What
is Critical Illness Insurance?
Author:
Ivon T. Hughes
Critical
Illness insurance (CI) is a relatively new coverage in Canada that guarantees
the payment
of a lump sum benefit between $50,000 to $2,000,000 if you are stricken
by a critical illness such as cancer or a heart attack. Critical illness
insurance provides the financial
resources to fill the gap that may be created between health insurance plans
and other expenditures you may have or help replace lost income. This
type
of support can help tremendously in maintaining your quality of life and
financial security during the recovery period and help you face your
new
challenges.
Government
health plans and group insurance benefits are limited to basic medical and
hospital care in Canada and Disability income coverage pays a monthly income
only if you can't work. For Critical Illness insurance, for example, if you
suffer a heart attack and are able to return to work, CI still pays.
The
maximum coverage amount available varies depending upon the insurance company
issuing the plan. Each company exactly defines the critical illnesses they
are covering in their policy contracts. Over 20 different illnesses may be
covered extending cancer, heart attack and stroke to organ transplants, deafness
and more.
You
must survive a critical illness for a fixed period of time to receive the
coverage amount, usually 30 days. In other words, if you suffered a heart
attack, you must live at least that long to receive this payment.
If
you suffer a critical illness, you do not receive the coverage amount as
a monthly benefit. Instead, payment is made in full, as a lump sum amount.
There are no conditions as to how you use the funds. The money unconditionally
belongs to you. You are the one who decides how it will be spent.
We
can help you secure your financial future by ensuring you have the money
to keep your home and lifestyle should you be stricken with a Critical Illnesses
covered under this plan. Contact us for more information or run your own
quote at our website.
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Ivon T. Hughes, The Hughes Trustco Group Ltd.
Online Insurance Broker - Get a FREE Quote TODAY!
Tel: (514) 842-9001 Email: [email protected]
Web: www.hughestrustco.com
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