Critical Illness Insurance
Critical Illness Insurance
Critical illness insurance provides you with a cash payment if you are diagnosed with a major critical illness or medical condition. The money can be used for any expense you choose as you navigate your recovery.
People often use this benefit to cover
• Lost wages,
• Medical expenses,
• Medical equipment,
• Private medical care, or
• Accessibility-focused home renovations.
This is a living benefit, which means the payment is made directly to the policyholder, not to a beneficiary.
Critical illness insurance has five key features that are a big benefit to policyholders.
1. The policy typically covers major illnesses that you are likely to survive. While all policies are different, common conditions covered under this type of policy typically include cancer, heart attacks, strokes, bypass surgery, as well as loss of vision or hearing. Be sure to review the policy coverage with your Insurance Broker to make sure you know exactly what conditions are covered.
2. Critical illness insurance is paid out as long as you meet the medical criteria, even if you continue to work. Thanks to huge advancements in medicine and technology, more people are working and living longer with serious medical conditions.
3. The waiting period is short. Unlike some disability benefits that have month’s long waiting periods, critical illness benefits are usually paid out so long as you survive 15 to 30 days after your diagnosis.
4. You can spend the money the way that works best for you. Once you satisfy the eligibility and waiting period requirements, the money is yours to spend as you see fit.
5. Critical illness benefits are tax-free.
You can also buy critical illness insurance for your children. Many people are unaware of the benefits of purchasing a critical illness insurance policy for eligible dependents.
Premiums are typically quite low and coverage can extend well into adulthood. The lump sum payment can be used to allow caregivers to take time off work, cover costs of treatment, or anything else that will help during this difficult time.
Critical illness insurance is worth exploring for any Canadian adult, regardless of employment status. It offers a low-cost way to protect yourself from the expenses that can accrue due to an unexpected illness or medical condition.
The team at CG Hylton Inc. has over 30 years of experience helping people pick the right critical illness insurance policy. Contact us
for a free no-obligation consultation to learn more about the benefits of critical illness insurance policies.