All about the critical illness insurance policy & the benefits critical illness insurance

Critical Illness Insurance min

It’s sad to say but more and more Canadians are undergoing critical illness treatment nowadays. And it’s not all times it’s because of bad habits or due to an unhealthy lifestyle. The environment that we live in also plays a role in it. According to the Canadian Cancer Society, 2 in 5 Canadians may develop cancer at some point in life. The number of heart attack and stroke cases in the country has reached an astounding 70,000 and 50,000 respectively per year. It only gives more reasons to apply for critical life insurance policies.
After all, what is more, important than you and your family’s health?

How does critical illness insurance work?

Medical care and treatment are becoming costly day by day and this is especially true for critical illness care. Critical illness treatment expenses can really put a big dent in your life savings. What a critical illness insurance plan does is, it offers coverage for all costs relating to critical illness care. This can include transportation cost, child care (if you have to hire such services when you are undergoing treatment), hotel rentals (if you have to stay in a hotel
when traveling for treatment), etc. Basically, there are four steps:

  • Choose the plan you want
  • Pay your monthly premium
  • File a claim if you are diagnosed with a critical illness
  • Receive the payment

The coverage for critical life insurance can be from a couple of thousand dollars to near about 2 millions depending on the type of plan you have chosen. The premiums are affordable and our team at Canadian LIC will ensure that you get a good deal.

Critical illness insurance can assist you with:

  • Reducing debts and other financial concerns as cope and recover from your illness
  • Replace lost income for you and your spouse, who may wish to take time off work to
    take care of you
  • The insurance policy enables you to bring in additional help at home for you and your

The wide range of diseases covered under critical illness insurance

  • Different type of cancers
  • Heart attack
  • Kidney (renal failure)
  • Coma
  • Paralysis
  • Coronary artery bypass graft
  • Loss of speech, hearing or speech
  • Major organ transplant

If you have queries regarding this type of policy, feel free to get in touch with Canadian LIC. We will be more than glad to resolve them.

Why should you get critical illness insurance?

We understand that if someone in your family has been diagnosed with a life-limiting illness, emotionally how stressful it can be. Choosing a critical illness policy can help you financially. One of the problems that you might be facing with regular health insurance is, you might have to apply for reimbursements, which may require a lot of paperwork. We don’t want you to go through all that hassle in those stressful times. You can opt for a one-time lump sum payout which you can use for the treatment or anything you want.

This option is very helpful in the scenario where source of income is lost due to critical illness and there’s a drastic change in a family’s lifestyle. You can use the amount that you get for everyday household expenses until you have financial stability again. However, the reimbursement option is available with us if you want to opt for it.

What does critical illness insurance cover?

Well, as the name suggests, critical insurance covers most life-threatening or life-limiting conditions such as:

  • Cancer
  • Paralysis
  • Stroke
  • Heart attack
  • Coma
  • Loss of limbs

The coverage amount depends on the policy you choose. After the minimum survival period has passed, you can get the lump sum amount. For details about critical illness insurance, call us.

What are the reasons to buy critical illness insurance?

Know about critical illness insurance

Critical illness insurance is a special type of policy that offers lump sum payout for several types of life-threatening diseases. When we say coverage, we mean everything from treatment, hospitalization, and surgery to transportation costs and hotel costs and whatnot. You can use this money for other personal expenses or investments as well. The plan can be tailored as per your requirements so you don’t need to pay extra. Also, if you are not sure what type of insurance policy is right for you, you can just discuss your needs with our team members and we will pick an ideal option for you and make sure that the monthly premium’s also affordable. We understand that when a dear one ifs diagnosed with some sort of critical illness, it can take a toll on you both emotionally and financially. Let us bear the load, contact Canadian LIC today for critical illness insurance.

Here’s why you should purchase a critical illness insurance

Critical life insurance does cover all most all expenses related to critical illness treatment, but there’s much more to it. Here are some additional reasons why you should buy critical life insurance. Have a look

  • After a specified amount of time, if you don’t fall ill, you might be eligible to receive full premiums you have paid. If you cancel your policy in between, you still receive some percentage of your premiums back.
  • The payment that you receive from the insurance policy is completely tax-free. You can receive the cash in installments or all at ones.
  • You can have access to the best doctors for the specific type of treatment you may be looking for.
  • Your children can also come under insurance coverage based on the plan you choose.
  • Your spouse can take time off to take care of you and the lost income would be covered under this plan.
  • If you have built a debt due to treatment costs, this insurance can save you from a financial crisis.

Still, need more details? You can call us, and we will be more than happy to assist you. Contact Canadian LIC for critical life insurance and ensure your dear ones get the best treatment possible for any critical disease.