Critical illness insurance

Critical illness insurance is a type of coverage that pays you a one-time, lump-sum benefit if you’re diagnosed with a covered serious illness—such as life-threatening cancer, a heart attack, or a stroke—and you meet the conditions defined in your policy.

Unlike government health plans or benefits that reimburse specific medical expenses, the payment from critical illness insurance is yours to use however you choose. That could mean replacing lost income while you recover, paying for out-of-pocket treatments, covering your mortgage or everyday bills, or easing any other financial pressure that comes with a serious diagnosis.

In short, it’s designed to help protect you and your loved ones from the financial strain a serious illness can bring, so you can focus on what matters most: getting better.

Critical illness insurance pays a lump-sum benefit that you can use any way you wish when you are diagnosed with one of 26 covered critical illnesses and satisfy the qualifying, survival, and symptom-free periods defined for each covered condition. For more information, please refer to the sample contract or ask your insurance advisor.

To apply:

• Call 1-800-461-1413
• Have an advisor call you

Possibly, yes. Depending on your age, the plan you choose, and the coverage amount you are applying for, you may need to complete a telephone interview and medical exams, as well as provide certain medical documentation.

RBC Critical Illness Insurance provides a lump-sum benefit if you are diagnosed with any of the following Critical Illness Covered Conditions, as defined in the policy:

The survival period is the minimum number of days you must continue living after the diagnosis of a covered critical illness, before a benefit is payable. Some covered conditions have a survival period of 30 days. For complete details, please see a sample policy or ask your insurance advisor.

No critical illness benefit will be paid unless you continue living, without the assistance of life support.

Some covered conditions must be permanent, persistent or demonstrate progressive deterioration in function before a benefit is payable. The qualifying period is the number of days required after a diagnosis to confirm the severity of the condition. For complete details, please see a sample policy or ask your insurance advisor.

For some covered conditions, a symptom-free period is needed to establish your good health. It’s the number of days after the policy’s coverage date (or last reinstatement, whichever is later), during which you must not have been diagnosed with an illness identified in the applicable symptom-free period exclusion or have signs, symptoms, treatments or medical investigations that eventually lead to the diagnosis of an illness identified in that symptom-free period exclusion. For complete details, please see a sample policy or ask your insurance advisor.

If you are diagnosed with cancer during the 90-day symptom-free period, your policy can remain in force, but it will permanently exclude any future claims related to cancer.

If you are outside of Canada when you are diagnosed with a covered condition, or you require a medical procedure or surgery that is a covered condition, we will pay an illness benefit when all the following are true: 

• All other requirements in this policy are met; and

• Your complete medical records are made available to us and based on these records we are satisfied that:

  • The same diagnosis would have been made if the covered condition occurred in Canada;  

  • Immediate treatment of the covered condition would have been recommended under Canadian standards; and 

  • The same treatment or specific surgical procedure would have been advised if the covered condition occurred in Canada.

Our policies include an early assistance benefit that is equal to 20% of the critical illness benefit you purchased, to a maximum of $50,000. Payments made under the early assistance benefit have no effect on your critical illness benefit. Your policy will continue in force for any future claim you may make, provided that you continue to pay premiums in accordance with the terms of your policy.

No benefit will be paid (including any optional benefits), nor will premiums be refunded for any critical illness, death or other loss that results directly or indirectly, from any of the following:

• Use or abuse of any substance or intoxicant, including hallucinogens, or narcotics; or any prescription or non-prescription drug that is inconsistent with the directions of the prescribing medical specialist or drug manufacturer;

• Operation of any motorized land, air or watercraft while your blood alcohol level exceeds 80mg of alcohol per 100ml of blood or while you are under the influence of any drug; 

• Self-inflicted injury, attempted suicide or suicide

• Any injury sustained while committing or attempting to commit a criminal offence, whether charged or not

• Combat activities or deliberate presence in the conflict zone of any war (whether declared or undeclared) or armed conflict, including while acting in a non combat capacity

• For 10-year, 15-year and 20-year renewable term plans: Your premium payments will increase at each renewal to reflect your age and health at the time your policy renews until age 75.

• For Level Premium to Age 75 (T75) and Level Premium to Age 100 (T100) plans: Your premiums are fixed for the life of your policy and will not increase.

• If you choose to exchange or convert your coverage: Premiums will be recalculated and can increase based on your age at the time you make the change.

If you have the Return of Premium on Surrender (ROPS) benefit, you can cancel your policy and receive up to 100% of your paid premiums back. The percentage of eligible premiums returned depends on the specific Return of Premium on Surrender option selected. One option calculates the percentage based on the policy year in which the surrender occurs, while the other option bases it on the policy owner’s age when the surrender occurs. Please speak with your insurance advisor for full details on your options.

If you have the Return of Premium on Expiry (ROPE) benefit, you can receive a return of premium benefit amount equal to the sum of all premium payments paid for the policy. If any premium payments were waived or refunded, those payments will not be included in the benefit amount. If you have any questions, please ask your insurance advisor.

For benefits to be payable, you must have the Return of Premium on Death (ROPD) benefit. If you have this benefit and pass away, we will pay a ROPD benefit to a beneficiary, recipient or your estate as long as the coverage is in effect and there is no critical illness benefit payable or pending. The benefit is equal to the sum of all premiums paid for the policy. If death is a result of any of the exclusions listed in the policy, no benefit is payable. For more information, please speak to your insurance advisor.

If you have the Disability Waiver of Premium benefit, your critical illness coverage can stay in place even if a disability prevents you from working. If an illness or injury stops you from working for 90 consecutive days, we will waive your premium payments for as long as the disability continues, and we will refund the premiums paid during those first 90 days.

This benefit is based on your ability to work and earn an income, providing protection for disabling conditions, even if they fall outside the list of covered critical illness conditions. For more information on the Disability Waiver of Premium benefit, please speak to your insurance advisor.