What is critical illness insurance?

Critical illness insurance is a form of health insurance that provides a lump-sum payment should you become seriously ill.The coverage you need to help protect your lifestyle and recover from a serious illness or condition

Facing a critical illness can be one of the most difficult challenges in life. There is so much to consider—making decisions about your care, remaining financially stable, meeting your family’s day-to-day needs, coping with the emotional stress and more. Critical illness insurance from Canada Insurance Plan is designed to help you when you need it most.

Why do you need critical illness insurance?

While healthy lifestyle choices can be your best defence against some health risks, a critical illness such as cancer, stroke or heart disease can strike anyone at any time. Consider the following:

                * One in three Canadians will develop a life-threatening cancer.

                * One in two heart attack victims are under 65 years old.

                * Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75% will be left with a disability(2).Coverage cannot be purchased for a pre-existing condition or illness.

It is important to read your policy carefully.  In addition, be sure to ask your insurance representative to provide you with a complete explanation of your coverage.

Do I need critical illness insurance?

In determining your need for critical illness insurance, you should consider benefits that may already be available to you through other insurance policies, such as life insurance and group health insurance.  For example, the benefits offered through your employer's group disability plan may provide appropriate and adequate coverage in the event of a critical illness.

How much does it cost?

The younger and healthier you are, the lower the premium.  However, the cost varies depending on your age, medical condition, the amount of coverage, the number of illnesses covered by the policy, and the insurance company.

It pays to shop around to get the best rate.  When shopping for a critical illness plan, you should consider your income, financial obligations, dependents, and health care needs.

How can I make a claim?

You can make a claim if a physician, licensed to practice medicine in Canada and specializing in your particular illness, diagnoses you with a critical illness or disease covered by your policy.

Is long-term care insurance the same as critical illness insurance?

No. Long-term care insurance provides for personal care on a long-term basis if you need supervision or assistance with daily living activities due to a chronic illness, disabling condition or cognitive impairment.Long-term care policies generally reimburse, up to a specified limit, the expenses incurred for various types of care, such as nursing home or home health care; or they pay a pre-determined benefit amount on a daily or monthly basis.

Is disability insurance the same as critical illness insurance?

No. Disability insurance, also known as “income replacement” insurance, provides a monthly income replacement benefit if you become disabled and can no longer perform the normal duties of your work.  Generally, the benefit is limited to a percentage of your regular income and ceases once you earn an income or you no longer meet the definition of disability in the contract.

If you have further question feel free to contact Canada Insurance Plan.