What is critical illness insurance? How does it work?

Critical illness insurance provides a number of options to meet the unique needs and challenges you face in today’s ever-changing environment.

We know that life can sometimes take unexpected turns. One of those unexpected turns may be developing a serious illness. Fortunately, medical advances are helping more people to beat serious illnesses than ever before. Because the road to recovery can be stressful and costly, many people find comfort in knowing that their critical illness insurance will help them manage their costs so they can focus on recovering.

Critical illness pays a lump sum benefit if you’re diagnosed with and survive one of the many covered illnesses which are listed in the policy.

Critical illness differs from disability insurance, extended health coverage, personal health insurance and long term care insurance in that it provides you with a lump sum payment to use any way you need, for example:

  • Choose complementary medicine and treatments
  • Maintain your lifestyle and pay daily living expenses
  • Help with travel expenses to obtain treatment
  • Hire temporary help for your business or for home care assistance

The choice is yours.

Critical illness insurance, in its present form, was introduced to the Canadian market in 1993. Although previous forms of critical illness policies existed in the 1980s and can be traced back to as early as the 1950s, these policies were limited in range and scope.

The critical illness insurance that is available today is designed to meet the needs and challenges people face in their ever-changing circumstances and environments.

More specifically, critical illness insurance is designed to help you effectively confront and meet the financial challenges associated with the diagnosis, treatment, and recovery from a life-altering illness.

Critical illness insurnce differs from life insurance, disability insurance, extended health coverage, personal health insurance, and long-term care insurance. Unlike the aforementioned, critical illness insurance provides you with a one-time cash payment if you are diagnosed with an illness covered by the policy you select, providing you meet the requirements of the contract.

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Let us know so we can help provide the level of security required to protect individuals financial well-being during times of need.