Life is unpredictable. A critical illness can be emotionally and physically devastating. It can also lead to significant and unexpected costs that may not be covered by your provincial or employee health plans.
What is a Critical lllness Insurance Plan?
A critical illness insurance provides a lump-sum cash benefit if you’re diagnosed with a covered condition and satisfy the waiting period. The money is yours to use however you want. For example, you can use it to:
- Help pay your medical bills and cost for prescriptions
- Replace lost income or make mortgage payments
- Hire a nurse or caregiver to help you out at home
- Find the best health care available anywhere
Usually this plan will cover between 22 and 26 conditions, including the most common like cancer, heart attack and stroke. The benefit paid helps you get the money needed so that you may focus on your recovery.
Do you have a critical illness plan?
For additional information, listen to these stories which provide a look at disability insurance claims: