CRITICAL ILLNESS INSURANCE
Being faced with a critical illness can be one of the most difficult challenges for you and your family. A Critical illness plan will provide you with a lump sum of money should you be faced with a critical illness, to help with the expenses of providing day-to-day care for meeting your family’s needs.
Critical Illness policies provide a lump sum benefit at the pre-determined amount you choose. The funds can be used in any manner chosen by you. Below I have listed a few examples for which the funds can be used:
- Pay for specialized medical treatment, nursing or child care.
- Pay for out-of-country or treatment options not covered by the government.
- Continue to allow you to fund your RRSP or any type of retirement plan.
- Pay your mortgage, loans, other debts, taxes, hydro, gas, and water expenses.
With most plans you can apply for coverage up to the age of 65. The four most common illnesses faced by most people are Cancer, Heart Attack, Stroke, and Coronary Artery Bypass Surgery. With cancer far outweighing the other 3 illnesses based on claims.
Listed below are a few of the critical illnesses that most Critical Illness Plans will cover:
With most plans the benefit is paid after a 30-day survival period for most conditions. Most plans will refund premiums to the beneficiary should loss of life occur.
Most plans provide “Best Doctors” service www.bestdoctors.com . The cost for this service is included in most plans. Best Doctors can help you find the right medical care by providing you with access to the best specialists worldwide who can answer complex medical questions.