All about the critical illness insurance policy and its benefits

critical illness insurance

Some stats on critical illness

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.