According to the latest released statistics from the heart and stroke foundation 70,000 Canadians suffers heart attack annually while 50,000 suffers stroke. Apart from being the most expensive disease to treat, Cardiovascular emerged to be the leading cause of death in this country. It was also established that heart disease accounts for a larger inpatient hospitalization that stands at 18 percent for both male and female. At the same time nearly half of the survivors suffer heart related ailments as well as high instances of repeat heart attack.
In the modern world people are living longer but get sick more often than before with a shortened lifetime. It is no doubt that a serious ailment can change your life forever. Recovered individuals need a lot of insurance funds to start a new life. Critical Illness Insurance in Canada helps you cope with such changes by ensuring that your family is protected from the effects of such illness. It provides financial resources that assist you in facing the new challenges.
Critical Illness insurance is a pretty new form of insurance in Canada and pays you a benefit (in form of compensation) if you are stricken by a critical illness such as cancer or heart attack. Contrary with Life Insurance, the benefit is paid directly to you instead of to the beneficiary. You can later use this benefit in paying for treatment, paying off your mortgage, replacing your lost income, paying for your children education as well as covering other family monetary needs.
There are a number of life insurance companies in Canada that offers critical illness coverage. These companies compete with each other in a bid to offer their customers with good protection. They include: -
AIG Life of Canada with the Living Benefit being 10, 75, 65, 100, Plus, Critical Care Assist Benefit
Manulife Financial Living Benefit 10, 75, 100
Standard Life Living Benefit 10, 75, 100
Equitable Life Living Benefit 10, 75, 100
Canada Life Living Benefit 10, 75, 65, 100
RBC Insurance Living Benefit 10, 75, 100
Critical Illness insurance has been the fastest growing sector of the Canadian insurance market. This has been occasioned by the increased rate of life-threatening illnesses such as heart attack, cancer and stroke. Canadians are therefore protecting their families and finances by purchasing critical illness insurance.
Critical illness insured conditions include; Alzheimer's disease, Aortic surgery, Meningitis, Coma, Aplastic Anaemia, Blindness, Deafness, Benign Brain Tumor, Heart attack (excluding elevated cardiac markers), Kidney failure, Coronary Artery Bypass, Heart Valve replacement, Loss of limbs, Occupational HIV infection, Loss of speech, Major organ transplant, Multiple sclerosis, Motor Neuron disease, Loss of independence existence, Stroke, Severe burns, Parkinson's disease, Paralysis and life threatening Cancer (Excluding Carcinoma in Situ, early prostate cancer diagnosed as T1a or T1b, malignant melanoma, to a depth of 0.75mm or less, any tumor in the presence of HIV, Basal cell carcinoma and squamous cell carcinoma of the skin that have not metastasized).
The moment a critical illness policy is in force, any individual's coverage against either of the above listed conditions starts immediately. The contract policy covers specific definitions regarding the covered ailment thus defining a criterion for proper diagnosis.
Exceptions at the start of the coverage period states that incase the life insured is diagnosed with or have had symptoms of cancer within the first 90 days, payment will not be made. However, coverage will remain on the life insured but the contract will not include any cancer coverage. It remains the responsibility of the life insured to notify the insurance company within 6 months failure to which the contact will be nullified.
After the diagnosis the life insured must satisfy a 30 days survival period. The survival period is very important in demonstrating the financial need once the life insured has been diagnosed with a serious illness.
Critical Illness Insurance Quotes
Critical illness insurance is a type of insurance designed to pay a tax free lump sum at the moment you are diagnosed with an illness considered as critical illness. Most insurance companies that offer critical illness insurance cover seven major diseases: cancer, stroke, kidney transplant, heart disease, paralysis, multiple sclerosis and artery bypass. Here are some factors that will help you while taking out a critical illness cover.
Critical illness insurance has gained a lot of popularity during the recent years. The reason behind is that most people found it effective. The effectiveness of critical illness insurance has brought competition over the insurance market. Most critical illness insurance companies have lowered their premium payment values. As a matter of fact, you should grab this opportunity to find the companies that offer the cheapest prices. Remember that not all the cheap deals are good.
Most people choose an insurance policy by the help of an agent. Sometimes the agent may tell you broadly about the premium payment values. It is only after inspecting your health history that the critical illness insurer will tell you an exact amount of premium payment. The premiums may rise or even fall depending on your health conditions. Therefore it is important that you disclose everything about your medical history to your critical illness insurers.
Moreover, if you fail to disclose facts about your medical history to your critical illness insurers, your claim could be rejected. Critical illness insurance regards this factor very closely. At the moment you make a claim, your insurers will make a research about your medical past. If they find something that you have not revealed to them, your claim could be turned down.
It is important that you read your critical illness insurance contract policy carefully before you sign. Some policies have a lot of exclusions. Here are some types of exclusions that appear on almost any critical illness insurance policy: aviation, drug abuse, self caused injury and HIV/AIDS among others. If you read the documentation attentively, you could be saved from getting into trouble with your critical illness insurance in the future.
You could either request a quote online or do so by visiting one critical illness insurance company after the other. You should be prepared to compare quotes so as to unlock the best deal. Keep in mind that most critical illness insurance companies offer options for you to choose how much cover you need or how much time you need the cover for. Most of the time critical illness insurance companies allow you to choose if you want a joint policy. A joint critical illness policy would pay you if either person insured happens to fall critically ill. Furthermore, you could decide if you want to include your critical illness cover with your life insurance.
The advantages of a critical illness payment are considerable. First of all the cash is tax free. Thus you could pay starting from your medical charges to completing your mortgage installments. Not to forget that you could also be freed from the many debts that you may have during days that you mostly need care.
Both Robert Ii Smith & Mike Armstrong are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Robert Ii Smith has sinced written about articles on various topics from Insurance, Financial Planning and Medicine. Robert Smith has spent more than 15 years working as a professor at New York University. He is interested in assisting students and people who need assistance in writing. Now he spends most of his time with his family and shares his Univesity experience i. Robert Ii Smith's top article generates over 60500 views. to your Favourites.
Mike Armstrong has sinced written about articles on various topics from Insurance, Finances and Insurance. For more information about and. Mike Armstrong's top article generates over 22200 views. to your Favourites.
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