Critical illness insurance supplements or fills the gap between your usual income and your disability insurance income benefit. It is one of the smartest ways to protect yourself and your family’s well-being while you are recovering. In fact, critical illness insurance does not just apply to your own disability or illness, coverage is also available for your children. This allows for you to take time off of work to tend to your children’s needs. Plus, if you cover your children with critical illness insurance, it guarantees that your children will have insurance coverage as adults, no matter what their health conditions are.
Since the cost of recovery often goes far beyond the cost of medical treatment, critical illness insurance pays you a lump-sum benefit to help manage that cost. This is especially necessary in today’s day and age, as medical advances are increasing the probability of surviving critical illnesses or conditions. Most critical illness insurance plans provide benefits for serious illnesses or conditions such as cancer, heart attack, stroke, coronary artery bypass surgery, and Multiple Sclerosis. If you are diagnosed with one of the serious illnesses or conditions covered by your plan, you will be paid a lump-sum benefit at the end of your required survival period. You can use this money to cover treatment or medications not covered by your company’s plan or by the government or you can use it to supplement your income and pay your household expenses. In fact, it’s entirely up to you how you spend this lump sum.
Finally, one of the added benefits of a critical illness insurance plan is that some refund all or part of the premiums you have paid if you decide to cancel the policy. This is usually if you cancel after a specified period of time or even if a specified period of time elapses without a claim. In the event you have a critical illness in the future, it is best to invest in your own critical illness insurance so that you can focus on getting better without having to worry about money. And, the best way to be informed about critical illness insurance is to speak with us about your options.
Heart disease, stroke and cancer are the leading health issues facing Canadians today.
38% of Canadian women and 44% of Canadian men will develop cancer during their lifetime.
It is estimated that there are over 70,000 heart attacks in Canada each year.
Every 10 minutes, one person in Canada has a stroke.
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.
Please contact us or obtain an online quote.