Critical illness insurance refers to the coverage that protects an individual in cases when they are suffering from a serious illness. But if you are fortunate enough, you wouldn’t have to worry about your critical illness insurance.
If you were to become seriously ill due to cancer, heart attack, or Alzheimer’s, you might be burdened with financial concerns. Conditions or illnesses like these require extensive medical care and treatment which can affect your finances. Purchasing critical illness insurance in Vaughan can help you deal with the financial burdens that may come with a critical illness diagnosis.
It can offer much-needed monetary support by providing a lump-sum payment that you can use. For critical illness insurance in Vaughan and Woodbridge, you can count on Ken Maynard Insurance Brokers Ltd.
When you or someone you know falls severely ill, they need a substantial amount of coverage. Critical illness insurance is ideal for individuals who are 18 to 65 years of age. However, anyone suffering from a severe illness can claim critical illness insurance.
In addition, there are certain pre-requisites for getting critical illness insurance in Vaughan. For instance, the insured must hold permanent residency in Canada for over 12 months or be a landed immigrant. In many cases, the insured must not be treated for a certain medical condition. Individuals with a pre-existing condition or illness are not eligible to purchase coverage.
The diseases and illnesses that are typically covered in this type of insurance include:
There are multiple ways through which you can purchase your critical illness insurance. You can either buy critical illness insurance by yourself or through your employer. Another way of getting your insurance is by adding it to your life insurance plan.
Whichever channel you choose, critical illness insurance is important for various reasons. You can spend the money for:
Paying for your critical medical services/emergencies, which might not be possible otherwise.
Paying for your medical treatments, which your traditional insurance might not cover.
Enabling the critically ill and insured to focus their time and energy on recovering soon.
Paying for transportation expenses, such as for treatment centres, wheelchairs, among others.
Funding a vacation for the terminally ill in need of a peaceful and restful place for recuperation.
Critical Illness Insurance offers considerable financial support and a tax-free amount for your recovery. You are free to use the money received through the claim for your treatment or other financial obligations. For instance, you can spend the money to pay for your medical treatment, nursing, or to pay off your mortgage.
Once recovered, you are entitled to collect the entire benefit. However, it is important that you always cross-check your critical illness insurance policy that covers what you need. Different policies offer different coverage and benefits.
Our team at Ken Maynard Insurance Brokers Ltd. can assist you. Don’t hesitate to reach out to us to better understand your critical illness insurance!
At Ken Maynard Insurance Brokers Ltd., we understand how you must have felt after finding out about your critical illness. If you are diagnosed with a severe medical condition that the policy covers, you can make a critical illness insurance claim. You will receive the payment after 30 days of approval, and once you have been paid out, your policy ceases.
To avail the benefits of critical illness insurance, it is essential that you lodge the claim correctly. We have curated a list of things you can consider while claiming your critical illness insurance:
Carefully fill out your critical illness insurance form for the claim.
Provide complete actual health status at the time of application.
Get your documents ready, such as your medical reports.
Inform the concerned insurance company after you are diagnosed with a critical illness.
You must plan and be prepared for cases when your claim might be denied.