Benefits of Critical Illness Insurance

Critical illness insurance is a type of health insurance that provides coverage incase you get seriously ill. You can not sign up for this type of health insurance if you already have an existing illness.

Related Article: What is Critical Illness Insurance?

In the case that you do get seriously ill, a payment in the form of a lump sum is given. Plans and coverage can range depending on a number of factors, including where you live, the insurance company, and what your premium is. Generally, illnesses that are covered include cancer, heart attack, multiple sclerosis, stroke, blindness, kidney failure, organ transplant and Alzheimer’s disease. The severity of the illness can also change the coverage, so make sure to read every contract and form very thoroughly, understanding what is covered in your plan and what isn’t.

Protect yourself incase of a life altering illness.

Schedule a call with AWealth for more information about critical illness insurance.

What is the difference between critical illness insurance, long term health insurance, and disability insurance?

Critical illness insurance is different from long term health insurance or disability insurance. The fact that it provides a lump sum instead of monthly payments or reimbursements for treatments that you have already paid for is what makes it most compelling. You can apply to get the lump sum as soon as you are diagnosed and it falls within your plan. Even after a full recovery, you are still entitled to 100% of the money. Long term health insurance usually involves getting monthly payments or compensation for individual treatments. There is no blueprint for whether or not you need critical illness insurance.

Talk it over with those closest to you, and most importantly consider your own circumstances. After all, nobody knows your body, or your situation, better than yourself. Weigh the extra monthly cost of the plan against the benefits its brings you and decide if it is necessary or not.

What is the cost of critical illness insurance?

Coverage will typically be less expensive the younger and healthier you are, and the older you get, the higher the premiums will go. It will also get more expensive the more illnesses are covered, and the range of the illnesses in question.

How do you make a claim?

To make a claim, your physician or doctor will need to diagnose you with that particular illness. Once the claim is approved, your lump sum should arrive within 30 days. There is no restriction on this money, it is yours and you can use it however you want.

Should you get critical illness insurance?

Again, it depends on your circumstances and situation, but it is undoubtedly a very good safety net to have. Life can be unpredictable, and it is in those moments that you find yourself having peace of mind, because you know you have that cushion to fall back on.

About AWealth 

Financial Advisor focused on financial management in Mississauga, ON. Specializing in financial services: Investment like RRSPsInsurance like Critical Illness Insurance, and Mortgage to suit your investing goals, retirement goals, and financial needs. 

Leave a comment

You must be logged in to post a comment.