What is Critical Illness Insurance?

critical illness insurance

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.