Cancer insurance: daily cash to help with everyday costs during treatment
Provincial plans cover much of the treatment, but not the parking, travel, childcare and lost income that come with it. Cancer insurance pays cash directly to you, so you can focus on recovery instead of the bills.
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Everything to know about cancer insurance
Who it is for
- People who want extra protection on top of critical illness
- Families with a single income
- Self employed people without sick pay
- People who may not qualify for broader plans
How it works
- You choose a benefit amount
- If you are diagnosed with a covered cancer, a benefit is paid after any waiting period
- Some plans also pay for specified treatments or hospital stays
- Applications are usually simple
What affects the cost
- Age and tobacco use
- Benefit amount
- Type of plan, lump sum or reimbursement
- Optional riders
Common mistakes to avoid
- Treating it as a replacement for broader critical illness cover
- Not checking which early stage cancers are excluded or paid less
- Missing the waiting period
- Not reading how recurrence is handled
A one income family buys cancer cover to help with travel and living costs during treatment, alongside their other plans. Illustration only, not a quote.
Questions people ask
Is cancer insurance the same as critical illness?
No. Cancer insurance covers cancer only. Critical illness covers several conditions, so it is broader.
Are early stage cancers covered?
It depends on the plan. Some pay a reduced amount or exclude certain early stage cancers.
Can I have both?
Yes. Many people combine them, and we can compare the value of each.
How cancer insurance helps
It is built for the costs that medical plans do not cover.
Daily cash benefits
Some plans pay up to about $400 per day while you are receiving treatment, paid straight to you.
No lifetime limit on some plans
Certain plans have no lifetime maximum, so benefits can continue for as long as treatment continues.
Use it for anything
Travel and lodging for treatment, childcare, meal delivery, home help, or income you lose while off work.
Choose your level
Plans come in several levels so you can match the benefit to your budget and your family’s needs.
Cover your family
Options for a spouse and children help protect the whole household.
Extra support
Some plans include access to telehealth and medical guidance, which helps when you have questions late at night.
Who it is for
Working age Canadians who would feel a financial shock if they could not work for months.
- Self employed people and business owners with no sick pay
- Families with a mortgage, children or one main income
- People with a family history of cancer who want extra security
- Anyone who lives far from a cancer centre and expects travel costs
- Clients who already have critical illness cover and want ongoing cash as well
Cancer insurance or critical illness insurance?
They work differently, and they can work well together.
| Cancer insurance | Critical illness insurance | |
|---|---|---|
| How it pays | Daily or per treatment cash benefits | One tax free lump sum on diagnosis |
| Covers | Cancer only | Cancer plus heart attack, stroke and many more conditions |
| Best for | Ongoing treatment expenses and lost income | Large debts, a career break or major changes to your life |
| Typical cost | Lower | Higher, because it covers more |
| Good to know | Waiting periods and exclusions apply | Survival period and condition definitions apply |
General guide only. Benefits and eligibility differ by insurer and plan.
Explore related cover
Each page explains one product in plain language.
Questions people ask
Is there a waiting period?
Most cancer plans have a short waiting period before benefits can be claimed, and some exclude cancers diagnosed or treated before you bought the plan. I will walk you through the wording.
Does it pay if I already have a diagnosis?
Generally no. Cancer insurance is bought before a diagnosis, so it is best to apply while you are healthy.
What if I already have critical illness cover?
They complement each other. The lump sum handles big debts, while daily cash handles ongoing costs during treatment.
Can my family be covered too?
Many plans offer spouse and child options. Premiums and benefits depend on the plan you select.
Is treatment covered by provincial plans?
Medically necessary treatment in hospital is largely covered, but costs like travel, accommodation, some outpatient drugs, childcare and lost income are not. That is the gap this product fills.
Plan for the costs you cannot see yet
A free, no pressure conversation. I compare several insurers so you see real options.
Book a free consultationCall 306-472-2020This page is general information, not personal advice. Product features, eligibility, benefit amounts, waiting periods, exclusions and pricing vary by insurer and plan and are set out in the policy contract. Please read the policy before you buy. MS Insurance Inc. is licensed to sell life and health insurance in AB, SK, BC, NB, NS, QC, MB, ON and PEI.