CRITICAL INSURANCE
Nobody plans to fall sick, but what do you do if you fall? Critical Illness Insurance is your shield for all the financial fallbacks in your ailing times
Nobody plans to fall sick, but what do you do if you fall? Are you worried about the financial impact on your family for any untimely incident life may bring to you? Illness can occur at any age and time and can leave a devastating impact on both your quality of life and your financial stability.Critical Care Insurance or critical illness insurance is a policy that offers a extensive amount of money to the insured client is diagnosed with any critical illness.
Critical Illness Insurance is your shield for all the financial fallbacks in your ailing times.
It is a type of health insurance that enables you to receive a lump-sum payment in case if you get critically ill. This benefit can act as your earning while you recover from your illness and aid in covering any travel or healthcare expenditures, thus freeing you from any financial distress while you deal with your medical emergency.
In Canada, the Critical Illness Insurance covers a full benefit payout of 25 critical illnesses for adults and 5 child critical illnesses. In addition, there 8 more illnesses that are eligible for a partial payout which are as follows:
- Alzheimer’s Disease
- Aortic Surgery
- Aplastic Anaemia
- Bacterial Meningitis
- Benign Brain Tumour
- Blindness
- Cancer (Life-Threatening)
- Coma
- Coronary Artery Bypass Surgery
- Deafness
- Heart Attack
- Heart Valve Replacement
- Kidney Failure
- Loss of Independent Existence
- Loss of Limbs
- Loss of Speech
- Major Organ Failure on Waiting List
- Major Organ Transplant
- Motor Neuron Disease
- Multiple Sclerosis
- Occupational HIV
- Paralysis
- Parkinson’s Disease
- Severe Burns
- Stroke
In addition to the above, the Critical Illness Insurance also includes 5 childhood illnesses that are eligible for a full-benefit payout. Coverage for these conditions expires once the kid reaches the age of 24.
- Cerebral palsy
- Congenital heart disease
- Cystic fibrosis
- Muscular dystrophy
- Type 1 diabetes
There are 8 critical conditions eligible for a partial payout covered under the Critical Illness Insurance. The treatment for these illnesses is considered to be less severe in comparison to others, yet very effective.
The illnesses covered under partial payout are eligible for a benefit payment up to 15% of the CI coverage or a maximum of $50,000. Each illness can be claimed once to a maximum of 4 illnesses.
- Cancer – chronic lymphocytic leukemia (CLL) Rai stage 0
- Cancer – ductal carcinoma in situ of the breast
- Cancer – gastrointestinal stromal tumors classified as AJCC Stage1
- Cancer – grade 1 neuroendocrine tumors (carcinoid)
- Cancer – papillary or follicular thyroid cancer stage T1
- Cancer – stage 1A malignant melanoma
- Cancer – stage A (T1a or T1b) prostate cancer
- Coronary angioplasty
Benefit from with Critical Illness Insurance:
- The money received from a Critical Illness Plan is a tax-free living benefit.
- The coverage amount received from a Critical Illness Insurance involves no restriction on its usage and can thus aid in covering up for any financial burdens.
- The insurance can be personalized as per an individual’s specific needs and can enable you to seek the best-suited treatment or accommodations you require without jeopardizing your family’s financial security.
- There are options available for the coverage of your spouse and dependent child.
- The insurance coverage also aids in providing financial support in case there is need for a professional medical help at home.
- Most products of critical illness insurance comprise of a free medical second opinion service.
- The critical illness insurance plan is available to use till the age of 75. If nothing happens before that, your critical illness insurance matures for its Money Back Plan, which comprises of 2 components or scenarios:
- ROPD – Return of Premium on Maturity
- ROPM – Return of Premium on Death
Here, the premium amount is completely returned to you or your family on either death or maturity of your plan. It is just a forced saving that involves nothing to lose.
We can help you benefit from the best plans and offers on Critical Illness Insurance. We are connected to all leading insurance providers in Canada and our advisory shall help you find the best plan that matches your budget and unique circumstances. The best way to start is to have a free initial consultation. Contact us via the details below or send us your details via call or email.