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Critical Illness Insurance – What is this all about?

Critical illness insurance, also known as critical illness cover or dread disease policy, is an insurance product wherein the insurer is contracted to make a lump sum cash payment should the policyholder get diagnosed with one of the illnesses on the list as part of an insurance policy. If you are looking to get this type of insurance, it is equally important that you first try to get critical illness insurance quote from different insurance providers. This will allow you to determine how much you need to pay for the insurance.

critical illness insurance quoteThese days, having critical illness insurance actually helps in complementing medical and disability income coverage you may get from your insurance provider. The insurance coverage itself helps in providing ease as to the financial impact that a critical illness can bring, especially since it is a lump sum you will be getting from your insurance provider, it can greatly lower your financial burden brought about by additional expenses. In fact, advancements in modern medicine has allowed many critical illnesses like heart attack, stroke, or cancer to be recoverable.

Most medical plans actually provide coverage on hospital and medical expenses that arise from critical illness. However, there are still some expenses that are not covered by medical plans. A critical illness insurance policy will feature the following:

  • Lump sum payment for you to use
  • Dependent coverage
  • Convenient payment options
  • No obligation to submit expense receipts
  • Coverage that can go with you should you leave your employer

Of course, when getting a critical illness insurance, it is important for you to understand the exclusions as well as the limitations of the coverage of the insurance policy. While the insurance does greatly complement medical and disability income coverage, knowing and understanding the confines of the policy is still very important. Nevertheless, with critical illness insurance coverage, should you be struck with any of the listed critical illness, the financial impact of that certain illness can be greatly eased thanks to the lump sum you can get from the insurer.

There are many types of insurances available. However, when it comes to employee benefits, one of the best ones to get is critical illness insurance as this is a form of protection that will provide the policyholder with lump sum payment should they develop any critical illness that is covered in the list of critical illnesses by the insurer. Everybody is aware and understands the burden and financial strain of getting and developing any critical illness. However, without any form of financial relief, this burden and strain can greatly cause the afflicted with more weight on their shoulders. By being properly insured with critical illness insurance, this burden can be made lighter as the insurer will be paying a lump sum to the policyholder.

In Canada, it is estimated that over 70,000 heart attacks occur each year, along with 40,000-50,000 strokes each year. Additionally, around 3,000 Canadians will be diagnosed with cancer every single week. Considering the quaint population of Canada, this number is still a lot. Although one cannot really fight falling under this statistics, by having critical illness insurance, you can however lower your burden should you develop or be diagnosed with one.

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