When Does It Make Sense To Opt For Critical Illness Insurance?

When you are healthy, it is the best time to plan for the unexpected. That is simply because your options become more restricted when the unexpected illness occurs.

For the sake of the explanation, let’s say your doctor diagnosed you with a life-threatening disease like Cancer.

They say your chances of defeating it are excellent. But the sessions of treatment and recovery may take a massive toll on you – not just financially, but also emotionally and physically. And then there are high possibilities of you taking expensive drugs that the provincial health insurance does not cover.

Your finances will be taking an extreme hit. Your savings would dry up, you may rack up your credits or borrow against the price of your home – thus, disrupting your retirement plans completely. A critical illness insurance would have been a savior in such a circumstance.

Critical Illness Insurance  – A Brief Overview

A Critical Illness Insurance plan helps in paying the costs associated with life-changing illnesses. It helps in saving your financial health during the course of the treatment by:

  • Replacing any income that is lost in case you or your partner need to take a time off from work.
  • Reducing debts that may have built up while you recovering from the illness.
  • Providing financial support when you need it the most with medical health professional at home.
  • Considering additional treatment options that are not provided by your provincial health care system.

How does a Critical Illness Insurance plan work in Mississauga and Toronto, Canada?

In case you opt for a critical illness policy in Canada, you can submit a claim based on the illness you are diagnosed with, provided the illness is covered by your policy.

Before submission of the claim, you should read the wording of your contract carefully. If your claim is justified, you will receive a tax-free payment from the company. It also makes more sense to consult a professional financial advisor before the submission of your claim, but only if you had purchased the policy initially through the same financial advisor.

In case you are covered already with a Disability Insurance through your employer, it can be a good idea to compare that plan with the features of a Critical Illness policy. Make sure to keep the following things while doing the comparison:

  • Any deductible amount.
  • Waiting period.
  • Maximum benefit amount.
  • Requirements of employment (such as, your benefits end when you quit the job).
  • The percentage of income that is replaced by the policy, and for the length of time.

Do you think a Critical Illness Insurance plan is right for you?

Before coming to a decision, we would suggest you to check your other life insurance plans , disability or group health policies (if any). Do they provide enough coverage?

Ask yourself – can you afford the loss of income in case the unthinkable happens?

Also, does your family have a long history of life-altering illnesses? If yes, you may consider going for a critical illness insurance policy based on your current financial health, and age (although even age is now becoming very unpredictable).

There is no one-size-fit-all plan. Everybody ahs different requirements. But sometimes, a Critical Illness Insurance policy be a life savior.’

P.S. Sometimes, it can also make a lot of sense to ask your home physician about it – should you go for one or not? And once, you have decided on getting yourself one, consult an experienced financial advisor to get the best custom-made plan for you based on your budget and requirement.

Get the best custom-made Critical Illness Insurance plan from our experienced insurance advisors in Mississauga, Toronto, Canada – No extra charges!

Our expert insurance advisors at Trust Life can help you determine the appropriate Critical Illness coverage amount, considering a number of factors like your income, debts, net worth, existing insurance plans, current health conditions, etc.

At Trust Life & Investments, we are all about providing affordable insurance options for our customers in Canada. We have over 30 years of experience providing expert insurance and investment advice for both businesses and individuals. Get in touch with our expert financial advisors to know more about the best and affordable Critical Illness Insurance Plans in Toronto and Mississauga.