--- title: Empire Life Blog Critical Illness Insurance - A Living Benefit description: Critical illness insurance is an insurance policy that provides a lump sum, tax-free cash benefit in the event that you are diagnosed with a critical illness. --- × #### Subscribe ### Subscribe to Email Updates Signing up for our Blog offers you the opportunity to subscribe and receive email notifications for Investment or Insurance type content only from The Empire Life Insurance Company and Empire Life Investments Inc. You may cancel your subscription to the newsletter at any time by clicking on [unsubscribe](http://www.fastandfull.ca/hs/manage-preferences/unsubscribe-simple) or, by contacting The Empire Life Insurance Company or, Empire Life Investments Inc. **The Empire Life Insurance Company** 259 King Street East, Kingston, Ontario K7L 3A8, Canada Toll Free: 1 800 561-1268 Email: insurance@empire.ca or investment@empire.ca **Empire Life Investments Inc.** c/o 259 King Street East, Kingston, Ontario K7L 3A8, Canada Toll-free telephone: 1 855 823-6883 Email: mutualfund@empire.ca Close [Facebook](https://www.facebook.com/Empire-Life-Insurance-142465432433812/) [Linkedin](https://www.linkedin.com/company/empire-life-investments) [Twitter](https://twitter.com/empirelifeins) Subscribe [EN](https://www.empire.ca/blog) | [FR](https://empire.ca/fr/blogue) [![Empire Life | Empire Life Investments](https://blog.empirelife.ca/hubfs/Logo/Combined%20Blog%20Images/combined-logo.png)](https://www.empire.ca/blog) # Insurance, Investments and Group Benefits ## Navigate life with confidenceTM - Insurance - [Insurance](https://www.empire.ca/blog/topic/insurance) - [Helpful Tips](https://www.empire.ca/blog/topic/helpful-tips) - [Customer Service](https://www.empire.ca/blog/topic/customer-service) - Investments - [Investments](https://www.empire.ca/blog/topic/investments) - [Investment Views](https://www.empire.ca/blog/topic/investment-views) - [Off the Cuff](https://www.empire.ca/blog/topic/off-the-cuff) - [Group Benefits(1)](https://www.empire.ca/blog/topic/group-benefits) - [Personal Finance (1)](https://www.empire.ca/blog/topic/personal-finance) ## [Critical Illness Insurance - A Living Benefit](https://blog.empirelife.ca/blog/critical-illness-insurance-a-living-benefit) [Helpful Tips](https://blog.empirelife.ca/blog/topic/helpful-tips), [Insurance](https://blog.empirelife.ca/blog/topic/insurance) Posted by [Allison Barton](https://blog.empirelife.ca/blog/author/allison-barton) Aug 7, 2014 12:32:00 PM   ![Young family](https://blog.empirelife.ca/hs-fs/file-1389386700-jpg/Blog_images/Young_family.jpg?width=700&name=Young_family.jpg "Young family") The early roots of life insurance in Canada can be traced back over two centuries.  However, the concept of critical illness insurance – a product to help people cover expenses associated with critical illness – was not developed until the late 1990s. **What is Critical Illness Insurance?** Critical illness insurance is an insurance policy that provides a lump sum, tax-free cash benefit in the event that you are diagnosed with a critical illness or life-altering condition, such as cancer, heart attack and stroke.     ![40% of Canadian women and 45% of men develop cancer during their lifetimes. An estimated 1 out of every 4 Canadians (25%) is expected to die from cancer. For Canadians, an estimated 26% will die following a heart attack and an estimated 15% will die following a stoke. 9 out of every 10 Canadians (90%) have at least one risk factor for heart disease or stroke. ](https://blog.empirelife.ca/hs-fs/file-1383619765-png/Blog_images/InsuranceBlog-Illness.png?width=700&name=InsuranceBlog-Illness.png "40% of Canadian women and 45% of men develop cancer during their lifetimes. An estimated 1 out of every 4 Canadians (25%) is expected to die from cancer. For Canadians, an estimated 26% will die following a heart attack and an estimated 15% will die following a stoke. 9 out of every 10 Canadians (90%) have at least one risk factor for heart disease or stroke. ") Cancer, heart attack and stroke are three primary illnesses that are covered by most critical illness insurance policies.  Other critical illnesses and life-altering conditions may be covered depending on the critical illness plan that is purchased.   **Why Purchase Critical Illness Insurance?** Thankfully with the advances in medical technology, there is a better chance of surviving a critical illness. However, the additional costs that accompany a critical illness - like specialized equipment, renovations to your home, or the need to purchase medication not covered by health plans - along with keeping up with everyday bills, can be more than most people are prepared to deal with. Being diagnosed with a critical illness can be devastating for you, your spouse, your family, your business partners…and your finances.   ![One in six Canadians will eventually declare bankruptcy Three leading causes of bankruptcy in Canada: 1. job loss 2. marriage separation or divorce 3. medical problems](https://blog.empirelife.ca/hs-fs/file-1383312502-png/Blog_images/InsuranceBlog-Bankruptcy_(2).png?width=610&name=InsuranceBlog-Bankruptcy_(2).png "One in six Canadians will eventually declare bankruptcy Three leading causes of bankruptcy in Canada: 1. job loss 2. marriage separation or divorce 3. medical problems") (Office of the Superintendent of Bankruptcy Canada, 2014) The money from a critical illness insurance policy payment can be used any way you wish.  It can be used to pay off debt, monthly out-of pocket expenses, such as mortgage or car payments, pay for treatments not covered by health plans, for hiring help for around the house, or perhaps funding a much-needed family get-away. ![Consumer debt reached over 163% of annual income in 2013, meaning that for every $3 the average Canadian earns in a year, they now have almost $5 in debt. Large numbers of Canadians are “living on the edge” with the average Canadian not being able to survive even a temporary job loss.](https://blog.empirelife.ca/hs-fs/file-1379296073-png/Blog_images/InsuranceBlog-Bankruptcy-2.png?width=610&name=InsuranceBlog-Bankruptcy-2.png "Consumer debt reached over 163% of annual income in 2013, meaning that for every $3 the average Canadian earns in a year, they now have almost $5 in debt. Large numbers of Canadians are “living on the edge” with the average Canadian not being able to survive even a temporary job loss.") (Bankruptcy Canada, 2014 [http://www.bankruptcy-canada.ca)](http://www.bankruptcy-canada.ca\)) The key benefit is that you would not need to worry about completely depleting your savings account or wondering where the money is coming from to pay the bills. Critical illness insurance is a “living benefit” that provides peace of mind. Talk to an insurance advisor about critical illness insurance options available, such as [Vital Link](http://www.empire.ca/consumer/insurance/our-products/health-insurance/en/) offered by Empire Life.  An [advisor](https://www.empirelife.ca/find-an-advisor) can work with you to see how much insurance you need and can comfortably afford. ![Get a quote and apply for life insurance](https://blog.empirelife.ca/hubfs/Logo/Combined%20Blog%20Images/GetAQuote-BlogButton-couple-EN.jpg) [BUY NOW](https://www.empire.ca/insurance/buy-life-insurance) ![Retirement Savings Tool](https://blog.empirelife.ca/hubfs/Blog_images/RST-Blog-EN.jpg) [Get Started](https://www.empire.ca/retirement-and-savings-tool) ### POPULAR POSTS ### CATEGORIES - [Insurance](https://www.empire.ca/blog/topic/insurance) - [Investments](https://www.empire.ca/blog/topic/investments) - [Group Benefits](https://www.empire.ca/blog/topic/group-benefits) - [Personal Finance](https://www.empire.ca/blog/topic/personal-finance) [Disclaimer](https://info.fastandfull.ca/disclaimer) [Legal](https://info.fastandfull.ca/legal) [Privacy Policy](https://info.fastandfull.ca/privacy-policy) [Accessibility](https://info.fastandfull.ca/accessibility) [Consumer Information](https://info.fastandfull.ca/consumer-information) [Contact Us](https://info.fastandfull.ca/contact) [Third-Party Tools and Sites](https://info.fastandfull.ca/third-party) [Confidentiality](https://info.fastandfull.ca/confidentiality) [Unsubscribe](https://info.fastandfull.ca/hs/manage-preferences/unsubscribe-simple) **CONTACT US** The Empire Life Insurance Company 259 King St. E. 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