Critical Illness Insurance

Features Offered by Critical Illness Insurance

Critical illness is becoming common in Canadians with age. Critical disease can be curable but needs a lot of recovery time and leaves a long-lasting impact on your health and finances. The treatment required for treating critical illness is more intense and expensive as compared to normal disease. Any disease that is life threatening and requires intensive treatment are defined as critical illnesses. Your normal health insurance can bear the cost of treatment up to a certain level but still you have to pay for the remaining amount by yourself. Even after having support from health insurance, the cost can break you and your family financially.

Critical illness insurance can save you from getting financially broke in the time need. The insurance provides a lump sum amount in case you get diagnosed with any covered critical illness. As soon as you clear the waiting period, the amount will be transferred to your financial institution. There is no limitation on expenditure of the received amount. It is entirely up to you, you can spend it on treatment, home care services, paying debts or for any other purpose.

Why Choose Critical Illness Insurance

  • Coverage is for adults as well as children
  • For adults’ insurance offers full coverage for 24 types of critical diseases.
  • For children up to age of 24, coverage is for 5 critical diseases.
  • A one-time compensation is received irrespective of the amount spent on medical bills.
  • The coverage covers treatment expenses including travel cost if needed for treatment.
  • The coverage will continue even if your claim is approved and the amount is received.
  • You can choose coverage limit and premium amount.
  • The band of coverage offered is from $25,000 to $3,000,000 for adults.
  • For children the coverage band is from $25,000 to $1,000,000.
  • Partial coverage is given to 8 less critical diseases that do not require extreme levels of medication or treatment in comparison to other covered diseases.
  • For partial coverage, maximum claim is up to 15% of total coverage or $50,000.
  • Under one policy, it is possible to make 4 claims for 4 different critical illnesses.
  • After reaching age of 55 and till age of 65, the policy can be converted into long term care insurance policy and no insurability proof is required.

What Makes It Different?

  • The compensation received acts as an alternate income in case your family depends on your income source.
  • Allows you to take as much as time off from work without taking stress about loss of income.
  • Stress-free recovery period.
  • You don’t have to pay taxes on the received amount.
  • Amount can be spent to meet any financial need.
  • Most of the policies give free facility of getting a second opinion for illness.
  • Your spouse or dependent child can also be covered under the policy.
  • Return on Premium on Maturity (ROPM) i.e. your paid premium will be returned if no claim is filed till maturity.
  • Return of Premium on Death (ROPD) feature of policy ensures that the nominated person receives the amount you paid as premium after your death.
  • Investing in this policy does not involve any financial risk, it can be considered as a type of savings account.
  • You are eligible to get insured under critical illness policy till the age of 75.

For getting more details on what type of critical illnesses are covered