Since the start of the COVID-19 pandemic, over 1.5 million Canadians have been diagnosed with the rapidly spreading virus and tens of thousands of people have died from it (source: Government of Canada statistics). The scale of the virus—in Canada and the world—has had enormous repercussions on healthcare systems, economies, and societies in general. In addition to this, the pandemic has raised new and important questions around covid for life insurance providers and people with life insurance and critical illness insurance coverage.

Though COVID-19 is no longer considered a global health emergency by the World Health Organization (WHO), the pandemic is still ongoing. So, we want to shed some light on how the virus factors into existing and new critical illness insurance policies. Looking at whether you can get COVID-19 insurance coverage, whether a previous diagnosis will exclude you from critical illness insurance policies, and more.

What is COVID-19?

Though the terms coronavirus and COVID-19 are often used interchangeably, there is an important distinction. COVID-19 is the disease caused by SARS-Cov-2, which is a strain of coronavirus. Named because of its emergence in 2019, COVID-19 is a respiratory illness that is highly infectious. While many COVID-19 infections result in mild to moderate respiratory symptoms, the disease can also cause serious and even fatal symptoms, such as respiratory failure, kidney failure, organ damage, and more. 

COVID-19 has been shown to present a higher health risk to people with underlying health conditions, such as respiratory diseases, diabetes, cancer, and other immune weakening illnesses. There is also evidence that the virus can cause long-term side-effects (this is known as long COVID), such as fatigue, joint pain, and shortness of breath. While there is still much unknown about the long-term effects of COVID-19, the persisting symptoms of the virus are thought to increase the risk of long-term health problems for recovered COVID-19 patients.

What is critical illness insurance?

Critical illness insurance is a type of coverage offered by life insurance companies (typically as an add-on to a life insurance policy as a critical illness rider, but can also be purchased as a stand-alone policy) that pays out a tax-free lump sum should the insured be diagnosed with a life-threatening illness or suffer a serious health event while the policy is active. Unlike traditional life insurance, critical illness insurance issues a benefit while the insured is alive, providing them and their family with financial support as they manage the financial and health impact of a life-threatening illness. It should be noted that the critical illness insurance benefit is only paid if the insured is diagnosed with a covered illness, as specified in the policy. The proceeds of the insurance can be used fully at the discretion of the insured.

Does critical illness insurance cover COVID-19?

COVID-19 is not listed as a covered condition for critical illness insurance. This means that a COVID-19 diagnosis alone will not qualify you for a critical illness insurance claim. This is largely due to the fact that not only is the virus strain new, but it also has a high recovery rate, with many people only suffering mild to moderate symptoms.

That being said, if a coronavirus infection leads to another serious illness or condition—such as organ failure and the need for an organ transplant—the policy holder will typically be eligible for a critical illness benefit. Most critical illness insurance providers offer coverage for up to 26 diseases or health conditions, including heart attack, stroke, and cancer.

Can I start a critical illness insurance policy after I’ve had COVID-19?

Yes, it is possible to purchase critical illness insurance coverage after you’ve been diagnosed with COVID-19. Life insurance providers that supply critical illness coverage have not changed the application process to account for the coronavirus. Where the diagnosis may have an impact, however, is the timing of when your critical illness insurance application is submitted and in determining the premium rates you may qualify for. 

For example, if you’ve had the novel coronavirus, it will have to be disclosed—along with other health conditions and medical history—to the insurance provider. They will then assess your risk of being diagnosed with a critical illness in the future, which will influence your premiums. Additionally, if you’ve recently been diagnosed with COVID-19 and are applying for critical illness insurance, the approval process may be deferred until at least 14 days or in some cases at least a month after recovery or complete absence of symptoms.

How does COVID-19 affect my life insurance policy?

Life insurance companies in Canada have not made any changes to the life insurance product or application process to adjust for Coronavirus risks. So life insurance policies will continue to provide coverage for Coronavirus-related deaths for new life insurance applications, once those have been approved. In fact, in 2020, over $154 million was paid out in covid-related death claims in Canada. 

However, if you have been recently diagnosed with Coronavirus or are currently awaiting diagnosis or treatment of the same, insurance companies will likely defer the approval, until after such treatment is complete. Most companies are currently proposing a deferral of at least 14 days to a month after the complete absence of COVID-symptoms. 

To learn about how COVID-19 is impacting life insurance coverage and applications, head to our FAQ page about COVID insurance.

What other insurance policies will cover COVID-19?

The federal government as well as other regulatory bodies have put resources in place to protect your financial wellbeing during the pandemic. If these resources do not meet your needs, you may consider protecting yourself with insurance. Disability insurance products are designed to pay a monthly benefit to replace a loss of earnings if you are unable to work due to illness or injury for the length of the policy, or until you return to work. Typically, there is a waiting period before the benefit payments start. This waiting period can be between 1 to 26 weeks for short term policies or up to 2 years for long term disability insurance policies. Should a Coronavirus diagnosis lead to a loss of income, the insurance companies will make a payment as long as the minimum waiting period is complete. Some companies may even waive the waiting period in the case of a positive diagnosis.

Want to learn more?

Critical illness insurance is a great option for those who are concerned about future diagnoses and the costs associated. With critical illness insurance, some of that financial burden and worry can be alleviated. 

Try our free critical illness insurance calculator to figure out how much coverage you might require or speak to our friendly advisors.

Every year over 100,000 Canadians will experience a stroke, making it the leading cause of adult disability in the country (source: the Heart and Stroke Foundation of Canada). Symptoms vary, but the short and long-term effects of a stroke can be debilitating and even life-threatening. Strokes are also the third leading cause of death in Canada.

While insurance can’t protect against the medical risk of stroke, it can provide a financial safety net should you or a loved one be diagnosed with this critical illness. Critical illness insurance can help pay for treatment, care, or general support. In Canada, strokes represent the third most common diagnosis claimed through critical illness insurance. 

Keep reading to find out more about how critical illness insurance can benefit you if you or a loved one is at risk for stroke.

What is a stroke?

A stroke, also known as a cerebrovascular accident, occurs when the brain suffers from blood flow loss due to a hemorrhage, embolism, or thrombosis. The loss of blood damages brain cells, which, in turn, causes stroke and associated symptoms. Early symptoms of a stroke include numbness, confusion, headaches, and loss of balance, while long-term effects can manifest as speech impairments, memory problems, and permanent loss of function.

There are three main types of stroke:  ischemic stroke, hemorrhagic stroke, and transient ischemic attack (TIA). 

• Ischemic strokes (the most common type of stroke) are caused when a blood vessel in the brain becomes blocked by a clot or build-up of plaque. 
• A hemorrhagic stroke occurs when a blood vessel in the brain ruptures. This type of stroke has links to high blood pressure.
• A TIA, also known as a mini-stroke, is caused by a temporary blockage of an artery in the brain. This type of stroke typically has minor, short-term symptoms, but is often indicative that another stroke is imminent

What is critical illness insurance?

Critical illness insurance is a type of coverage offered by life insurance companies (typically as an add-on to a life insurance policy, but can also be purchased as a stand-alone policy) that pays out a tax-free lump sum should the insured be diagnosed with a life-threatening illness or suffer a serious health event while the policy is active. Unlike traditional life insurance, critical illness insurance issues a benefit while the insured is alive, providing them and their family with financial support as they manage the financial and health impact of a life-threatening illness. It should be noted that the critical illness insurance benefit is only paid if the insured is diagnosed with a covered illness, as specified in the policy. The proceeds of the insurance can be used fully at the discretion of the insured.

Does critical illness insurance cover stroke?

Yes! Strokes fall into the category of covered health conditions in most critical illness insurance policies. Strokes along with cancer and heart attack are the most common types of claims for this type of insurance. Strokes are one of the main conditions covered both in basic critical illness policies (that cover 3 or 4 conditions) or enhanced critical illness insurance policies (that cover 25 or 26 conditions). 

Depending on the type or severity of strokes, however, there may be exclusions. For example, TIAs or mini-strokes may not qualify as a critical illness. Strokes caused by trauma may also not be covered depending on the life insurance provider.

Most Canadian insurers will follow the definition provided by The Canadian Life and Health Insurance Association (CLHIA) for various covered conditions including stroke. For critical illness insurance purposes, a stroke is defined as an acute cerebrovascular event that results in acute neurological symptoms and new neurological deficits that persist for more than 30 days after the initial diagnosis. The CLHIA has fully defined all the 26 commonly covered illnesses.

Read the full CLHIA definition of stroke below.

How long do I have to wait to file a claim after having a stroke?

Most critical illness insurance policies include a survival period clause. In short, this means that an insured person must survive for at least 30 days after a stroke diagnosis before filing a claim. It is only after this period that the benefit will be paid. 

Most companies will require that medical information about the diagnosis and any signs, symptoms, or investigations leading to the diagnosis must be reported to the company within six months of the date of diagnosis. 

To find out more about insurance for strokes and other critical health conditions, head to our critical illness insurance page. To better understand how much critical illness insurance coverage you might need, consult our critical illness insurance calculator.

Can I start a critical illness insurance policy after I’ve had a stroke?

Generally, it is advisable to purchase critical illness insurance before you have been diagnosed with any serious health condition or illness. However, it is still possible to buy critical illness coverage after you’ve had a stroke. 

If you’ve already had a stroke or other critical illness diagnosis, one option is guaranteed critical illness insurance. This type of coverage does not require a medical evaluation but is usually accompanied by a two-year pre-existing condition exclusion. In other words, if you had a stroke in the two-year period before applying for coverage, the policy will not issue payment if another stroke happens within the first two years of coverage. The two-year exclusion may also apply if a different critical illness condition occurs that is directly attributable to the stroke. 

Depending on the severity of the stroke and the time period (typically several years since the stroke) that has elapsed, it may be possible to get traditional, fully underwritten insurance. 

As always, reach out to one of our insurance experts if you need help understanding the potential options for coverage. 

Can I get critical illness insurance if I have a family history of stroke?

As with life or health policies, an insurance company will look at your family history to determine risk, eligibility, coverage, and cost of critical illness insurance. If you have a family history of stroke (or any other critical illness), the insurance company will assess your health risks closely. If the predisposition to stroke (or any other critical illness insurance) may seem elevated, then you may receive an insurance rating (i.e. a higher insurance price) or an exclusion (i.e. certain conditions may not be covered for claims). It’s best to chat with an advisor to determine how your family’s health history may impact your critical illness insurance coverage. 

If you know you are at a high risk of stroke through either genetic testing or through family history, you should absolutely get critical illness insurance. While you may not have control over some aspects of your familial health history, you have control over your financial health. Critical illness insurance is an essential component of financial protection for every individual.

Full definition of stroke according to CLHIA

Stroke (Cerebrovascular Accident) means a definite diagnosis of an acute cerebrovascular event caused by intracranial thrombosis or hemorrhage, or embolism from an extracranial source, with:

• acute onset of new neurological symptoms, and
• new objective neurological deficits on clinical examination,
• persisting for more than 30 days following the date of diagnosis. These new symptoms and deficits must be corroborated by diagnostic imaging testing. The diagnosis of stroke must be made by a specialist.

Exclusion: No benefit will be payable under this covered condition for:

• Transient Ischemic Attacks (TIA); or
• Intracerebral vascular events due to trauma; or
• Lacunar infarcts, which do not meet the definition of stroke as described above.

Want to learn more?

Critical illness insurance is a great option for those who are concerned about future diagnoses and the costs associated. With critical illness insurance, some of that financial burden and worry can be alleviated. For more info, reach out to one of our advisors to chat about which options and policies are best for you. 

Whether we’ve seen an insulin commercial on TV or watched a loved one prick their finger to test blood glucose levels, most of us are familiar with diabetes in some way. Approximately 10% of Canadians have been diagnosed with diabetes, a chronic condition where one’s body cannot properly produce or use insulin. That rate is expected to reach 12% by 2025. According to the World Health Organization, a high blood glucose level is one of the top risk factors for premature death. Diabetes can drastically impact your day-to-day life and lead to a variety of complications, if not treated properly. 

Below, we’ll dive deeper into what diabetes is and what kind of insurance coverage you can expect to get with a diabetes diagnosis.

What is diabetes?

Diabetes is a chronic condition classified by the body’s inability to properly use or produce insulin. Insulin is a hormone normally found in your pancreas that controls glucose (sugar) levels in the blood. 

Glucose is energy for your cells. When you eat, food travels through your digestive system and is broken down. During this time, glucose is released from some of that food and your pancreas releases insulin. This insulin either tells the cells of your body to absorb the glucose for energy or it tells your body to store the glucose for later. 

If you have diabetes, your body doesn’t respond to or produce insulin how it should. This results in high blood glucose (blood sugar) levels. High levels of blood glucose and diabetes can lead to a lot of complications such as cardiovascular disease, stroke, kidney disease, eye damage(retinopathy), glaucoma, gangrene, or even Alzheimer’s. 

Diabetes can impact anyone at any age although some types are more prevalent among certain demographics. According to the Public Health Agency of Canada, men are more likely to be diagnosed with diabetes than women, with the exception of gestational diabetes. 

What are the various types of diabetes?

There are three main types of diabetes: type 1, type 2, and gestational.   

Type 1 Diabetes

Type 1 diabetes is an autoimmune disease that most commonly appears during childhood, but can also present in adults. Autoimmune diseases are diseases where the immune system misinterprets part of the body as a threat and starts attacking it. In the case of type 1 diabetes, the immune system destroys pancreatic cells that produce insulin. Because Type 1 diabetes is an autoimmune disease, so there are no proven preventions for the disease.

Type 2 Diabetes

Type 2 diabetes is a metabolic disorder that most typically appears in adults over the age of 40, however, you can be diagnosed when you’re younger. Type 2 diabetes occurs when your pancreas doesn’t produce enough insulin to metabolize the amount of glucose in your body or your body isn’t able to properly use the insulin it does produce. Around 90% of people who have been diagnosed with diabetes have type 2. Contributing factors are fitness level, weight, ethnicity, family history, and genetics. Type 2 can be prevented to an extent through lifestyle choices such as diet and exercise.

Gestational Diabetes

Gestational diabetes occurs during pregnancy when your body is unable to produce enough insulin, leading to an increase in blood glucose levels. While gestational diabetes usually goes away a few weeks postpartum, it does signify an increased risk for developing type 2 diabetes in the future. Gestational diabetes can be prevented to an extent through lifestyle choices such as diet and exercise.

Symptoms and Complications

Diabetes can express itself through various symptoms and can lead to a variety of complications. Diabetics can experience increased thirst, increased urination, increased hunger, weight loss, blurry vision, numb hands or feet, and tiredness among other things. If diabetes isn’t managed properly it can lead to conditions such as high blood pressure, nerve damage, eye disease, kidney disease, stroke, or other complications. These symptoms and complications will all be relevant in determining the level of coverage as well as the cost of a policy that an insurance provider may offer

Treatment & Management

Diabetes is treated through the management of blood sugar and insulin levels. Less serious cases of type 2 diabetes can be managed through diet and exercise. For type 1 and more serious cases of type 2, condition management involves monitoring blood glucose levels and administering insulin in response. Some patients may have an insulin pump that automatically administers insulin while others might inject themselves with insulin. Each treatment plan is personalized to the individual in order to mitigate the effects and potential complications caused by diabetes.  

Before offering coverage, most insurance providers will require at least two tests to determine how well your diabetes has been managed. The first of these is a glucose test or sugar reading. This test tells what your blood glucose level is right now. The second test is a HbA1C or A1c test. This test shows your blood glucose levels over the past two to three months by measuring the amount of glucose attached to your red blood cells. Higher glucose levels can be an indicator of poor health and diabetes management and could result in higher insurance prices.

What is critical illness insurance?

​​Critical illness insurance is a type of coverage offered by life insurance companies (typically as an add-on to a life insurance policy, but can also be purchased as a stand-alone policy) that pays out a tax-free lump sum should the insured be diagnosed with a life-threatening illness or suffer a serious health event while the policy is active. Unlike traditional life insurance, critical illness insurance issues a benefit while the insured is alive, providing them and their family with financial support as they manage the financial and health impact of a life-threatening illness. It should be noted that the critical illness insurance benefit is only paid if the insured is diagnosed with a covered illness, as specified in the policy. The proceeds of the insurance can be used fully at the discretion of the insured.

Does critical illness insurance cover diabetes?

No. Critical illness insurance doesn’t cover diabetes, as diabetes in and of itself is not a life-threatening illness. However, complications arising from diabetes can be life-threatening and are covered by critical illness insurance plans. For example, some of the health issues that can arise from diabetes, such as cardiovascular disease, stroke, kidney failure, limb loss, Alzheimer’s, etc, are covered by critical illness insurance plans. If you are at risk for diabetes due to family history, it is a good idea to consider critical illness insurance to cover any potential diabetes-related complications. To ensure coverage of future illnesses, be sure to consult your policy and any pre-existing condition exemptions. If you are unsure, it’s best to have a conversation with an advisor.

Can I get critical illness insurance if I have been diagnosed with diabetes?

Your options for critical illness insurance will be limited if you have already received a diabetes diagnosis. Your diabetes will be considered a pre-existing condition that can lead to the conditions covered by critical illness insurance. Potential coverage depends on the type of diabetes you have, past complications, and how well your diabetes is managed. If your diabetes is well managed, then the insurance company may approve you for coverage, although there will be a risk of an insurance rating i.e. a price increase. 

If you don’t qualify for standard critical illness insurance coverage plans, you can still qualify for  non-medical critical illness insurance policies — simplified issue or guaranteed issue. If you have a family history of diabetes, it’s better to get critical illness insurance sooner than later as insurance companies as a diagnosis of diabetes can severely limit your coverage options. Simplified or guaranteed coverages, while being more accommodative, may impose a pre-existing condition exclusion as well as a 2-year waiting period.

Read more about simplified issue vs guaranteed issue insurance.

To determine what kind of coverage you qualify for, be sure to chat with one of our advisors.

What does critical illness insurance cover?

There are 26 conditions that most insurance carriers cover. This covers conditions such as blindness, limb loss, dementia, cancer, heart attack, and stroke. Often these conditions and subsequent expenses are not fully covered by basic health coverage. Critical illness insurance can offer great financial peace of mind, so you can focus on the most important thing: your health. 

The Canadian Life and Health Insurance Association (CLHIA) has defined the 26 conditions that are commonly covered in a critical illness insurance policy. Some policies, such as a children’s critical illness policy or rider, may cover up to 35 conditions, including illnesses commonly diagnosed in children such as autism, cerebral palsy, and more.

Can I get life insurance if I have diabetes?

You can get life insurance if you have diabetes but options can be limited. Life insurance coverage will depend on how well your diabetes has been managed, the type of diabetes you have, and if you have had any complications related to the condition. If you are in good health and your diabetes is stable, there’s a good chance you could qualify for standard, medically underwritten life insurance. However, like anyone with an underlying condition, it’s best to consult an advisor to determine how your conditions and health will impact life insurance options.

Want to learn more?

Critical illness insurance is a great option for those who are concerned about future diagnoses and the costs associated. With critical illness insurance, some of that financial burden and worry can be alleviated. 

Try our free critical illness insurance calculator to figure out how much coverage you might require or speak to our friendly advisors.