What is Critical Illness Insurance?
Dealing with a critical illness such as cancer or multiple sclerosis, or suffering a major medical event such as a heart attack or stroke, can be the most difficult time in someone’s life, both personally and financially. That’s why we provide critical illness insurance – to offer help when hard times strike. Critical illness insurance gives you the financial support you need to help deal with a major medical event and get you back on your feet again.
How Does Critical Illness Insurance Work?
Unlike other types of health insurance that only cover certain prescriptions or medical procedures, critical illness insurance offers a lump sum benefit payment in the event that a policy holder suffers a qualifying critical illness. Depending on the policy you choose, the types of medical conditions covered could include conditions such as: cancer, Alzheimer’s disease, bacterial meningitis, heart attack, stroke, Parkinson’s disease, paralysis, and others. With a lump sum payment, you’re free to use your benefit for whatever types of expenses you choose. This could include paying for medical expenses, helping with mortgage payments, paying for a child’s education, paying off debts, or simply supplementing your regular income so you can continue to support your family.
Do I Need Critical Illness Insurance?
Many people wonder: “Why do I need to purchase critical illness insurance if I already have healthcare coverage through the government and my employer.” This is an important question, and it points to the difference between critical illness insurance and other types of health insurance. In the event of a critical illness, your provincial health care coverage will help with needs such as doctor’s appointments, hospital visits, and medications. If you have a healthcare plan through your employer, that plan may also help to top up your government-funded coverage. Critical illness insurance, however, offers coverage above and beyond what other health insurance plans offer.
Benefits of Critical Illness Insurance
If you need to modify your lifestyle in order to cope with an illness – by hiring a private nurse, purchasing a new vehicle, or renovating your home – critical illness insurance can help you manage these expenses. If you need access to special medications that aren’t covered by a standard health insurance plan, critical illness insurance gives you the financial support you need to access the right treatment. Critical illness insurance can also provide financial assistance for the everyday needs that may become impossible if you become critically ill – needs such as paying your mortgage and making your monthly bill payments.
Tips from First Foundation
If you’re not sure about whether or not you need critical illness insurance, or you want help comparing plans and providers, talk to one of our insurance advisors. Because we work with some of Canada’s top insurance providers, we can make sure you get the coverage you need at a premium that works for you.
Want to know more about critical illness insurance? Talk to us today or fill out the form below for your free critical illness insurance quote.