Critical Illness Isurance
Facing a critical illness can be one of the most difficult challenges in life. There is so much to consider—making decisions about your care, remaining financially stable, meeting your family’s day-to-day needs, coping with the emotional stress and more.
Critical illness insurance offers help paying costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment – you decide how to spend the money. It is important to make sure you get the best deal possible on your critical illness life insurance.
Critical insurance is designed to help financially support patients before, during and after treatment by providing a lump-sum benefit when a critical illness is diagnosed. Critical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied. The physical and emotional strain of a critical illness can be severe and when you combine that with the potentially damaging financial impact, the result can be devastating.
Although medical insurance and other insurance coverage’s you may have are essential, they won’t cover everything. Medical treatment has never been better, but is also expensive. People today can experience financial hardship because of the expenses their insurance does not cover. Critical illness insurance could be a strong supplement to other health insurance.
Expenses such as private nursing or modifications to your home or vehicle to improve your mobility won’t be covered under your provincial health insurance plan and may not be covered under typical employer-sponsored health plans. Then there are the other challenges that critical illnesses bring—such as finding the best medical care, meeting day-to-day needs (like caring for your children), and managing the stress and anxiety.
A life insurance policy will pay out a lump sum in the event of your death. However, having critical illness life insurance cover as an additional option means that your policy will also pay out a lump sum if you are diagnosed with one of the major life changing illnesses included within your policy. This could make sure that your home is paid for and your family’s welfare is taken care of. This cover gives you the flexibility of choosing a sole option/both options within the one plan, thereby splitting your cover between life insurance and serious illness cover.
A critical illness can happen to anyone:
- It is estimated there are over 70,000 heart attacks in Canada each year.
- There are between 40,000 and 50,000 strokes in Canada each year.
- An estimated 3,075 Canadians will be diagnosed with cancer every week.
You may not have to go into debt or withdraw money from your retirement savings to remain financially stable and independent during your recovery. You can have a look at what criticalinsurance.com could do for you and compare critical illness life insurance today.