How Does Critical Illness Insurance Work?
Similar to all other insurance agreements, Critical Illness Insurance covers your losses in case of unfortunate incidents. Here, as the name suggests the loss against which you will be compensated is suffering a critical illness. As unpredictable life can be, insurances have not just saved us in many circumstances, but have also given us some better sleep at night.
Consider having an insurance against your demise and simultaneously having no cover against your illness. Critical Illness will ensure similar burdens on your family as per your demise, and might as well cost your medical expenses over it.
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Things You Need to Know About Critical Insurance:
Every Canadian resident, or an immigrant who has been residing in Canada for at least 12 months can apply for Critical Illness Insurance. The applicant must be above 18 years of age and must not have any current illness being treated for. The application can be very simply when submitted through an experienced broker with a wide range of network.
Around 30+ Critical Illnesses are covered by Critical Illness Insurance in Canada. These illnesses are categorized into mandatory and optional. Major Illnesses are covered in all Critical Illness policies, however the optional illnesses are for the applicant to decide upon.
Once you hold the policy, any critical illness will not affect your family financially. The survival period is after which you will receive the lump sum against your illness. In simple words, once you are affected by an illness, you will have to wait through the survival period at the end of which you can claim the benefit. This survival period is usually for 2-3 months from the date of diagnosis.
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