is important to note, critical illness coverage, disability insurance, and life insurance can protect you and your family if illness, injury, or death occurs. Every situation is unique, and it’s important to discuss these coverages with an advisor who can analyze your needs and help you fine-tune options to fit your budget.  



For a quote contact OPA at [email protected] OR 416-441-0788 option 2. 


This blog post contains content that was originally published by Cowan Insurance Group and is used here with permission. The content has been modified from its original form for OPA’s insurance products.