October 1

Do I need Critical Illness Insurance?

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Critical Illness Insurance – What You Need to Know

Did you know that 1 in 3 Canadians will be diagnosed with cancer at some point in their lifetime? Or that 1 in 5 will have a heart attack? These are just two of the many critical illnesses that can strike without warning, leaving patients and their families struggling to cope with the financial burden. This is where critical illness insurance comes in.
Critical illness insurance is a type of insurance that provides a lump-sum benefit if the policyholder is diagnosed with a covered condition. This benefit can be used to help cover medical expenses, lost income, or other costs associated with the illness. Critical illness insurance can be purchased as an addition to a life insurance policy or as a standalone policy.

What Does Critical Illness Insurance Cove

Most critical illness policies will cover conditions such as cancer, heart attack, stroke, and organ transplant. Some policies may also cover Alzheimer’s disease, paralysis, kidney failure, and major burns. It’s important to read the fine print of your policy to see what exactly is covered.

How Does Critical Illness Insurance Work?

If you are diagnosed with a covered condition, you will need to submit a claim to your insurance company along with documentation from your physician. Once your claim is approved, you will receive a lump-sum payment that you can use however you see fit. In some cases, the benefit may be paid directly to your medical provider to help cover expenses.

Who Needs Critical Illness Insurance?

Anyone can be struck by a critical illness, but those with pre-existing conditions or family histories of certain illnesses may want to consider purchasing a policy. If you have young children or are expecting a baby, you may also want to think about getting coverage in case something happens to you and you’re unable to work. No one knows when or if they will get sick, so it’s always better to be prepared.

In Closing

Critical illness insurance is an important type of coverage that everyone should consider purchase. No one knows when or if they will get sick, but if something does happen, it’s important to have a safety net in place. If you have young children or are expecting a baby, critical illness and life insurance can give you peace of mind knowing that your family will be taken care of financially if something happens to you.


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