Protecting you from Financial Stress:
If you’re lucky, you’ve maybe never even heard of critical illness insurance. But in the event of a major health emergency, such as cancer or heart attack, critical illness insurance could be the only thing protecting you from financial stress. Many assume that with a standard insurance plan, they’re covered, but the sky-high costs of treating life-threatening illnesses are usually more than any insurance plan will cover.
Why the need for Critical Illness Insurance?
- This insurance provides additional coverage for medical emergencies like heart attack, stroke, or cancer.
- Because these illnesses incur higher medical costs, these policies pay out cash to help cover those costs.
- These policies are relatively cheaper. However, the cover is generally limited to a few illnesses or emergencies.
Better than Traditional Insurance Coverages:
Critical illness insurance can pay for costs not covered by traditional insurance. The money received from this cover can also be used for non-medical costs related to the illness, including transportation, childcare, etc. Typically, the insured will receive a lump sum to cover those costs. Policy pricing is based on a number of factors, including the amount and extent of coverage, the sex, age and health of the insured, and family medical history. There are also a few exceptions to this coverage. If you suffer a second heart attack, or your illness comes back again, you will be exempt from receiving any payment.
Benefits of Critical Illness Insurance:
- It pays for critical medical services that might otherwise be unavailable.
- Pays for treatments not covered by a traditional policy.
- Pays for your daily living expenses, making sure the critically ill focus their time and energy on getting well, instead of working to pay their bills.
- It helps cover transportation expenses, such as getting to and from treatment centres.
- Terminally ill patients can use the funds to take a vacation with friends or family to rest and recuperate.
Part of what makes a critical illness insurance policy appealing is that they generally don’t cost a lot, especially when you get them through an employer. Some smaller plans are a bargain compared to the cost of a typical, low-deductible health insurance policy. To find out more information, give SVIC a call today to schedule an appointment.
The Bottom Line:
Since medical bills are a common cause of bankruptcy in Canada, protecting yourself against that fate should be given consideration, especially if you have a family history of any of the critical illnesses such as a stroke, heart attack and much more. Critical illness insurance can help remove any financial stress in the event that you become too sick to work. This policy provides flexibility in that the money paid out can be used to cover a wide variety of potential needs. As with all type of insurance policies, there are some drawbacks and stipulations to this type of insurance coverage though. You should do your research to find the policy that best meets your financial needs and situation. Let SVIC help with that. Speak to our professional team today to find out more details about critical illness insurance or call us to schedule a consultation.