What is Critical Illness Insurance?
Critical Illness Insurance provides coverage in the form of a lump-sum payment in the event of a critical illness occurring. The payment can be used in any way seen fit, including to cover loss of income, to pay for nursing care, or to pay for out-of-country medical treatment.
Covered critical illnesses may vary across insurance companies and plans but they typically include cancer, heart attacks, strokes, Alzheimer's, Parkinson's, and major organ transplants.
Like any other type of insurance, the cost of Critical Illness protection depends on the insured's age and health.
Why Do I Need Critical Illness Insurance?
Critical illnesses can happen to anyone at anytime. According to estimates, over 70,000 heart attacks happen in Canada each year and 3,075 Canadians are diagnosed with cancer each week! Besides having an immense physical and emotional impact on sufferers, the financial impact can be just as far-reaching.
Besides the potential loss of income, sufferers and their family must also deal with a build-up of medical bills. This is in addition to mortgages, car loans, children's tuitions, and other day-to-day expenses that continue to accrue. Having sufficient Critical Illness insurance, in this case, is vital. The lump-sum payment sufferers would receive could be used to pay off any of the expenses that arise after the illness occurs.
Other great benefits that maybe offered by Critcal Illness policies include counselling services, medical referral services, and daily living assistance.
Who Can Buy Critical Illness Insurance?
Anyone can purchase Critical Illness Insurance. Most plans are made for adults between the ages of 18 and 60 but there are also plans made specifically for children as young as 1-month old.
Premiums will depend on the age and the medical history of the insured. Most healthy applicants who are within the eligible age range are able to successfully apply for and receive Critical Illness coverage.