Critical Illness Insurance

We can’t predict what’s waiting around the corner. Life’s unpredictability makes critical illness insurance an excellent option. It’s hard to know how you’ll handle having a chronic or terminal illness. One thing is sure: it’s likely to be stressful, financially, and emotionally. Many people worry that, if they become seriously ill, they’ll be a burden to their family. They wonder who’ll take care of them. If they can stay in their home. Or what it’ll do to their retirement savings.

What are the benefits of Critical illness insurance?

• It helps you cover additional expenses caused by the illness (medications, adapted equipment, etc.)
• It helps you cover your financial commitments if you experience a decrease or loss of income
• You can use the money to provide some financial flexibility as you recover so that you can work part time or extend your sick leave to take some time for yourself
• The benefits you receive are not taxable
• Bring in additional help at home for you and your family

What does critical illness insurance cover?
The most common is a Heart attack, Invasive or non-invasive Cancer, and stroke. Critical illness insurance covers a variety of the most common serious illnesses or conditions. Making a claim for chest pains or a stomach-ache won’t qualify you but a diagnosis of one of the following conditions will likely qualify you depending on your policy:

There are also enhanced definitions that can be added to your plan that protect you even further called second event and loss of independent existence. These enhanced contractual definitions are used as a catch-all, whereby if you got sick with a condition that is not covered by the listed items and this illness causes you to lose your capacity to live independently, the program will still payout.

One added feature of critical illness plans is that you can add a return of premium to the plan, such that if you do not make a claim, you will be reimbursed 100% of your premium after a period of years.