Critical Illness Insurance

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What is Critical Life Insurance?

A Critical Illness insurance product pays a lump sum benefit if the insured is diagnosed with one of up to 25 covered conditions and outlives the survival period specified in the contract.

This product is for people who want a financial resource to help them cover additional expenses linked to recovery from a critical illness, such as time off work, traveling to receive treatments, home care, renovations, and the cost of treatments not covered by public health insurance.

You might already know someone who has benefited from the protection of Critical Illness insurance. It is also possible that you have not heard much about Critical Illness insurance. Either way, in the event of a catastrophic medical emergency, such as cancer, leukemia, a heart attack, stroke, or a seizure and much more, critical illness insurance may be your sole means of avoiding financial disaster.

The odds of Getting Cancer in Canada is available here while it is commonly believed that a regular life insurance plan would cover all needs associated with these conditions, the expenses of surviving a life-threatening illness and the coverage for these costs are often needed as much as any plan.

How does Critical Illness insurance work in Canada?

If you are diagnosed with one of the policy-covered conditions, Critical Illness coverage will help you eliminate the need to sacrifice savings. The tax-free claim can be used for costs such as medication, recovery, mortgage, rent, or house modifications, such as wheelchair accessibility. In fact this money can be used for anything. The odds of Getting Cancer in Canada is One out of Two.

Critical Illness insurance coverage eliminates the need to accumulate credit card charges or reduce retirement savings. The funds can be used for non-medical expenses (such as transportation and child care costs) or any expense that may result from illness. The policyholder will receive a lump sum payment after the insured has outlived the standard 30 day waiting period. A variety of factors influence policy price, including: the quantity and scope of coverage, the policyholder’s sex, age, term, and wellness.

There are certain limitations to Critical Illness insurance. Some variants of cancer may be excluded, and if a condition recurs, or in case of a repeat condition, the client may not be eligible for compensation. Critical Illness policies may also have term limits, (10 years, 20 years, etc.) When the policy reaches the end of its particular term limit, a return of all premiums may be paid. As with any other type of insurance, make sure to read the policy thoroughly. The last thing on your mind during these difficult times should be wondering if it will pay out. Your Assurance agent will help you determine the best policy and help make it clear what it does and does not cover. This way in an emergency you would not have to worry about this.

Critical Illness Insurance as a Benefit

Critical Illness coverage can be purchased by the policyholder or via the workplace in Canada. Unlike other medical benefits, the cost of Critical Illness coverage is usually the responsibility of the employee. One of the most appealing aspects of Critical iIllness insurance is that the funds can be utilized for any purpose, such as covering the cost of essential medical care that would otherwise have been inaccessible. Employers have been eager to adopt these plans since they realize that their employees are concerned about large out-of-pocket costs. Company benefits are highly sought after by quality employees and retention of these employees is reinforced with better benefits.

It covers medical care received in a foreign country

A tax-free claim is paid on the diagnosis of a serious illness under a Critical Illness insurance plan, regardless of whether the medical treatment or surgery occurs within or outside of Canada. It implies that if you need to travel outside of Canada for medical treatment, the coverage can help you with those costs. In other words, if you can find medical support in another country, you would have the support to pay for medical recovery without the wait for procedures in Canada.

It provides comfort

Critical Illness policies provide for peace of mind since the insured can focus on medical treatment instead of frantically arranging cash for medical and home expenditures. Healing can be more effective if the insured does not have to worry about the financial impact of their condition. One of the advantages of this insurance is that the policies are surprisingly affordable, especially when obtained via an employer-paid group plan. Some lower face amount plans cost as little as $25 per month, which is extremely inexpensive when compared with the cost of standard low-deductible health insurance coverage. It is important to be aware that a limited set of illnesses are covered under a Critical Illness plan. Despite this limited coverage, generally over 85% of all critical illness claims are covered.

It serves as a source of income

Critical illnesses not only hurt the individual that has the illness it will usually also have a significant impact on the family’s financial wellbeing. A Critical Illness policy offers a lump sum payment that can be used to cover health and home care costs. If you choose a plan with Return of Premium Benefits, the monthly premiums you have paid can be reimbursed if a claim is not made before the end of the policy term. These Return of Premium Benefits can also be paid if the insured passes away before a claim is made.

Critical Illness Insurance

What is Critical Life Insurance?

How does Critical Illness insurance work in Canada?

Critical Illness Insurance as a Benefit

It covers medical care received in a foreign country

It provides comfort

It serves as a source of income

Benefits of Dental Insurance

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Critical Illness Insurance

What is Critical Life Insurance?

How does Critical Illness insurance work in Canada?

Critical Illness Insurance as a Benefit

It covers medical care received in a foreign country

It provides comfort

It serves as a source of income

Benefits of Dental Insurance

Navigation

Main Products

Head Office

Insurance Needs Calculator

Immediate Cash Needs

Income Replacement

Assets & Insurance

How much insurance coverage you need:

Coverage not enough?