What is Critical Health Insurance?

You never know what could happen at any point of your life. So protect yourself and your lifestyle and recover from a serious illness with the help a Critical Health Insurance policy.

Critical illness insurance can help you get financial security and valuable support services to help you and your family cope during a challenging time. If you are lucky, then you will never need to use critical illness insurance coverage. However, it doesn’t hurt to be prepared.

Why do you need critical health insurance?

Many people mistakenly assume that they are fully protected under a provincial medical insurance policy. However, a lot of other expenses related to CI is not covered by OHIP

Critical health insurance provides additional coverage for serious medical conditions or emergencies like cardiac arrest, stroke, or cancer. These medical conditions incur greater than average medical costs, critical illness policies can help cover the cost overruns where traditional health insurance may fall short.

These policies can be obtained at a relatively low cost. However, please note that their coverage may generally be limited to a few illnesses or emergencies.

It is advisable that you seek the assistance of a financial advisor to find the best insurance policy that can cover all your needs.

What you need to know before purchasing critical health insurance

It would be disheartening if you were to get sick and then discover that your insurance policy does not cover your condition. Not only would you be devastated, but you would need to break the bank for all expenses.

That is why it is important to consider the conditions that are covered under the policy before purchasing it. While some plans cover only four major illnesses, some plans offer coverage for all 26 illnesses listed in he Canadian Life and Health Insurance Association. Some policies may even offer coverage for illnesses not defined by the CLHIA.

Feel free to contact an experienced insurance broker for assistance in finding the best critical illness insurance plan for you.

What are the benefits of critical health insurance?

  • Income replacement:
    Critical illnesses not only take a toll on your physical body but also the financial stability of your family. This plan pays a lump sum amount that can pay for both medical and household expenses.
  • Peace of mind:
    A critical health insurance policy can help you gain financial stability. So rather than worrying about arranging funds and managing expenses, you can focus on your recovery.
  • Low cost:
    These policies are very appealing because they don’t cost a lot. However, please note that these policies offer limited coverage. So you need to carefully consider the illnesses covered before you choose one.
  • Lump-sum payout:
    This is a living benefit that does not depend on your recovery. It is paid out once it is established that you have contracted a specific illness or have suffered through certain serious medical incidents.

Since your health is important, you need to choose your insurance policy with care. Get in touch with an expert to find the most suitable policy for you.