Edge Benefits Critical Illness Insurance Review – Updated 2024


Edge Benefits offers high-quality guaranteed critical illness insurance coverage. Edge Benefits critical illness plans are a good option for those who don’t qualify for standard products due to pre-existing conditions or other reasons. While coverage amounts and options won’t be as robust as fully underwritten critical illness insurance, this insurance application requires no medical exams or questions. At a maximum of up to $50,000 in coverage for 23+ conditions, Edge Benefits offers strong guaranteed critical illness protection.


We recommend Edge Benefits’ guaranteed issue critical illness insurance. They offer the highest amount of coverage for a guaranteed product with no medical exams or questions. These products are great for those who might not otherwise qualify for standard critical illness insurance products due to pre-existing health conditions.

Read our full review below to find out more about the company, which features they offer, and what we rate their critical illness insurance products.

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Our Edge Benefits critical illness insurance review & rating

We give Edge Benefits a 5-star rating for their guaranteed critical illness insurance product. While it does not offer the same coverage maximums as a fully underwritten product, it offers the most coverage for a guaranteed product.

Edge Benefits is an insurance provider that partners with other insurance companies such as the Co-operators, Green Shield, Chubb, and Beneva. Edge Benefits offers its guaranteed issue critical illness insurance product through Chubb Insurance, who is known for specialty types of insurance. 

Edge Benefits also offers:

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Edge Benefits critical illness product overview

Edge Benefit offers a high-quality guaranteed critical illness insurance product. This policy offers one of the highest max coverage amounts on the market for a guaranteed product. The product offers coverage for up to 23 full critical conditions and 2 partial conditions as well as optional children’s riders, which adds $10,000 in critical illness coverage for your children (up to age 21) for 4 extra conditions.

Their critical illness insurance is offered in two tiers:

Tier 1 – Guaranteed coverage 

Tier 2 – Simplified coverage 

  • Some simple medical questions
  • Up to $100,000 in coverage

Edge Benefits offers these tiers as a term policy to age 70. Additionally, they will increase the benefit amount by 5% every 5 years up to 25% for the policy. Because of this, we consider this a highly-rated guaranteed critical illness insurance policy.

Edge Benefits Critical Illness Insurance — Product Details

  • Type of coverage: Guaranteed
  • Available term lengths: To age 70
  • Number of illnesses covered: Up to 23
  • Survival period: 30 days
  • Waiting period: 2 years for critical illnesses related to pre-existing conditions only
  • Maximum coverage amount: $50,000 (with a 5% increase every 5 years)
  • Application process: Online
  • Claims contact: Edge Benefits
  • Renewable: No
  • Convertible: No
  • Limited pay options: No
  • Return of premium options: No
  • Partial payouts: Yes — for 2 different conditions, 20% up to $20,000 and only payable once
  • Loss of independent existence coverage: No

Read our Edge Benefits Life Insurance Review

Edge Benefits critical illness insurance pros and cons

Here is what our team ranks as the most and least advantageous features of Edge Benefits guaranteed critical illness insurance products for most Canadians.

✅ Edge Benefits critical illness insurance pros

  • No medical exams, health questions, or medical underwriting needed
  • Fast underwriting
  • Large coverage amounts up to $50,000 guaranteed
  • Comprehensive coverage 23 conditions covered
  • Pays out for up to 2 partial conditions
  • Second event benefits (payout for a second, unrelated condition)
  • Automatic 5% benefit increase after 5 years (up to 25%)
  • Options for simplified plans to increase coverage amount
  • Child critical illness rider available

❌ Edge Benefits critical illness insurance cons

  • No return of premium options if your plan expires or if you cancel without a claim
  • No short-term options
  • No limited pay options
  • Limited coverage compared to fully underwritten policies
  • 2-year waiting period for any condition related to a pre-existing condition (no coverage for the pre-existing condition itself)

Who is Edge Benefits?

Edge Benefits was founded in 1985, making it a relatively new player in the insurance industry (compared to those who have been around for hundreds of years). They initially sold life insurance, living benefits, and other investment products.

In 2013, Edge Benefits transformed the insurance purchasing landscape by eliminating paper applications and introducing a fully electronic application system. Two years later, it became affiliated with The Co-operators Group Limited. Furthermore, in 2019, Edge Benefits augmented its guaranteed issue critical illness insurance to $50,000, setting a new precedent as the highest coverage amount available in Canada. With a client base exceeding 60,000 policyholders, Edge Benefits has disbursed over $200 million in claims over the past 15 years.

Edge Benefits Inc. operates as a strategic partner with insurance companies rather than functioning as an insurance entity itself. The Co-operators, Green Shield Canada, Chubb, and Beneva are among its partnered insurers, ensuring comprehensive protection for Canadian consumers. Edge Benefits issues their life insurance, critical illness insurance, and disability insurance products through Chubb.

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Edge Benefits Insurance Canada: Quick Facts

  • When was Edge Benefits founded? 1985
  • Where is Edge Benefits Insurance headquarters? Newmarket, Ontario
  • AM Best Rating: N/A
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: – 
  • Annual Premiums: –

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Where to buy Edge Benefits Critical Illness insurance policies?

You can buy Edge Benefits Critical Illness insurance on PolicyAdvisor. Use our free quoting tool or click the button below to get personalized quotes instantly. And, you can also compare those quotes with some of the other best critical illness insurance companies in Canada.

If you would prefer to speak with a licensed insurance agent, we can help with that too! Our experienced advisors would be happy to speak with you and give one-on-one advice.

Edge Benefits critical illness insurance FAQ

Does Edge Benefit cover pre-existing conditions?

No. Edge Benefits critical illness insurance policies will not cover any pre-existing condition diagnosed before the policy’s effective date. However, you can still get coverage for other conditions, even if you’ve been diagnosed with a medical condition.

For example. if you have had paralysis before your policy’s effective date, the policy will not provide a payout if you are diagnosed with paralysis again. But if you were diagnosed with an eligible cancer, you would receive a payout.

Other companies may deny coverage altogether or may significantly increase your premiums if you have a pre-existing condition.

Is there a waiting period before claiming with Edge Benefits?

No. There is no standard waiting period for claiming a newly diagnosed critical illness.

However, if your newly diagnosed illness is related to a previously diagnosed illness. there is a 2-year waiting period.

Example: You were diagnosed with diabetes in childhood. You purchase a guaranteed critical illness insurance policy in your 40s.

❌ If your diabetes led to major organ failure WITHIN 24 months of the policy effective date, major organ failure is NOT covered.
✅ If your diabetes led to major organ failure AFTER  24 months of the policy effective date, major organ failure IS covered.

Can you claim a diagnosis more than once on a critical illness policy with Edge Benefits? 

Yes. For certain conditions, you can claim more than once. For example, if you buy a critical illness policy and are diagnosed with cancer a few months later the claim will be
paid. Then, if you go into remission, but the cancer returns 10 years later, a second claim would be paid out.

What is a Second Event Benefit with Edge Benefits?

A second event benefit is a secondary payout if you are diagnosed with one critical illness and then another after fully recovering from the first illness. Only heart attack and cancer qualify for second-event benefits.

For example, if you are diagnosed with cancer after the policy’s effective date, you will get your first payout. Then, if later you recover from the cancer, but suffer an un-related heart attack, you would get a second payout for the heart attack.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
By Parmeet Singh
Insurance Advisor, LLQP
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