The #1 Insurance Canadians Can’t Afford to Skip

Last year, my friend’s dad had a heart attack. He survived, but needed quadruple bypass surgery.

He was healthy and active—played tennis regularly, stayed fit, ate well, and took care of himself. His wife is a physician. He’s a pharmacist. And still, an unknown genetic condition made him vulnerable.

Now, his daughter (my friend) is fortunate enough to have this information so she can start doing preventative screenings early.

You might think, Well, the guy’s in his 60s—and sure, that’s not unusual.

But working in the insurance industry, I see some wild stats. And being pretty deep into the health and wellness space, I have to say—some of it is genuinely alarming.

In 2024, the Canadian Cancer Society estimated that 247,100 new cancer cases would be diagnosed in Canada.

One of the most concerning trends?

Colorectal cancer rates among Canadians under 50 have increased by 50% since the mid-1990s.

Research also shows that Canadians born after 1980 are 2 to 2.5 times more likely to be diagnosed with colorectal cancer before age 50 compared to earlier generations.

So, Karen—why the heavy topic?

Because I’m a big believer in preventative care. Early detection can be life-changing.

But I also recognize that even when you do everything "right"—eat well, stay active, go for your checkups—things can still go wrong.

That’s why I want to talk about Critical Illness Insurance.

Wait—what does this have to do with wealth?

Everything.

Critical Illness is one of the most underrated financial tools out there. A lot of Canadians assume our healthcare system covers everything.

 Yes, we have public healthcare—but it doesn’t cover:

• Out-of-country treatments

• Specialized medications

• At-home care

• Time off work

• Support for your family while you recover

It’s up to you to make sure you and your family are protected.

Isn’t that what Disability Insurance is for?

Kind of—but not entirely.

Disability Insurance usually covers about 60% of your income, and only if you’re unable to work.

Critical Illness is different.

• It’s not tied to your job or income

• You pay the premiums

• And if you’re diagnosed with a covered condition, you get a tax-free lump sum payout

• No strings attached

What does it cover?

Most policies include 25–26 conditions, but the core ones are:

• Cancer

• Heart attack

• Stroke

• Organ transplant

So, why does this matter?

Because none of us are invincible. And if something were to happen, Critical Illness Insurance can give you one less thing to worry about—money.

You’ll get a tax-free lump sum you can use however you want:

• Take time off and heal without stress

• Pay for treatments your province doesn’t cover

• Hire help at home or childcare

• Or even just breathe and figure out your next steps

It’s not about being afraid. It’s about being prepared. 

And if you never use it? Some policies return your premiums later in life—so it can double as a safety net and a savings tool.

My advice?

If you’re healthy right now, this is the perfect time to lock something in. It’s simple, affordable, and can make a massive difference in a moment you never saw coming.

Want to learn more or see if this makes sense for you?

👉 Click here to book a time with me. I’ll walk you through it.

Sources: 

• Canadian Cancer Society, Cancer Statistics at a Glance, 2024

• CBC, Colorectal Cancer Rates Rising Among Canadians Under 50 

• Health.com, Millennials and Gen X Face Higher Risks for 17 Cancers 

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Everyone talks about building generational wealth—there are lots of ways to do it.

But one strategy most people overlook? Whole Life Insurance for kids.
The best time to start is as young as possible—especially toddler-age.

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