Critical Illness Insurance
Critical Illness Insurance
A cancer diagnosis, heart attack or other unforeseen health crisis could leave you unable to earn an income, adding financial stress to an already emotionally stressful situation. Unfortunately, your mortgage or rent payment and other monthly expenses will still need to be paid. On top of those obligations, medical bills can quickly pile up. If you aren't able to work, you may not have the means to pay those bills.
Critical illness insurance is a policy that will pay out a benefit as a lump sum if you are diagnosed with a critical illness or condition specified in the policy. This can relieve or lessen the financial strain that can come with critical illnesses, so you can focus on getting better.
As you go through life, your insurance needs change.
Canada Insure provides plans to keep you protected.
Why Do I Need
Critical Illness Insurance?
None of us knows if or when we will contract cancer, have a heart attack or stroke, or be diagnosed with another critical illness. These diseases and conditions can have devastating effects on our health, requiring dedicated treatment and recovery periods. When a critical illness strikes, the financial consequences can be just as catastrophic as the health ramifications in their own way.
Critical illness insurance is designed to help alleviate the financial strain that comes with critical illnesses. The lump sum benefit paid out under a critical illness insurance policy can be used to pay your medical bills, mortgage and other expenses. Policy benefits can also be used to pay for experimental treatments not covered by your health insurance policy, or for travel to obtain treatments somewhere other than your current location.
How Does Critical Illness 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, Till Age 75 etc.) When the policy reaches the end of its particular term limit, a return of all premiums may be paid depending on the policy. 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. Our agents 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.
Frequently Asked Questions
Q: What are the advantages of Critical Illness Insurance?
The main advantage of a critical illness insurance policy is the peace of mind that comes with knowing you and your family will have cash available to cover your expenses in the event you become seriously ill. You get to choose how the money is spent: use it to pay for treatment costs that aren't covered under your health insurance policy, to cover your monthly obligations, to replace your spouse's income so he/she can care for you, etc. The choice is yours.
Q: Do I qualify for Critical Illness Insurance?
Some policies offer simplified underwriting, meaning you may be asked a series of health-related questions and may not need a medical exam. For higher value policies offering larger lump sum benefits, you will need to qualify for coverage based on medical exams and tests. In general, most healthy individuals qualify for critical illness coverage.
Because this type of policy is designed to pay out benefits in the event you are diagnosed with a critical illness, you cannot purchase the policy if you already have a critical illness.
Q: Can I afford Critical Illness Insurance?
Critical illness insurance can be surprisingly affordable, especially if you are young and relatively healthy when you purchase the policy.
When you weigh the policy premiums against the potential impact to your finances from not having coverage when you need it, buying a critical illness insurance policy just makes sense.
Q: When should I buy Critical Illness Insurance?
Of course, none of us ever want to be diagnosed with any type of critical health condition, but there's no way to guarantee that won't happen. For a critical illness policy, your premiums will be based on your age, so purchasing a policy at a younger age can make the policy even more affordable.
Choose Canada Insure For Critical Illness Insurance
Canada Insure offers clients a different way to buy life insurance. Instead of trying to sell you one type of insurance, one company’s policy, or a specific death benefit amount, we get to know you first. We'll ask you a series of questions to help identify what your insurance needs are and what type of coverage will best help you meet those needs. From there, we have access to a variety of insurance providers and will work to find you a policy that meets both your goals and your budget.
To learn more, and to get started with insurance quotes to protect what's most important to you, contact us to begin working with a Canada Insure Agent today.
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Office
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