When you are looking for insurance think of Critical Illness Insurance. It is really a living benefit that helps you and your loved ones during some difficult times of Critical Illness like Heart attack, stroke, and cancer, etc.
What is Critical Illness Insurance?
Critical Illness Insurance is an insurance policy designed to provide financial security in the case of a sudden or serious medical issue, emergency, or illness. It is set up to help the family and the policyholder, It provides lump sum benefit incase you diagnose with some Critical Illness.
Several factors are taken into consideration when developing a Critical Illness policy since everyone has a special situation. Your insurance broker will look at your family’s medical history, personal health, sex, and age. The broker will also look at the extent of coverage you want.
What is Covered?
Some illnesses or medical conditions covered under a Critical Illness Insurance policy are cancer, heart attacks, heart surgeries, stroke, and organ transplants. Some companies provide up to 32 Critical Illness coverage.
It is important to read over your Critical Illness Insurance policy to see what you have covered. The more illnesses you add to your policy, the more premiums you will need to pay. Not all cancers or chronic illnesses are covered, and if you have a reoccurring illness, it may not be covered either. In some policies, there is a requirement for a “minimum survival period.” The insured person needs to survive for a certain number of days after being diagnosed before funds are available.
With Critical Illness Insurance, medical treatments not covered by OHIP, and services not often available, are now accessible to you. Although many employers offer decent policies, they only cover so much.
How Critical Illness Insurance Can Be Used
Critical Illness Insurance allows you to use the funds however you wish or need, it’s a very flexible policy. The funds are released in a lump sum to help you manage any serious financial obligations right away. This takes away any worry if you become unable to work or seriously ill.
The Critical Illness policy assists with costs of daily living so those who are ill can just work on getting better. Making vehicles accessible, transportation to and from treatments or appointments, installing rails or chair lifts in the home, are all covered.
When dealing with a serious, or even terminal, illness, you can also use the funds to spend more time at home, with family, or take much-needed vacations. Child care can also pay under the critical illness insurance policy.
Critical Illness Insurance is a unique policy that can be adjusted to suit your and your family’s specific needs. Don’t hesitate to contact us if you have any questions regarding Critical Illness Insurance.
Critical Illness Insurance – Why It’s Needed?
When thinking about insurance, many people don’t know the difference between the different types. They think regular Life Insurance is enough, but don’t know enough about the benefits of Critical Illness Insuranace. Let’s take a look at a special type of insurance you can have along with your regular life insurance. It’s called Critical Illness Insurance.
What is Critical Illness Insurance?
Critical Illness Insurance is unique insurance easily adjusted to suit individual requirements and was designed to provide financial security in the case of a serious emergency, illness, or medical issues. It helps both the policyholder and family and is usually low cost.
Your family medical history, your health, age, sex, and extent of coverage, are taken into consideration when the insurance broker assists you in finding the right policy.
Critical Illness Insurance is a flexible policy because you can use the funds however you wish. The funds come in a lump sum, allowing financial situations to be handled right away. This insurance helps when you get ill and can’t work, eliminating the financial stress.
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What Does Critical Illness Insurance Cover?
Critical Illness Insurance allows medical treatments and services not usually covered by other policies to be available. It covers the everyday living costs for those who are sick or healing so he or she can concentrate on getting better. This type of insurance also covers equipping vehicles to make them accessible, installing chair lifts in homes, and transportation costs to and from treatments and appointments. If childcare is needed, Critical Illness Insurance will cover that too.
In a Critical Illness Insurance policy, heart surgeries, organ transplants, heart attacks, and cancer are covered. However, you must look at your policy to see which cancers and chronic illnesses are included. Not all illnesses and cancers are included or covered. You can add to the policy, often costing a little more, but worth the coverage.
Often, there is a “minimum survival” clause that says a policyholder must live for a certain number of days after being diagnosed before the funds can be released.
Critical Illness Insurance allows the policyholder to be able to spend more time at home with family or take a much-needed vacation, which is important to those dealing with a terminal illness. If you are interested in getting Critical Illness Insurance alone or added to your current policy, contact your insurance broker today. You shouldn’t have to worry about anything but getting better when faced with an illness or medical issue.
Critical Illness Insurance Uses
Critical Illness Insurance isn’t just your ordinary insurance policy. This special type of insurance provides security financially for serious medical emergencies. As you know, everyone is different, living in unique situations, and each policy is different so it can benefit the policy holder. To get Critical Illness Insurance you need to know several factors which will be taken into consideration. Your family’s medical history, the health of policy holder, your sex and age, as well as the extent of the policy’s coverage are all part of creating a one-of-a-kind Critical Illness Insurance policy. Those factors are common for many other policies, so don’t worry. Let’s look into Critical Illness Insurance and see if it is for you.
With Critical Illness Insurance, medical treatments that aren’t covered by OHIP, and services that aren’t usually available, are accessible. Most employment policies are helpful, but they only go so far.
This insurance helps with everyday living costs so those who are ill can concentrate on healing and getting better, Transportation to and from treatments, installing chair lifts, and making vehicles more accessible is also covered. People with Critical Illness Insurance can use the funds to take much needed vacations, or spend more time at home with family. The coverage is helpful when dealing with a terminal illness. Child care is also covered with Critical Illness Insurance.
This policy is flexible, so you can use funds in whatever way you wish. You won’t have to worry if you get seriously sick and become unable to work. The funds are available in a lump sum which helps manage any serious financial responsibilities immediately.
What Is Covered?
Some examples of what Critical Illness Insurance covers:
- Cancer
- Heart Attack, Heart Surgeries
- Organ Transplants
Note: Read over your policy to see what is covered in your situation. Although this type of policy is low cost, it does have limitations. For some policies, not all cancers or chronic illnesses are covered. If you have a returning illness, it may not be covered.
The more illnesses you add to your coverage, the more premiums you will pay. Some policies have a “minimum survival period,” where the policy holder need to survive for a stated number of days after being diagnosed with the illness, before the funds are made available.
It’s always a good practice to look over all your options and the details of your insurance policy. If you decide a Critical Illness Insurance policy is right for you, but can’t make up your mind if it should be a lone policy, keep in mind you can add Critical Illness Insurance to any existing policy. It can save you money. Discuss Critical Illness Insurance with your broker, who will be able to guide you to the right policy choice.
The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.
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