Critical Illness Insurance

How does Critical Illness Insurance differ from Medical Insurance?

Critical illness insurance, available in Brampton, Etobicoke & Complete GTA provides a lump sum amount if you come across any illness which is covered by the insurance. The lump sum will be received as a cash payment and not as a reimbursement of the costs. Thus it is up to you how you want to spend the money. You can use the Critical Illness Insurance money, available in GTA, to pay for private nursing, any medical equipment or even to pay off your mortgage.Under Critical Illness Insurance Policy, there is a condition, under which you must survive a number of pre-decided days in order to avail the benefit. In simple words, according to a policy, you may have to survive 60 days after your disease has been diagnosed in order to claim the lump sum. It is known as the minimum survival period.You can consider new medical treatments and medications not covered by private or government health insurance plan.A few illnesses that are covered by Critical Illness Insurance -Heart-attack -Stroke -Paralysis -Cancer -Kidney Failure -Coma -Loss of speech, limbs or sight -Major organ transplant- heart, liver, pancreas.

What Critical Illness Insurance covers?

-The coverage you choose will determine the amount of lump sum you receive. -You will be paid after the minimum survival period hence the diagnosis of the critical illness. -The lump sum can be used to reduce other financial concerns while you survive your illness, hence replacing any reduced income. -Also, you can opt for a return of premium in case you don't experience a covered critical illness during your lifetime. Thus, we provide a lump sum to your family after your death. -The longer the minimum survival period you choose the lesser your premium would be.Other optional coverages you can opt for are: -On every second policy anniversary, your benefit amount increases by 20% of the original amount, for 10 years. -After you have been disabled for 90 consecutive days, RBC Insurance will pay the premiums that come due while you are disabled. They would also refund the premiums paid during those first 90 days. -If you die while the policy is in force, we will refund all of the premiums you have paid.