Critical illness insurance at 10 years, 20 years or up to 75 years old: which duration should you choose?

When you buy critical illness insurance, you have to choose a term: 10 years, 20 years, up to a given age (often 75 years old) or for life. Each formula meets a different need.

Duration formulas

Term 10 or 20 : The severance premium is lower. Coverage ends at maturity, and renewal, if available, is at an age-adjusted rate.

Up to age 65 or 75 : a stable premium until the end of the period when the risk of a serious diagnosis increases.

Lifetime : Coverage maintained for longer, with a higher premium. It can include options such as a return of premium.

How to choose according to your situation

If you have a 20-year mortgage or dependent children, a term that covers those years may make sense. If you’re on a tight budget, temporary coverage protects the riskiest period for your finances. If you want to keep the coverage as long as possible, look at the formulas up to age 75 or for life.

Pitfalls to avoid

Forgetting the expiry date of the contract. Not checking whether conversion to a longer plan is possible without a new medical evaluation. Choosing only according to the severance package, without looking at the duration of coverage.

Departure bonus or total cost?

10-year coverage seems cheaper, but if you need to replace it at age 60, the new premium will be calculated based on your age and health at the time. A longer plan locks in an earlier rate and protects against a change in health.

Conversely, if your need disappears (mortgage paid off, children independent), paying for lifetime coverage may no longer be justified. The right choice depends on what you want to protect and for how long.

A concrete example

A 35-year-old parent who has a 25-year mortgage and children aged 5 and 8 can aim for coverage until they are 60 or 65. A 45-year-old self-employed person who wants to remain protected until retirement can look at a formula until age 75. In both cases, a comparative quote gives the actual prices.

Service throughout Quebec

Partner firms registered with the AMF serve clients in Montréal, Québec City, Laval, Gatineau, Sherbrooke, Trois-Rivières, Saguenay and Longueuil, by telephone or online.

Frequently asked questions