Critical Illness Insurance: What Is It?

In the event of a big health emergency, such as cancer, a heart attack, or a stroke, critical illness insurance is the only option standing between you and financial ruin.

KEY TAKEAWAYS

Critical illness insurance offers extra coverage for medical emergencies like heart attacks, strokes, or cancer.

Because these emergencies or illnesses often account for greater-than-average medical costs, these policies pay out cash to cover those overruns when traditional health insurance may not be adequate.

These policies have a low cost. However, the instances that they will cover have limitations to a few illnesses or emergencies.

Critical Illness Insurance 

Critical illness insurance was launched in 1996, as people understood that surviving a heart attack or stroke could lead to insurmountable medical bills.

Why Is It Important?

It is possible to purchase critical illness insurance on your own or through your employer. You can also combine it to your current life insurance plan, which may be a more affordable option offering the same benefits.

Low Cost, Limited Coverage

What makes these policies appealing? The fact that they generally don’t cost much, especially when you get them through an employer. 

How Do I Buy Critical Illness Insurance?

Critical illness insurance Canada is a policy that can pay a direct lump-sum benefit that you can spend to pay for expenses uncovered by other insurance. You can purchase it yourself or through your employer and also can add it to your personal life insurance plan. 

What Does Critical Illness Insurance Provide for Assistance?

Critical illness insurance can help pay the bills that life-threatening illnesses like heart attack, stroke, or cancer can account for. At your prudence, the benefit from a critical illness policy can cover anything related to medical expenses not covered by a healthcare policy.