Critical illness insurance

Critical illness insurance in Canada is designed to provide a lump-sum payment if the policyholder is diagnosed with a covered serious illness. It offers financial protection by providing a tax-free lump sum upon diagnosis of a specific critical illness, offering a safety net during a challenging time.

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These plans cover various critical illnesses like cancer, heart attack, stroke, organ failure, and more, and the number of illnesses covered can vary among different policies. The benefit is paid out upon diagnosis, offering financial support regardless of whether the policyholder can work.

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​Critical illness insurance benefits can be used as needed, such as covering medical expenses, treatment costs not covered by government health plans, or even lifestyle adjustments during recovery. ​

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The coverage helps fill gaps left by health insurance by providing a lump sum that can be used flexibly based on the policyholder's needs.

 

​Critical illness insurance policies offer various types of coverage tailored to individual needs. First, there's the comprehensive plan, which covers a wide range of critical illnesses, providing a lump-sum payment upon diagnosis. Then, there are basic plans that cover major illnesses like cancer, heart attack, and stroke, offering a lump sum when diagnosed.

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​Some policies offer coverage for specific conditions such as cancer-only plans, focusing solely on cancer-related illnesses and providing financial support upon diagnosis. Additionally, there are plans designed for certain age groups, providing coverage tailored to the specific health concerns of individuals in those demographics. ​

 

Moreover, there are critical illness policies with return-of-premium features, where premiums are refunded if the policyholder doesn't make a claim. Finally, some policies offer partial payment for less severe conditions, providing a portion of the benefit amount based on the severity of the illness, ensuring some financial support for less critical diagnoses. ​

 

These plans provide financial security, allowing policyholders to focus on their recovery without the added stress of financial burdens. Critical illness insurance is essential to ensure financial stability during a critical health crisis.