Your Financial Safety Net Covering All Critical Illness
Critical illness is also defined as a life-threatening illness like heart strokes, cancer, organ transplantation, organ failure, etc. As per statistics, 1 out of 12 Canadians have heart disease and 1 out of 2 Canadians are detected with cancer in their life. As you grow old, the risk of having critical illness increases. People dealing with a critical illness have to bear a lot of mental as well as financial stress. To give patients some relief in such situations Critical Illness Insurance was introduced in 1996. It acts as an additional medical cover over your standard health insurance.
What is Critical Illness Insurance?
Critical Illness Insurance provides a financial cover in case of emergencies like heart attack, bypass surgery, or cancer. The cost of life-threatening diseases is extensive and standard health insurance covers a fixed amount. The remaining patient has to pay. Treatment of any type of critical illness can ruin the financial health of an individual or entire family. The insurance covers a round-up amount, starting from $25,000 and more in case you get diagnosed with any critical disease or get severely ill. The premium of insurance depends upon the type of coverage you require and the insurance amount will be according to that.
Why Do You Need It?
- It is a tax-free insurance.
- Critical illness is getting more common than you realize.
- Financial safety in case of any severe medical emergency.
- No Financial burden resulting in lower stress levels.
- Option of getting medical expert opinions and exploring different options for treatment.
- Provide emotional support like counselling, diet consultations, legal and financial guidance, etc.
- Don’t have to break your savings bonds or RRSPs.
- Help you in evaluating income and possible expenditure during treatment and recovery period.
- Policy provides lifetime coverage.
- Premium returns are possible if benefits offered by the policy are not availed in 10 years and then policy will expire.
- Flexibility using amount as per your need i.e. for medical bills, mortgage, or any other financial need.
Critical Illness Insurance Premium Calculation
One of the common issues is selecting the most appropriate Critical Illness Insurance plan in Canada. There are a series of factors that you must consider while selecting the most appropriate plan for you.
- Must consider family critical illness history.
- Consider the loss of income because of leaves from work you will need to take while treatment and recovery.
- Do not miss calculating additional expenses like travel costs, existing debts, mandatory expenses, etc.
- Calculate cost of possible liabilities in near future.
How Critical Illness Insurance Works?
1. Select the extent of coverage you want.
2. Premium payment will be accordingly.
3. Proceed to claim in case diagnosed with covered critical illness.
4. Time period of releasing payment will depend upon the condition of the patient.
MILIFE is one of the renowned insurance brokers in Canada and offers expert advice on various insurance plans. MILIFE experts will help you in doing need analysis and selecting coverage that suits you. Moto of the company is to give the right financial suggestions to our clients at a reasonable cost.