Critical illness Insurance
Critical Illness Insurance policies can provide coverage against specific life threatening diseases.
Critical illness is a living benefit, which will help family when insured person were diagnosed with critical illness such as cancer, heart attack, stroke, byepass surgery, paralysis, braintumour, coma etc., Insured person will be provided with a lumpsum benefit.
When you survive a critical illness, you may not be able to return to work, your expenses could increase dramatically, and your life insurance policy may not help. Critical illness insurance is a way of protecting yourself and your family should you suffer from a covered critical illness.
The money you receive can be used in a variety of ways such as:
To help cover lost income to pay for private nursing or out-of-country treatment for medical equipment even to pay off your mortgage.
Examples of conditions that might be covered include:
A major organ transplant
HIV/AIDS contracted by blood transfusion or during an operation
Paralysis of limb
The most important question aouse in one’s mind is “what about my premiums if I didn’t get any critical illness”, the answer In canada we are lucky to have option to add a condition to our plan that if insured didn’t make any claims he/she can get his premiums refunded as per policy wordings.
In market critical inllness insurance is available with different covers which ranges from 4 to 25 illnesses, which makes a huge impact on its premium, so before deciding on insurance you need to be aware that how many illnesses will be covered under it.
If you need more professional advise in critical illness insurance, dont hesitate to contact us.