What is Critical Life Insurance?
A Critical Illness insurance product pays a lump sum benefit if the insured is diagnosed with one of up to 25 covered conditions and outlives the survival period specified in the contract.
This product is for people who want a financial resource to help them cover additional expenses linked to recovery from a critical illness, such as time off work, traveling to receive treatments, home care, renovations, and the cost of treatments not covered by public health insurance.
You might already know someone who has benefited from the protection of Critical Illness insurance. It is also possible that you have not heard much about Critical Illness insurance. Either way, in the event of a catastrophic medical emergency, such as cancer, leukemia, a heart attack, stroke, or a seizure and much more, critical illness insurance may be your sole means of avoiding financial disaster.
The odds of Getting Cancer in Canada is available , here while it is commonly believed that a regular life insurance plan would cover all needs associated with these conditions, the expenses of surviving a life-threatening illness and the coverage for these costs are often needed as much as any plan.
How does Critical Illness insurance work in Canada?
If you are diagnosed with one of the policy-covered conditions, Critical Illness coverage will help you eliminate the need to sacrifice savings. The tax-free claim can be used for costs such as medication, recovery, mortgage, rent, or house modifications, such as wheelchair accessibility. In fact this money can be used for anything. The odds of Getting Cancer in Canada is One out of Two.
Critical Illness insurance coverage eliminates the need to accumulate credit card charges or reduce retirement savings. The funds can be used for non-medical expenses (such as transportation and child care costs) or any expense that may result from illness. The policyholder will receive a lump sum payment after the insured has outlived the standard 30 day waiting period. A variety of factors influence policy price, including: the quantity and scope of coverage, the policyholder’s sex, age, term, and wellness.
There are certain limitations to Critical Illness insurance. Some variants of cancer may be excluded, and if a condition recurs, or in case of a repeat condition, the client may not be eligible for compensation. Critical Illness policies may also have term limits, (10 years, 20 years, etc.) When the policy reaches the end of its particular term limit, a return of all premiums may be paid. As with any other type of insurance, make sure to read the policy thoroughly. The last thing on your mind during these difficult times should be wondering if it will pay out. Your Experior agent will help you determine the best policy and help make it clear what it does and does not cover. This way in an emergency you would not have to worry about this.