Insurance Introduction / Critical Illness
Critical Illness Insurance
Critical illness insurance is designed to help financially support patients before, during and after treatment by providing a lump-sum benefit when a critical illness is diagnosed. Unlike disability insurance, which is designed to replace a stream of income, Critical Illness insurance provides you with a lump sum payment once the illness is diagnosed. Expenses such as private nursing, or modifications to your home or vehicle to improve your mobility, won't be covered under your provincial health insurance plan and may not be covered under typical employer-sponsored health plans. Then there are the other challenges that critical illnesses bring—such as finding the best medical care, meeting day-to-day needs (like caring for your children), and managing the stress and anxiety.
The Basics
Coverage varies with contract or suppliers but most suppliers cover the three most common causes of critical illness, heart attack, life-threatening cancer, and stroke. The basic policy provides the owner with a one-time lump-sum benefit if you have a critical condition which meets one of the definitions set out in the policy and the survival period has been satisfied. The critical condition must be diagnosed in writing by a physician who specializes in the field of medicine relating to the applicable critical condition in Canada, the United States or other approved jurisdictions Critical illness insurance can be purchased as an individual policy or part of a group policy. Your coverage can be level for a period of time-to age 65, 75 or life, or decreasing coverage over a period of time-10,15, 20 or 25 years. The latter option is less expensive. The payment you receive from critical illness insurance may be tax free and can be used for whatever purpose you wish.
All insurance products offered through yourCFO Wealth Management Inc.
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