Critical illness insurance is a form of insurance that replaces your income if you are diagnosed with one of the illnesses covered by the particular policy you purchased. It is a lump sum, tax- free payout that provides your family with financial security in a time of great need.
The unique feature of critical illness insurance is that it covers and compensates a specific, predetermined list of illnesses. And unlike [disability insurance], the money is provided all at once. This money can be spent in whatever manner best suits you and your family’s needs.
The illnesses covered vary from policy to policy, and it is essential to have a full understanding of what is and what is not covered before you sign up. Typical diagnoses include cancer, heart attack, stroke, as well as ongoing conditions like blindness or deafness.
This type of insurance is designed to fill in the gaps of your health care and insurance planning. After all, one in three Canadians will be diagnosed with some form of cancer, and 63% are expected to survive.
Critical illness insurance provides finances for the unexpected costs of a serious health crisis. It is also a wise purchase for individuals who do not have disability coverage through an employer, but still support a family, such as a stay-at-home parent.
Critical illness insurance supplies the money that could ease your recovery. This might include:
But one of the most essential benefits of critical illness insurance coverage is that it keeps you on track. With it, you may not have to delve into your savings to continue paying these important expenses:
Critical illness insurance should be part of your overall life insurance strategy. There is no one-size-fits-all solution for everyone. Your best bet is to talk to get a professional’s advice, and it’s as easy as contacting SafeBridge today to learn more.