Plan for a Medical Crisis with Critical Illness Insurance

By: John F William

With downward spiralling economic conditions, ever rising health care costs and intensifying health support needs of today, having standard medical insurance in place is not sufficient. An individual needs much more than that; what they need is a protection that covers against any kind of medical crisis. This is where critical illness insurance comes into picture. Statistically speaking, approximately one in every two individuals across Canada is at risk of suffering a heart attack or stroke. Though the toll is reported to be steadily on the rise, advanced medical reforms have done much in combating the life-threatening illness like never before. Critical illness is not something any person would like to face at any point in their life. As it is not always possible to eliminate the risk of getting ill completely, it is prudent to take precautionary measures that give you the financial security against emergency. Complied in this article are the detailed guidelines that will help you understand the nature of the insurance a little better.

Critical illness insurance provides the policyholder lump sum monetary benefits if the holder is diagnosed with a certain illness or disability. The kind of maladies that are covered under the insurance are usually long term and serious in nature, like cardiovascular arrest, stroke, loss of limbs, cancer, multiple sclerosis and more. Illness insurance is hassle free and fast way to acquire liquidity to meet the financial needs during medical crisis.

The claim money recovered can be used in variety of ways li7ke mortgage payments, medical care, travel cost, keeping business running and more. There are no restrictions or questions asked as to how and what the claim-money is being utilized for. Illness insurance is much different from that of life insurance, that pays only on death or when the insured is terminally ill with no long-term future security. Unlike life insurance, settlement amount is paid within 30 days of confirmation of illness.

The kind of insurance product offered by different carriers across Canada can vary significantly. Premium rate, coverage plan, settlement claim, planned structure are some basic pointer an applicant needs to look out for. Premium rate is dependent of numerous factors like age, gender, medical condition, amount of coverage and insurance structure. Price of CL insurance is much more than that of life insurance as applicant is always young and more likely to make a claim.

The kind of coverage offered is another vital point to be considered. Most of the bank plans covers three maladies, whereas an individual plans covers 20 conditions that is inclusive of all major illness. It is always advisable to seek assistance of expert advisor with knowledge and expertise second to none. There are usually too many factors to be considered while drawing out any form of insurances; an expert will help you understand all the technical by-lines associated with the insurance so you can make a well-informed decision. Each insurance policy has specific and measurable criteria that need to be fulfilled in order for the insured individual to be able to make a claim. Canadian Life and Health Insurance Association regulate these criteria, so that it does not vary between different insurance carriers across Canada.

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A critical illness insurance plan helps protect yourself and your family's future in case you suffer from a critical illness. Click here to know more about different benefits offered by critical insurance plans.

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