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All You Need to Know about Critical Illness Insurance

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This page provides information to Canadians about critical illness insurance.

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?
Critical Illness InsuranceInsured 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 and blindness.
  • 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.