This page provides information to Canadians about critical illness
Protecting your life, your family and your property is surely foremost
on your list of priorities. While putting away savings is one of the most
common routes taken, investing in a critical illness insurance policy
also makes a lot of sense.
Critical illness insurance is a type of coverage wherein the insurance
provider is contracted to pay the policyholder a specified amount of cash
if he or she becomes afflicted with a critical illness condition. In most
cases, the client must survive a specified period of time, usually one
month from the day of the diagnosis, before being eligible for a payout
from the insurance company.
What medical conditions are covered?
health conditions vary from one insurance provider to another. Below are
some of the illnesses that are typically covered by critical illness insurance:
- Degenerative disorders of the brain such as multiple sclerosis, Parkinson’s
disease, and Alzheimer’s disease
- Progressive or terminal illnesses such as renal failure, heart attack,
stroke, and cancer
- Disabilities that can affect capacity to earn income such as deafness
- Major medical procedures such as organ transplants
What are the benefits of Critical Illness Insurance?
Critical illness insurance is a distinctive coverage that has
many facets to its benefits. First, it provides the policyholder monetary
assurance when medical treatment and care are required due to a critical
illness. Secondly, it can compensate any loss of income caused by one’s
inability to pursue a livelihood. In certain cases, the payout serves
to support a change of lifestyle or living arrangements while one is recuperating
from the illness. Below are some of the most crucial reasons why one should
consider this type of insurance:
- It guarantees proper medical care. Unfortunately, there are patients
afflicted with debilitating illnesses who end up avoiding medical treatment
and health specialists due to a lack of funds. Critical illness coverage
helps ensure that you or your loved ones will be able to seek appropriate
medical care in the event of critical illness. Moreover, there will
be sufficient resources to pay for portable medical equipment or for
the employment of a round-the-clock caregiver whenever necessary.
- It augments basic government health insurance. Critical illness coverage
is typically not provided by the Canadian government health insurance
plan. It is best to opt to insure yourself and your family from potential
medical emergencies brought about by critical illnesses.
- It protects your financial budget from unexpected medical expenses.
Any news of critical illness in the family does not only cause emotional
stress, but also puts a strain on the pocketbook. You may suddenly be
required to dispense substantial sums of money for healthcare. With
critical illness coverage in effect, the need to take out loans bearing
unreasonable interest rates or to sell property and belongings is eliminated.
Although critical illness is a dismal and fearful topic, it should not
be ignored. It is best to be well-prepared by obtaining the proper type
of health insurance in order to protect yourself and your loved ones against
potential, unanticipated dire circumstances.