Critical Illness Insurance
WHAT IS CRITICAL ILLNESS INSURANCE? DEFINITION [an insurance product where the insurer via contract makes a cash payment if the insured is diagnosed with an illness on a predetermined list] No one ever puts getting sick on their ToDo list, but when the unexpected happens, you want to be financially prepared! DID YOU KNOW statistics show that 1/3 Canadians will experience a serious disease or illness in their lifetime? Critical illness insurance is designed to help financially support you and those close to you before, during, and after treatment by helping to pay costs associated with a serious disease/illness such as cancer, heart disease, and stroke. Assistance with lost/reduced income, debt reduction, help at home, and/or new medications/treatments not covered by private or government health insurance plans are just some of the benefits. Although advances in medical technology have drastically improved survival rates of most people who suffer from a critical disease/illness, recovery can severely drain your financial resources. If you become sick with an illness covered by your policy and are eligible for the waiting period, you will receive a lump-sum benefit and decide how to spend the money, unlike reimbursed health insurance benefits.