Being diagnosed with a critical illness can turn your life upside down. When you’re ill, the last thing you need to worry about is how your family will cope if you can’t work, or how you’ll pay your medical bills.
That’s where Critical Illness Insurance comes in. This kind of insurance allows you to get well and focus on recovery, without added stresses that can actually hinder your recuperation. It provides financial security as well as access to any support services you need to get on your feet again.
Best of all, it doesn’t leave you and your family with an overwhelming financial debt to pay off afterwards.
If the illness you’re diagnosed with is covered by your plan, then Critical Illness Insurance is paid out in a tax-free, lump sum. Most Critical Illness Insurance policies provide coverage for over 22 illnesses, the most common in Canada being: heart attack, stroke, and cancer.
Critical Illness Insurance can be used in a variety of ways to help support you and your family during a challenging time. Some typical uses include:
- paying off your mortgage or other debt
- keeping your business running
- modifying your home to improve mobility
- hiring home care to help you recover
- paying for specialized treatments.