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WHAT IS CRITICAL ILLNESS INSURANCE
Critical illness insurance is a type of insurance policy that provides a lump-sum payment if the insured individual is diagnosed with a covered critical illness or medical condition. Unlike traditional health insurance, which typically covers medical expenses related to treatment and hospitalization, critical illness insurance offers financial support to help cover non-medical expenses associated with serious illnesses. Critical illness insurance is designed to complement traditional health insurance coverage by providing additional financial protection against the high costs associated with serious illnesses. It can help policyholders and their families cope with the financial impact of a critical illness, allowing them to focus on recovery without worrying about the financial consequences.
WHY DO I NEED CRITICAL ILLNESS INSURANCE?
Critical illness insurance is essential because it provides crucial financial protection in the event of a serious medical diagnosis. With the rising costs of healthcare and the potential for significant expenses related to treatments, medications, and lifestyle adjustments, critical illness insurance offers a valuable safety net. By providing a lump-sum payment upon diagnosis of a covered condition, it helps ensure that you can maintain your financial stability, cover medical bills, replace lost income, and focus on your recovery without worrying about the financial burden. Critical illness insurance offers peace of mind for you and your loved ones, allowing you to navigate through challenging times with confidence and security.
Many Canadians assume that their government health plan or workplace benefits plan will cover many of the medical costs associated with a life-altering illness. But these plans might not cover all the extra costs that come with managing a critical illness, like home-care costs, travel and/or accommodation, lost work wages, childcare costs, gas and meals. Over time, these expenses can add up. With CII, you can receive a lump-sum payment that you can use however you need so that you can focus on your recovery.
HOW DOES CRITICAL ILLNESS INSURANCE PAY OUT?
If you’re diagnosed with a qualifying illness as outlined in your policy and you fulfill all the necessary criteria, like the survival period, your critical illness insurance will provide you with a lump-sum payout upon approval of your claim. This lump sum can be utilized at your discretion and for any purpose you deem necessary. It can cover various expenses, including those not covered by your provincial or territorial health insurance, such as prescription medications, housing costs like mortgage or rent, expenses related to care, and more.
The amount you need is dependent on your monthly living expenses. As a rule of thumb, experts recommend covering a minimum of 60 months, as this is roughly the amount of time the average person would need to recuperate from a critical illness. The types of illness and treatment matter too.
Calculate any current monthly outgoings that you'd need to cover, then add a buffer for any additional costs that might crop up relating to a critical illness
It can be difficult to get critical illness cover if you have a pre-existing condition. This is because insurers will deem you a higher risk of becoming critically ill due to this condition. You may, however, be able to get critical illness cover with an added exclusion.
Most critical illness plans are medically underwritten, which generally means they won't cover your own pre-existing conditions.
Critical illness insurance will pay out if you get one of the specific medical conditions or injuries listed in the policy.