In the event of a big health emergency, such as cancer, heart attack or stroke, critical illness insurance could be the only thing protecting you from financial hardships. Many people assume they’re fully protected with a standard "government health" plan, but the exorbitant costs of treating life-threatening illnesses are usually more than what a provincial health plan can cover and to cover the everyday cost of living, while being out of work with no stream of income, will not help the sickness to be healed as fast as it can. So, you need an insurance plan to protect you and your family financially, when you’re diagnosed will a critical illness.
By having critical illness insurance, in case of being diagnosed with any episode of critical illness, a lump sum of money which was already set by you and the insurance company as insurance benefit will be granted to you after 30 days of diagnosis.
Critical illness insurance covers an individual against illnesses such as heart attack, stroke and cancer and can range from covering four medical conditions to as many as 25.
| These conditions are covered by Critical Illness Insurance Policy* | |
|---|---|
| Heart Attack | Heart Valve Replacement |
| Cancer | Loss of limbs |
| Stroke | Loss of Speech |
| Bypass Surgery | Major Organ Transplantation |
| Alzheimer's Disease | Major Organ Transplantation Waiting List |
| Parkinson's Disease | Motor Neuron Disease (ALS - Lou Gehrig's Disease) |
| Multiple Sclerosis | Occupational HIV Injury |
| Kidney Failure | Paralysis |
| Aortic Surgery | Severe Burns |
| Benign Brain Tumour | Coronary Angioplasty |
| Blindness | Ductal Carcinoma in Situ of the Breast |
| Coma | Early Stage Prostate Cancer |
| Deafness | |
| * Some Critical Illness policies don't cover all of these conditions | |
- Receive $25,000 to $2 Million tax-free, if you are diagnosed with a certain critical illness.
- You may elect to receive all the premiums you paid during the years to be paid back to you tax-free, if you did not develop a critical illness and stayed healthy in that regards.
- If you die of any causes that isn’t covered by this insurance, all the premiums paid will be returned to your estate.
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