Critical Illness Insurance
Recent advancements in medical technology has made the access we have to treatment is unprecedented, but that doesn’t mean this makes going through a critical illness any easier – emotionally or financially. If you’ve been diagnosed with an illness like cancer, or need to have a major surgery, the toll it will take on your family will be exhausting. In addition to emotional stress, there may be significant financial costs that can add a lot of strain to a family. Making sure you have the right insurance in place can give your family security in a time of deep uncertainty. Across the GTA, we are here to help you pick the right policy for you and your family, and make sure you have coverage needed for anything that might come your way.
How does Critical Illness Insurance differ from Medical Insurance?
You may have access to extended benefits through your employment, but sometimes those benefits only go so far. Instead of having to submit for reimbursement of costs, critical illness insurance gives you a one-time, lump sum payout. It is up to you, and your family, how you spend this money and it doesn’t just have to be just for medical expenses. This insurance is to help make sure your family can continue to meet financial obligations if one of the sources of income is lost due to a critical illness or surgery. Most policies have a condition in place, known as the minimum survival period, where you must survive for a predetermined number of days after your official diagnosis to receive the benefit payout. After you have reached this number, the policy may be paid out and you can use to explore alternate treatments, pay bills, or even arrange for private medical care if you wish.
Not sure if you qualify for this kind of insurance? Some of the conditions covered are heart attack, stroke, paralysis, cancer, kidney failure, coma, loss of limbs or sight or a major organ transplant. We can help with more information about other conditions covered, should you have any questions about your policy.
What Critical Illness Insurance covers?
While there may be some difference in what the actual coverage amount is, depending on the policy you choose, there are some commonalities across most policies. For all critical illness policies, should you need to make a claim you will be paid out in a one-time lump sum amount, after the minimum survival period has passed. The lump sum amount can be used in any way you would like, and can help alleviate some of the financial stress a critical illness may bring to a family by way of replacing household income.
Requirements like the length of the minimum survival period can affect the premiums you pay. The longer the period of time, the lower your premiums will be. We can also offer you additional, optional coverage like increasing the policy amount by 20% on every second policy anniversary for the first 10 years the policy is in place. If you become disabled for more than 90 consecutive days, RBC will work with you to take over paying the premiums plus refund any premiums you paid during those first 90 days.
What happens if I don’t experience a critical illness, but I have this policy? Should you not experience a critical illness in your lifetime, you can select an option to return the premiums you paid which will be given to your family after death. We are here to help you pick the right critical illness policy for you, and your family. Call us today to take a look at what your options are.
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