Critical Illness Insurance

Critical Illness Insurance Ontario , Canada

Critical illness is a stressful event for an individual and can disturb your fnancial balance manifold. Critical Illness Insurance can help you pay-off such fnancial overheads in life-altering illness. If you are insured under Critical Illness Insurance and the policy covers for the associated illness, you receive a lump-sum amount in cash to pay for the expenses. It can also be claimed under the circumstances where you have already paid for the expenses, the amount hence received can be used to recover the loss of income. Critical Illness covers for a variety of illnesses and accidents like: Heart Attacks, Strokes, Cancer, physical disabilities, Alzheimer’s disease, etc

What Does It Cover for?

Critical Illness Insurance also covers the cost if you have to travel out of the country for treatment. Statistics say it all; anyone can face such life-changing event. According to statistics, on an average over 70,000 Canadians go through heart attacks and between 40,000 to 50,000 strokes every year. Also over 3000 people are diagnosed with cancer every week in Canada. These are some shocking statistics and hence critical illness insurance is recommended to all.

Summary of Critical Illness Insurance Benefits

There are various other diseases covered under the Critical Illness insurance but it depends on the policy you purchase. Other diseases that can be treated under critical illness are:

Type of Policies under Critical Illness Insurance

Term based Policies

You can select a policy for a specific term based on your financial goals and family needs. Term options include 10, 20, 65, 75, and 100 years. Typically, coverage is available up to age 75, offering financial protection during your most important years. Term plans are affordable and easy to manage, making them a preferred choice for many.

Return of Premiums

This option allows you to receive back the premiums paid if no claim is made during the policy term. It offers peace of mind knowing your money is not lost. However, in case of a partial refund, your sum assured will be reduced. This feature is generally offered for policies with longer terms such as Term 65 and above.

Special Cases

In some cases, if the insured dies during the waiting period from an uncovered illness, the premiums may be refunded to the beneficiary. This ensures some financial return even without a claim. Certain plans also return a portion of the premium if the policy reaches maturity without being used, adding a safety net.

Full Recovery

Even if you fully recover from the diagnosed illness, you will still receive the full payout as per the policy terms. This benefit is applicable only after fulfilling the waiting period. It provides complete financial support for recovery and beyond, helping you manage expenses during and after treatment.