Critical illness is a stressful event for an individual and can disturb your financial balance manifold. Critical Illness Insurance can help you pay-off such financial 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.
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.
While you choose a policy you should know the various diseases it covers for. Typically four kinds of diseases are covered in most of Critical Illness Insurance products: