Critical illness Insurance quotes Canada
Get a QuoteWhat is critical illness insurance?
Critical illness cover is there to help with the financial burden that can be associated with a serious illness. If you are diagnosed with a covered condition and you meet the conditions of the policy, the insurer will pay out a lump sum.
Critical illness insurance is different from disability insurance. Disability insurance will generally pay out a percentage of your income. It works in the case you are unable to work as a result of a qualifying disability. Critical illness insurance pays a benefit on the occurrence of a covered illness based on the terms of the policy. The benefit can be used for a range of things, including eligible medical expenses, household bills, debt repayment, rehabilitation, and other personal purposes.
The benefit is usually not limited to medical expenses (though that would be the primary use), and you can choose how to use the money during your recovery.
Critical illness cover can be worth looking at if you have a mortgage, dependants, no emergency savings, or indeed any financial obligations which would continue even if you were to have to go off work for a period of time.
At Covermyfuture, we can help you to understand the coverage available, compare the features of the policies and pick the one that’s right for you.
Medical Conditions Covered by Critical Illness Insurance
Critical illness insurance can cover a wide range of serious illnesses. The specific illnesses covered and the criteria for eligibility will vary from insurer to insurer and from policy to policy.
Common conditions covered by many plans include:
Heart attack
Stroke
Life-threatening cancer
Coronary artery bypass surgery
Some policies will only cover a very limited number of critical illnesses. Others will cover a broader range. The range of conditions covered will vary from policy to policy. They may include MS, Alzheimer’s, Parkinson’s, ALS, blindness, deafness, loss of speech, coma, severe burns and loss of independence.
Some plans may also cover further conditions. They are subject to particular definitions and eligibility criteria.
It’s vital to read the policy wording. There will be cover for cancer diagnosis, for instance, only if it falls within the insurer’s definition of a covered condition. Some policies will exclude certain types or stages of cancer. The same may be true of heart attacks, strokes and other illnesses.
Critical illness cover can assist you or your spouse in meeting your financial obligations should a covered diagnosis occur. Benefits will only be paid if the policy conditions are met.
Why look at critical illness cover?
Healthy lifestyle choices, routine medical check-ups and preventative care can all go a long way to support your health and well-being, but they can’t eliminate all risk. A serious illness can strike at any age and at any stage of life, even in someone who is otherwise quite healthy.
Along with treatment and recovery, a major diagnosis may bring several financial challenges:
Loss of income: you or your spouse may need to reduce your working hours or go on an extended break from work.
Additional costs: Prescription drugs, rehab, private nursing, and other such services may result in costs that go beyond what your provincial health plan or your employer’s benefits would cover.
The domestic bills continue to come in (mortgage/rent, utilities, groceries, childcare, etc.) regardless of whether you’re able to work or not.
Home and vehicle adaptations: depending on your condition, you may well require some modifications to your home and/or vehicle to improve accessibility and mobility.
Travel and accommodation: Treatment may involve travel and/or temporary accommodation, which will add to your household costs.
Emotional pressure: The whole business of money and finances on top of treatment and recovery can be a real strain.
Provincial health insurance and employer benefits can be of considerable assistance, but they don’t necessarily cover all the costs that are incurred as a result of a serious illness. A critical illness insurance claim can go some way to filling the gap. You can use the benefit as you see fit, whether that’s to keep the household going, to pay off some of your debt, to arrange for additional care, or simply to give yourself a bit more time to recover. When you’re looking at a policy, think about your current level of savings, your current insurance, your monthly outgoings and the financial obligations you’d be responsible for during the course of a lengthy recovery.
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