Top 5 Things You Need to Know About Critical Illness Insurance

No one ever anticipates becoming critically ill. Yet, we all have at least one friend or family member that has passed away due to illness. For some, the risk of getting the same breast cancer as their mother is high. For others, they’re part of the 1.5 million people that suffer a heart attack each year. If the time comes and you’re diagnosed with a serious illness, you can make it less stressful for you and your family by having Critical Illness (CI) Insurance. Here’s how. 

  • It Covers Up to 24 Different Diseases

Critical Illness Insurance covers up to 24 different diseases, depending on the carrier. Most carriers include cancer, heart attack, stroke, etc. Unfortunately, the diseases covered are some of the most prevalent diseases affecting Canadians. We don’t want to believe it, but our chances of getting at least one of these illnesses are high. One CI Insurance policy covers many of the potential diseases you could be diagnosed with.   

  • It Allows Your Family to Support You

If your spouse becomes critically ill, would you want to spend each day away from them at work? Of course not. You would want to be at home taking care of them. CI Insurance allows you to do just that. It can replace the income of the sick spouse or even the income of the healthy spouse. With that money, you can continue to pay childcare fees, mortgage bills, etc. This is a massive benefit to families dealing with a critical illness. Having our loved ones nearby makes all the difference.

  • It Allows You to Consider Out-of-Country Treatment

In Canada, we’re lucky that our basic level of healthcare is paid for. However, there are many gaps in our care that are privatized and very expensive. And, some treatments aren’t even offered in Canada. Depending on your illness, you may want to try a treatment offered in another country. Your CI Insurance can pay for that trip and other costs. You are not limited to Canadian health services when there are potentially more effective ones elsewhere.

  • The Benefit is Paid to You in Full

What happens if you are diagnosed with a critical illness? Once you survive the 30-day waiting period, your policy will pay out the benefit amount. The benefit amount is decided when applying for the coverage. This is paid out in a lump sum payment and is TAX FREE, at which time you can decide how you want to spend the funds

  • If you don’t get sick you could get 100% of your premium back!

Some policies apply until a certain age and have an option called “return of premium”. If you don’t experience one of the included critical illnesses by a certain age, you are eligible to receive all your premium back. Depending on how you set up this option with your broker and insurance company, you will be able to cancel your policy at its “maturity date” and get 100% of your premiums back. Make sure you look at the various options because they vary quite a bit depending on the company that you apply with and not all critical illness policies offer this as an option. Critical Illness Insurance is a smart choice for all Canadians. For a free quote or to book a meeting with our highly trained brokers please click here or give MILIFE Insurance & Investments a call at 416-366-6767.