Critical Illness Insurance
What is Critical Life insurance?
Critical illness is also defined as a life-threatening illness like heart strokes, cancer, organ transplantation, organ failure
Canadian critical Illness Insurance provides a financial cover in case of emergencies like heart attack, Bypass surgery, or cancer. The cost of life-threatening diseases is extensive and standard health insurance covers a fixed amount. The remaining patient has to pay. Treatment of any type of critical illness can ruin the financial health of an individual or entire family. The insurance cover you get a round-up amount, starting from $25,000 and more in case you get diagnosed with any critical disease or get severely ill. The premium of insurance depends upon the type of coverage you require and the insurance amount will be according to that.
Critical illness insurance provides a lump sum payment and the money can be used for anything you wish, including:
- Replacement of lost income
- Keeping a business going during your crucial recovery period
- Paying off a mortgage
- Reducing debt incurred during your illness
- Renovating your home to accommodate a disability or relocating
- Protecting savings and assets from being spent on recovery
- Paying medical expenses or the cost of rehabilitation
- Reduce debt and other financial concerns while you cope with your illness
- Replace any reduced or lost income for you and your spouse, who may wish to take time off work to care for you
- Bring in additional help at home for you and your family
- Consider new medical treatments and medications not covered by private or government health insurance plans
Critical illness varies by company and policy, but usually includes the big three – cancer, heart attack and stroke – as well as:
- Coronary artery by-pass surgery
- Kidney failure
- Major organ failure
- Blindness
- Deafness
- Loss of speech
- Paralysis
- Motor neuron disease
- Multiple Sclerosis
- Coma
- Alzheimer’s disease
- Parkinson’s disease
- Occupational HIV
