Critical Illness Insurance
Critical Illness Insurance Plans
Interested in critical illness insurance? You’re in the right place. Get the details today and make educated decisions about choosing a policy here.
If you need critical illness coverage, we can provide you with helpful information and best plans. HealthRates.ca helps you find competitive rates for your critical illness insurance plan.
The medical field is constantly evolving. New treatments and forms of medication once considered impossible are being developed to help people cope with or even cure serious diseases. But even getting better comes at a steep cost these days.
If you are suffering from a serious illness, a critical illness policy can help you cover important medical costs while you recover.
Below are the answers to some frequently asked questions to help you understand more about this insurance product. Read on to learn more.
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What is critical illness insurance?
Critical illness insurance is an insurance product that helps you cover the costs associated with life-changing illnesses. It partially replaces your income and that of your spouse or other caregivers who have temporarily left their job to assist with your recovery.
Your plan may also provide coverage for other forms of assistance, such as additional caregivers or specific medical equipment while providing access to medicine and treatments not usually covered by traditional health insurance products. The process begins when you submit a claim once you receive an official diagnosis from a licensed physician. Upon approval, you will receive a tax-free lump sum payment that can be used to cover any aspect of the recovery process.
Why should I get critical illness insurance?
There is a common belief that a standard health insurance plan can help deal with a serious illness. While these plans do provide some coverage, it is not to the same extent as critical illness insurance. A critical illness plan takes the heavy costs associated with life-altering illnesses into account and provides you with the funds you need to pay for associated medication, treatment, and other expenses relevant to your recovery.
What does critical illness insurance cover you for?
Critical illness insurance generally covers specific ailments, including:
- Heart attacks
- Kidney failure
- Multiple sclerosis
- Organ transplants
- Alzheimer’s disease
Your plan may also provide coverage for daily incurred expenses, such as transportation, childcare and home care.
Note: This list is provided as a general guideline, as coverage can differ from one insurer to another. Be sure to contact your provider to learn more about what your plan covers.
Where can I get critical illness insurance?
Critical illness insurance is available from most major insurers. If you require specific information about how the plan works, what it covers and qualification requirements, be sure to speak to your insurer.
HealthRates.ca allows you to review multiple insurance products and compare rates from top insurers in Canada. Click here to process your critical illness quotes.
Critical illness insurance is it necessary?
To answer this question, you should first determine whether your standard health, life, disability or group health insurance plan can adequately cover you. If it can, you can use it to assist with your recovery process. You should also consider the financial impacts of your illness, including how it will affect your income if the illness prevents you from working. If your standard coverage cannot provide you with the assistance your need, you should then consider applying for this insurance plan.
How much does critical illness insurance cost?
Several factors determine the cost of a critical illness insurance policy. The insurer will first consider your age and current state of health. Your premium will be lower if you are younger and healthier. The provider will also take the nature of your illness, the amount of coverage you require, and the illnesses covered by the plan into account to calculate the cost of your plan.
Is there difference between critical illness and disability insurance?
While they may seem similar, they are not disability insurance that provides you with a portion of your income while you are disabled and unable to work. The coverage ends when you return to work or no longer qualify for coverage. With critical illness insurance, you receive a lump sum payment after submitting a claim with a physician’s diagnosis and can then use the money as you please. A disability insurance claim may require you to wait for the claim to be approved.
Get Informed, Get Insured
There are many critical illness insurance policies and insurers to choose from in today’s market, and our goal is to help make your decision easier. We have partnerships to several major insurance providers and would be glad to discuss your critical illness policy options with you. For more information, please contact us today.