Critical Illness Insurance
What is critical illness insurance?
Medical advances have dramatically improved the survival rates of people who suffer from critical illnesses such as cancer, stroke, and heart disease. Recovery may come with a significant financial cost that impacts both you and the people close to you.
Critical illness insurance offers the financial help to pay the costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you will receive a lump-sum cash payment. And, unlike reimbursed health insurance benefits, you decide how to spend the money.
Critical illness insurance was developed to protect families and help them deal with their health issues with peace of mind. Even with excellent medical insurance, just one critical illness can be a tremendous financial burden. Critical illness insurance provides coverage for 25 major illnesses by most of the insurance companies.
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- Heart attack
- Stroke
- Organ transplants
- Cancer
- Coronary bypass
Statistically, a serious life-altering illness affects one in three Canadians in their lifetime. Having Critical Illness insurance, you can:
- Cover daily costs
- Use your payout to help with your expenses while you recover.
- Protect your retirement savings
- Don’t dip into your RRSP or other investments to pay for additional medical costs.
- Focus on your recovery
- Concentrate on getting healthy knowing your benefit payment can help with your finances.
A great benefit of critical illness insurance is that if you do not become critically ill to use the insurance in 15 years or by age 65, your premiums can be refunded.
Another benefit of critical illness insurance is that you and your family can get professional help to deal with the impact of your illness. It can also provide Counselling services, Family support services, (childcare, home care), Legal and financial consultations, and Nutritional advice.