When considering will you be able to meet financial goals and obligations if you suddenly have to pay medical expenses, or have a loss of income, think about getting Critical Illness Insurance? No one wants to get a serious illness, but things happen, and it’s better to have some security if something comes up.
What is Critical Illness Insurance?
If you aren’t too sure what Critical Illness Insurance actually is, it is a specific type of insurance that provides financial security if there is a serious illness, medical issue, or emergency. Several factors are considered when developing a Critical Illness policy, such as family medical history, health, sex, and age, as well as the extent of coverage you want.
Critical Illness Insurance Uses
There are many benefits of Critical insurance. Medical treatments related to most serious illnesses are not covered in OHIP and sometimes in employers provided insurance coverage. Critical Illness Insurance helps with daily living costs so that when person gets ill with serious condition, he has enough money for Doctor Appointment, treatments, installing chair lift at home ( if needed) etc.
When dealing with a terminal illness, you can use the funds to spend more time at home with family or take much-needed vacations. Critical Illness Insurance also covers child care. This is a flexible policy, so you can use the funds however you wish. If you get so ill you are unable to work, there is no need to worry. The funds are released in a lump sum to help manage financial situations right away.
What Is Covered?
You will need to look over your specific policy to see the details, but the major 4 illnesses are Heart attack, Cancer, Stroke and bypass surgery.
This type of policy is low-cost, but not every illness is covered. Often not all cancers are listed, along with certain chronic illnesses. If you have a recurring illness, it may not be covered. You can add illness to your policy, but usually, it will cost you more. There may be a “minimum survival period,” clause where the policyholder is required to live for a certain number of days after being diagnosed before the funds are released.
You can add this policy to an existing policy, you can have peace of mind knowing your family is taken care of if illness strikes your home.