What is the critical illness insurance?
Critical illness insurance is a new form of protection that provides money according coverage of policy while you are still alive. Critical illness insurance provides with a lump-sum payment to you from insurance company to be used however you prefer. You can try alternatives, be treated outside of the country, and hire someone to take care of you or hire a nanny to take care of your children.
How is critical illness insurance benefits pay to insured?
Critical illness insurance can provide you with a cash benefits according coverage of the policy. It has flexibility if you get one of critical illnesses because there are no requirements for how you spend the lump-sum coverage that you receive from insurance company.
When we can receive cash coverage of critical illness from insurance company?
- You are eligible to receive cash the coverage just 30 days after diagnosis and with no requirement on how you spend the money.
- You don’t have to provide any receipts or statement.
- You don’t have to spend the money on medical expenses.
- You don’t have to get approval for costs spent.
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Is the coverage of critical illness taxable?
Coverage of critical illness insurance (like life insurance) pay tax free to you in case of diagnose with one of the illnesses named in policy.
What happens for critical illness coverage, if insured dies?
If the person has critical illness insurance and dies while policy is in force, the beneficiary receives a refund of 100% of the premiums that he paid into the insurance company.
Which illnesses are covered by critical illness insurance?
Critical illness insurance covers specific illnesses and provides a way of protecting individuals against the high cost of maintaining lifestyle following unexpected critical illness.
Some important illnesses are covering by critical illness insurance:
- Heart Attack
- Major Organ Transparent
- Stroke
- Parkinson’s Disease
- Cancer
- Heart Bypass Surgery
- Aids (HIV)
- Alzheimer’s Disease
- Kidney Failure
- Loss of Speech
- Loss of Limbs
- Coma
- Blindness Deafness
- Severe Burns
- Paralysis
- Multiple Sclerosis
- Motor Neuron Disease (ALS)
How is the chance to get a critical illness compare to death?
In Ontario, there is greater chance of getting a critical illness, than dying before age 75.
- One in four Canadian has some form of heart disease.
- About 78,000 Canadian suffer heart attacks each year.
- More than 134,000 cases of cancer are diagnosed every year in Canada.
- Near 54,000 Canadians suffer a stroke each year.
The good news is that the majorities of people who are diagnosed with a critical illness before age 75 recover and back to normal life. But treating an illness often includes unexpected costs. All these costs may cover by critical illness policy.