Critical Illness Insurance
Critical illness insurance is a specialized financial product designed to provide a lump-sum payment upon the diagnosis of a serious illness. This benefit can be utilized to cover medical expenses, replace lost income, or manage other financial obligations during a challenging health crisis.
What Is Critical Illness Insurance?
Critical illness insurance offers a one-time, tax-free lump-sum payment if you’re diagnosed with a serious health condition. This payment can help cover costs not covered by provincial healthcare. The specific illnesses covered vary by policy but often include conditions like cancer, heart attack, stroke, and coronary artery bypass surgery. Many policies cover 25 illnesses.
How Does It Work?
Upon diagnosis of a covered critical illness, the policyholder receives a lump-sum payment. This payment can be used at the policyholder’s discretion, including:
- Paying for medical treatments not covered by traditional health insurance.
- Covering daily living expenses during recovery.
- Paying for transportation to and from treatment centers.
- Funding necessary home modifications or hiring assistance. To cover Mortgage payments, Utility bills, Groceries, & other Household expenses.