What is critical illness insurance?
A coverage for deadly diseases such as cancer, heart attack, major organ transplant, deafness, coronary bypass surgery, etc. is called critical illness insurance.
An insured receives a tax-free benefit from the insurer if diagnosed with a condition. In Canada, almost all insurance companies offer this coverage for 4 to 25 illnesses.
The policy wordings explains coverage, illnesses, and the payout amount, please read carefully before signing.
Is critical illness insurance worth it?
Yes, this is a protection from unexpected illnesses.
The insurer pays a lump-sum benefit to the insured, upon diagnosis of the critical illness listed in the contract.
This coverage is useful for those who don’t have a comprehensive benefit package from the job. It is also crucial for the people who do not have sufficient savings.
According to statcan, about 30% of illness related deaths are because of chronic diseases.
Which diseases does this cover?
They cover almost all deadly diseases, however there may be a rated underwriting for people with health issues.
Most insurance companies offer coverage against 4 or 25 illnesses. Read your contract or consult us for expert advice.
The most common 25 Illnesses covered are.
- Alzheimer’s disease.
- Aortic surgery.
- Aplastic anaemia.
- Bacterial meningitis.
- Benign brain tumour.
- Blindness.
- Cancer (life-threatening).
- Coma.
- Coronary artery- bypass surgery.
- Deafness.
- Heart attack.
- Heart valve replacement.
- Kidney failure.
- Loss of independent existence.
- Loss of limbs.
- Loss of speech.
- Major organ transplant.
- Major organ failure on the waiting list.
- Motor neuron disease.
- Multiple sclerosis.
- Occupational HIV infection.
- Paralysis.
- Parkinson’s disease.
- Severe burns.
- Stroke (cerebrovascular accident)
Things to keep in mind when buying critical illness insurance.
– Your current financial status.
– Health and age.
– How much coverage are you buying?
– What diseases are you buying for?
We can combine this plan with life insurance. Sometimes, critical illness insurance is available as a package with life insurance for free, which is a great deal.
Sign up for our newsletter, and we’ll let you know when it becomes available.
How does it works?
The insurer pays lump-sum benefits to the insured upon diagnosis, depending on the contract.
What is the difference between disability insurance and critical illness insurance?
These two types of insurance cover individuals and groups, where disability insurance covers injury-related loss, and critical illness covers illness-related loss.
Can a sick person get insurance for a serious illness?
It is still possible to apply for the coverage if you have been diagnosed with or treated for a critical illness.
Finally, expert advice is very important, because illness definitions are transforming, and our team is here to help you with up-to-date knowledge and expertise