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Top 5 Benefits of Critical Illness Insurance

Photo of a digital front to choose medical options, with a blurry nurse in the background choosing the central option.

Critical illness insurance should be at the top of every Canadian's mind as they age into their twenties and beyond. That's because close to half (44 percent) suffer from some type of chronic disease. 

So, what is critical illness insurance? It's a type of coverage that pays one lump sum, no questions asked, upon confirmation of diagnosis. There are five big advantages to it.

 

1. Payment Is Prompt and Predictable

The first reason you will want to seek out critical illness insurance in Vaughan is the promptness and predictability of payment. With some forms of insurance, you have to read the fine print about what's covered and how to get reimbursed.

Critical illness insurance, on the other hand, pays out the coverage amount immediately. It does so in a lump sum that you can depend on without having to worry about reimbursements and percentages.

 

2. Many Illnesses Are Covered

Critical illness insurance is about more than cancer, though cancer is one of the most common critical illnesses in Canada and what's commonly envisioned when we talk about critical illness care. 

In reality, coverage extends to other diseases, such as heart disease, Alzheimer's, blindness, kidney failure, stroke, and organ transplants. The list is quite extensive. It's helpful to know that critical illness means critical illness.

 

3. Can Pay for Many Expenses That Medical Insurance May Not Cover

There are many types of insurance out there that promise to cover certain expenses. Unfortunately, you have to look closer at the fine print to know their scope and extent. Critical illness can help fill the gaps.

Consider for a moment the lost wages, subsequent pileup of unrelated bills, and other unforeseen expenses not directly tied to the medical side of things. Receiving the critical illness insurance lump sum will help you handle these along with the percentages that medical insurance may not cover (i.e., deductibles, your percentage of treatments, etc.).

 

4. Affordable Premiums

Critical illness is among the best insurance types on the market, in part because underwriting is simple, and premiums are affordable. Lock it in while you're still in relatively good health, and you won't even notice.

Purchase as a young adult, and you might expect to pay about the cost of a Starbucks beverage per $25,000 of coverage each month. Coverage is more expensive for adults 50 and older but still not as noticeable since overall earnings tend to rise by that point.

 

5. Timing

When we say timing, we mean that you won't have to wait long for fulfillment. Most critical illness insurance policies remit payment upon diagnosis of the illness. This can be a boost to your spirits as you cope with the news of your diagnosis.

Rather than having to jump through administrative hoops on top of dealing with your "new normal," you just sit back. Simply notify your provider and wait for the check to arrive.

 

Critical Illness Insurance Provides Peace of Mind

Critical illness insurance, like most insurance policies, is something you hope you never have to use. The reality, however, is that most of us will face a point in our lives where we have the need for it.

Planning for that need now can give you peace of mind in both the short and long terms. If you're ready to move forward with your policy or would like a free quote, contact Ken Maynard Insurance Brokers Ltd. today.

 

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