06/08/2020
Getting Insurance Education for Critical Illness
What is your biggest asset? Ask anyone this question, and you will be receiving different answers. Some will say their house, some will say their business. However very few realize that biggest asset that they have is the ability to earn income. Thus, just as we have protections for our houses and businesses, it become even more important to protect our ability of earning income.
The question now is how? Logically, our ability of earning income is threatened by death, disability or a serious or critical illness. Fortunately, we have protection in place for all the 3 threats. In this article today, we are going to talk about critical illness and how does it protects us.
What is critical illness insurance?
Critical illness insurance is a form of health insurance that provides a lump-sum payment should you become seriously ill.
What are the types of illnesses covered by critical illness insurance?
Although they differ from company to company, typical illnesses and diseases covered by critical illness insurance may include:
• cancer
• heart attack
• stroke
• blindness
• Alzheimer's
• multiple sclerosis
• organ transplants
• kidney failure
• paralysis
Coverage can also vary according to the degree of severity of, or conditions associated with, an illness or disease. For example, if you are diagnosed with a type of cancer that is treatable and that results in minimal "down time", you may not be eligible to make a claim.
Coverage cannot be purchased for a pre-existing condition or illness.
It is important to read your policy carefully. In addition, be sure to ask your insurance representative to provide you with a complete explanation of your coverage.
Do I need critical illness insurance?
In determining your need for critical illness insurance, you should consider benefits that may already be available to you through other insurance policies, such as life insurance and group health insurance. For example, the benefits offered through your employer's group disability plan may provide appropriate and adequate coverage in the event of a critical illness.
You should also consider your personal circumstances and the added financial strain that could be brought about by dealing with a serious illness or disease. Public and private health insurance plans typically do not provide coverage for day-to-day living expenses such as travel to and from treatments, home care and child care.
How much does it cost?
Generally, the younger and healthier you are, the lower the premium (cost). However, the cost varies depending on your age, medical condition, the amount of coverage, the number of illnesses covered by the policy, and the insurance company.
It pays to shop around to get the best rate. When shopping for a critical illness plan, you should consider your income, financial obligations, dependents, and health care needs.
At Get Insurance Education, we are able to help you show around and get the best possible plan.
How can I make a claim?
You can make a claim if a physician, licensed to practice medicine in Canada and specializing in your particular illness, diagnoses you with a critical illness or disease covered by your policy.
If my claim is approved, when will I receive payment?
Generally, a lump-sum benefit payment will be made to you 30 days after the claim has been approved.
There are no restrictions on how you use the money.
Once your claim is paid, your critical illness insurance policy ceases.
What if I never make a claim?
If you die for a reason not covered by the critical illness policy, the premiums you paid may be refunded to your named beneficiary. Some plans will return the premium or a portion of the premiums paid during the life of the policy if the policy matures and no claim has been paid.
What if I make a full recovery?
You are entitled to collect the entire benefit even if you make a full recovery.
Where can I get critical illness insurance?
, we are always available to help Canadians wherever they are with getting the best critical illness insurance.
