Critical illness insurance can give you financial security and valuable support services to help cope during a challenging time. Focus on your recovery knowing that you have money to help with your expenses if you’re diagnosed with a serious illness.
Critical illness can give you a tax-free payment if you’re diagnosed with a serious condition. Your contract will define which conditions you’re covered for, but some examples include cancer, heart attack or stroke.
A Critical Illness insurance product pays a lump sum benefit if the insured is diagnosed with one of up to 25 covered conditions and outlives the survival period specified in the contract. This product is for people who want a financial resource to help them cover additional expenses linked to recovery from a critical illness, such as time off work, traveling to receive treatments, home care, renovations, and the cost of treatments not covered by public health insurance.
You might already know someone who has benefited from the protection of Critical Illness insurance. It is also possible that you have not heard much about Critical Illness insurance. Either way, in the event of a catastrophic medical emergency, such as cancer, leukemia, a heart attack, stroke, or a seizure and much more, critical illness insurance may be your sole means of avoiding financial disaster.
Coping financially with an illness is just part of the picture. Having access to emotional support and medical treatments can help your recovery.
When illness strikes, your recovery or that of a loved one becomes your main concern.
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Critical illness insurance gives you the comfort of knowing you will have financial stability if you are diagnosed with a covered life-altering illness.
Protection and security for you and your family.
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If you are diagnosed with one of the policy-covered conditions, Critical Illness coverage will help you eliminate the need to sacrifice savings. The tax-free claim can be used for costs such as medication, recovery, mortgage, rent, or house modifications, such as wheelchair accessibility. In fact this money can be used for anything. The odds of Getting Cancer in Canada is One out of Two.
Critical Illness insurance coverage eliminates the need to accumulate credit card charges or reduce retirement savings. The funds can be used for non-medical expenses (such as transportation and child care costs) or any expense that may result from illness. The policyholder will receive a lump sum payment after the insured has outlived the standard 30 day waiting period. A variety of factors influence policy price, including: the quantity and scope of coverage, the policyholder’s sex, age, term, and wellness.
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Depending on your situation you may need only critical illness or disability insurance but there are many times when you need both to fully protect yourself.Critical illness and disability insurance work together to help reduce the impact of disability or serious illness.
Tax-free, one-time payout
If you’re diagnosed with a covered condition
No waiting period in certain cases
Coverage for life
A large sum that you can use for what you want like paying medical expenses, mortgage and pay off debt
Monthly income replacement
If you can’t work because of injury or illness
Usually will have to wait
Ends at age 65
Covering monthly expenses
Depending on the severity of your illness, you may need to take time off work. Let’s consider your income and expenses to determine how much coverage you need.
These are some of the expenses that can give you an idea of how much coverage you may need. This is only the first step.
You can add a return-of-premium benefit to your critical illness insurance policy. If you don’t experience a serious illness after as early as 10 years, you can choose to get your money back. If you choose this option your policy expires.
At POLICYDIRECT, process of buying insurance as easy and painless as possible. in just a few minutes you could be on the way to obtaining right coverage, protecting your loved ones, and having the peace of mind knowing we haveprotected you and your family.
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