What if your Health takes an Unexpected Turn for the Worse?
Critical Illness Insurance is designed to help cushion the financial blow from being unable to work, or facing a shortened life expectancy. Unlike life insurance, it provides coverage for current ongoing expenses. As medical technology improves, more and more people are living with cancer, or surviving for 20 or 30 years after having a heart attack or stroke. However, these medical conditions often come with unexpected bills.
All critical illness policies cover "the big three": cancer, heart attack and stroke. These are the most common serious medical conditions faced by older Canadian. In addition, many critical illness policies cover up to 28 other common illnesses, such as blindness, deafness, organ transplants and alzheimer's disease. The more conditions that are covered, the higher the cost. Coverage levels range from $10,000 to $1,000,000.
There are two types of policies: temporary and permanent. Temporary is designed to last for a specific period of time - usually 10 or 20 years or until retirement. Often, this covers a period of time when a serious illness would pose an undue financial burden, such as when children are young. Permanent insurance is of course designed to last for life.
You can get a quote for critical illness insurance using our quote engine on the right.