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Rest assured that in the unfortunate event of developing a serious life threating condition, you will have financial support.
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What is Critical Illness Insurance?
If you develop a serious life-threatening condition, Critical Illness Insurance will provide support during an exceedingly difficult time for you. It can help by partially substituting your income and the income of those who take time off work to care for you. It will provide a tax-free lump sum payout, as well as help with additional expenses you may incur due to your illness. Depending on your benefits, your policy may cover caregivers, assistive home modifications, medicine, and medical equipment.
Provincial and private health insurance plans do not provide adequate support in the event of succumbing to a severe life-altering illness. Critical Illness Insurance is a relatively low-cost way to protect yourself from such unfortunate circumstances.
Once the diagnosis is confirmed by a licensed physician, a claim can be immediately filed to access your policy’s benefits.
Your public health care plan is likely to eliminate the cost of diagnosis, while your Private Health Insurance will help you with hospital stays, ambulance services, and minor medication costs. However, neither will provide the financial relief required due to loss of income. With Critical Illness Insurance, you would be able to use your lump sum benefit to replace your income and take care of your recurring payments in the time when you need it the most.
Disability Insurance only partially replaces your income while you cannot work due to a disability. Once you return to work or no longer qualify for coverage, your benefits will end. However, Critical Illness Insurance provides a guaranteed benefit payout when you file a claim containing a confirmed diagnosis from a licensed physician.
As with most other insurance products, your age and medical history impact significantly your premiums. Your choice of critical illnesses to be covered and the length of your policy will last also impact its price. Young and healthy individuals can pay below $20 in monthly premiums for Critical Illness Insurance; whereas a healthy middle-aged individual is likely to pay below $100 in their monthly premiums.
Critical Illness Insurance policies cover specific life-threatening ailments. Carefully review plans from different providers to make sure particular conditions are covered. Some of the commonly covered critical illnesses include:
- Cancer
- Stroke
- Heart attack
- HIV
- Coronary bypass
- Organ and bone marrow transplants
- Kidney failure
- Liver failure
- Lung disease
- Multiple sclerosis
- Blindness
- Deafness
- Loss of Speech
- Paralysis
How to Save Money on Critical Illness Insurance?
The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.
Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.
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