Critical illness insurance plans offer a lump sum payment to assist in defraying the costs of a critical illness. For instance, medical bills, travel costs, or even a family member’s lost wages since they may need to take time off work to care for a loved one. Although numerous ailments are covered by these insurance, cancer, heart attacks, and stroke are the most frequent ones.
In Canada, there are several insurance providers providing critical illness insurance, and they frequently provide many plans with different levels of coverage. The three primary types of plans most businesses offer differ mostly in the conditions they cover. Depending on the organization, the amount of insurance that can be acquired under each plan can range greatly, from as little as $5,000 to millions. Before acquiring any critical illness insurance policy, it is crucial to carefully research the terms and conditions to make sure that it fits your needs and budget.
Importance of critical illness insurance
Financial support:
As mentioned, critical illness can result in significant medical expenses and lost income. Critical illness insurance can provide a lump sum payment to help cover these costs and ensure that the individual and their family have the financial resources they need to focus on recovery.
Peace of mind:
Knowing that you have financial support during a critical illness can provide peace of mind and allow you to focus on your health and recovery. It is no secret that financial burdens can cause stress, leading to slower recovery.
Flexibility:
Critical illness insurance can provide flexibility in how the funds are used. The individual can use the funds to cover medical expenses, pay bills, or even take time off work to recover. There is no restriction on how the funds must be used, which means the insured will spend the funds as they see fit.
Supplement to other insurance:
Critical illness insurance can supplement other types of insurance, such as health insurance or disability insurance. It can provide additional financial support in the event of a critical illness. Critical illness can also be added as an option to life insurance policies. It is worth mentioning that some disability insurance policies cover both illness and injuries; therefore, before obtaining CI insurance, review your disability insurance policy benefits and only purchase the amount you need.
Customization:
Many critical illness insurance policies allow individuals to customize their coverage to fit their specific needs and budget. Depending on the insurance company, the insured can obtain coverage for different illnesses. It is crucial to consider your family health history when choosing the illness coverage for your insurance policy.
Portability:
Critical illness insurance is portable, meaning it can be taken with you if you change jobs or move to a new location. Individual plans and stand-alone plans for illness provide the most flexibility. For example, if you have critical illness insurance coverage as a rider to your life insurance policy, the chances are you have less coverage amount and illnesses. It also may restrict your ability to cancel life insurance and keep the critical illness insurance intact.
Early detection:
Some critical illness insurance policies provide coverage for specific diagnostic tests or screenings, which can help detect a critical illness early. This may not be a very popular feature in Canada; however, it is still a positive step towards a healthy life.
Support for family members:
In the event of a critical illness, family members may need to take time off work or provide care for the individual. Critical illness insurance can provide financial support for these additional expenses. This is a great benefit to lift the financial burden off your family members and have them by your side while recovering.
Stress reduction:
Dealing with a critical illness can be a stressful and overwhelming experience. Having the financial support provided by critical illness insurance can help reduce some of this stress and allow the individual and their family to focus on recovery.
Improved health outcomes:
By providing financial support for medical treatment and recovery, critical illness insurance can improve health outcomes for individuals diagnosed with a critical illness.
Who needs critical illness insurance?
Critical illness can indeed be a difficult and stressful experience. The financial support provided by critical illness insurance can alleviate some of that stress and allow individuals and their families to focus on recovery. It is also important to note that critical illness insurance can provide coverage for a range of illnesses, not just cancer, heart attack, and stroke. Some policies may also cover conditions such as Alzheimer’s disease, multiple sclerosis, and organ transplant.
It is worth considering critical illness insurance as part of a comprehensive financial plan, especially for those who may be at higher risk for certain critical illnesses or who may not have sufficient savings to cover unexpected medical expenses. Reviewing your critical illness insurance policy regularly is also a good idea to ensure it still meets your needs and budget.
While no one likes to think about the possibility of facing a critical illness, it is essential to be prepared in case it does happen. Critical illness insurance can provide much-needed financial support and peace of mind during a difficult time and help you focus on your recovery.
How much protection is required?
It can be difficult to determine how much critical illness insurance a person needs because it varies on a number of variables, including their age, health, income, and financial obligations. When assessing how much critical sickness insurance a person may require, the following elements should be taken into account:
- The individual’s present financial condition, including their income, savings, and debts, must be taken into account. This will assist in estimating how much financial assistance would be required during a serious illness.
- Medical costs: Hospitalization, therapies, and drugs can all result in considerable medical costs in cases of critical sickness. It is crucial to think about how much these costs will cost and how they might be paid for in the event of a serious sickness.
- Lost income: A critical illness can result in lost income due to the inability to work. It is important to consider the individual’s income and how long they may be unable to work in the event of a critical illness.
- Financial responsibilities: It is essential to consider the individual’s financial obligations, such as supporting a family or paying for a mortgage or other debts. These responsibilities need to be maintained during a critical illness.
- Type of coverage: The amount of critical illness insurance needed may also depend on the type of coverage selected. Some policies provide a lump sum payment, while others may give ongoing costs or coverage for specific expenses.
Using a critical illness insurance calculator, like our own GetCovered tool, is one way to figure out how much critical sickness insurance a person would require. Our app allows users to input their unique data, like their age, income, and medical bills, to estimate how much coverage is required.
The person’s overall financial strategy must also be taken into account when deciding the amount of critical illness insurance required. Other forms of insurance, such as health or disability insurance, as well as savings and investments, may fall under this category.
Top Critical illness insurance providers in Canada
In order to shield themselves and their families from the financial burden of a critical illness, several Canadian insurance companies provide critical illness insurance. A list of some of the major Canadian insurance providers of critical illness insurance is provided below, along with a brief description of the many forms of protection each one provides:
Industrial Alliance:
IA Financial is one of Canada’s largest wealth management and insurance companies that offers a wide range of critical illness products. IA critical illness insurance offers policy features such as return-of-premiums and other traditional benefits. IA critical illness products have some of the best rates across the board.
SSQ insurance (Now Beneva):
SSQ Insurance, founded in 1944, is among the largest companies in the industry and offers a range of critical illness insurance products with competitive rates.
RBC Insurance:
RBC Insurance offers critical illness insurance that covers a range of illnesses, including cancer, heart attack, stroke, and organ transplant. Policyholders can choose from different levels of coverage and can add optional riders for additional protection.
BMO insurance:
BMO life assurance company offers a variety of life, health, investment and living benefits products. BMO Insurance’s parent company is BMO Financial Group, one of the most recognized names in the financial industry. They do not have various critical illness insurance products like other insurance companies; however, their policy rates are competitive.
Foresters Life:
One of the oldest insurance companies in Canada with a great reputation. Foresters life offers critical illness insurance products with competitive rates, and a wide range of illnesses are covered under its products.
Manulife:
Manulife is a leading insurance company in Canada that offers a range of critical illness insurance options, including coverage for cancer, heart attack, stroke, and organ transplant, among other illnesses. Policyholders can choose from different levels of coverage and can add optional riders for additional protection.
Sun Life:
In addition to cancer, heart attacks, strokes, and organ transplants, Sun Life also offers critical illness insurance that covers a variety of other ailments. Different levels of coverage are available, and optional riders can be added for more security.
Great-West Life:
The critical illness insurance provided by Great-West Life covers a range of conditions, including cancer, heart disease, stroke, and organ transplant. Different levels of coverage are available, and optional riders can be added for more security.
Desjardins:
Desjardins offers critical illness insurance that covers a range of illnesses, including cancer, heart attack, stroke, and organ transplant. Policyholders can choose from different levels of coverage and can add optional riders for additional protection.
Alberta Blue Cross:
Alberta Blue Cross offers critical illness insurance that covers a range of illnesses, including cancer, heart attack, stroke, and organ transplant. Policyholders can choose from different levels of coverage and can add optional riders for additional protection.
Group Health Cooperative:
Group Health Cooperative offers critical illness insurance that covers a range of illnesses, including cancer, heart attack, stroke, and organ transplant. Policyholders can choose from different levels of coverage and can add optional riders for additional protection.
Ontario Blue Cross:
Ontario Blue Cross offers critical illness insurance that covers a range of illnesses, including cancer, heart attack, stroke, and organ transplant. Policyholders can choose from different levels of coverage and can add optional riders for additional protection.
Medavie Blue Cross:
Medavie Blue Cross offers critical illness insurance that covers a range of illnesses, including cancer, heart attack, stroke, and organ transplant. Policyholders can choose from different levels of coverage and can add optional riders for additional protection.
Insurance Bureau of Canada:
The Insurance Bureau of Canada (IBC) is a national industry association representing many insurance companies offering critical illness insurance in Canada. Policyholders can choose from a variety of coverage options and can add optional riders for additional protection.
Overall, many Canadian insurance companies offer critical illness insurance as a way for individuals to protect themselves and their families against the financial burden of a critical illness. Policyholders can choose from a variety of coverage options and can add optional riders for additional protection. It is important to carefully review the terms and conditions of any critical illness insurance policy before purchasing to ensure that it meets your needs and budget.
What is the process of obtaining coverage?
CI insurance is purchased based on an individual’s health, income, and family medical history, just like any other insurance policy. The level of coverage for which a person is eligible is determined in part by these variables.
We at AplusWealth work hard to make the process of buying critical illness insurance as simple and stress-free as we can. Filling out an information form is all that is required. Following that, we will evaluate your insurance requirements and present you with a range of solutions from several insurance providers.
We’ll work with you to evaluate the costs and benefits of these choices and provide a recommendation based on your requirements. Once you’ve made a choice, we’ll help you with the application process and make sure you comprehend all of the advantages of your insurance. We will assist you in maintaining and modifying your policy as necessary.
Purchasing the right critical illness insurance policy!
An expert advisor is the best person to help secure your family’s financial future and guide you to the best CI insurance policy. A financial advisor or insurance agent will assess your financial needs, consider your existing health conditions and review your family health history to offer you the best CI insurance policy. They will find a way to cover all your CI insurance needs within your budget.
The CI process has remained mostly online since the covid-19 pandemic. Thanks to our expert advisers, who are comfortable with the online CI insurance platforms, you can take advantage of their expert opinion on your CI insurance options by considering your age, health, liabilities, and goals. At Apluswealth, you can get a quote online, compare quotes, and find the life insurance quote you feel comfortable with. Thanks to our one-of-a-kind virtual critical illness insurance advisor, you can benefit from an unbiased, smart and experienced virtual advisor in the comfort of your home. As always, with AplusWealth, you can connect with our Critical illness insurance advisors, who will provide quotations and the most suitable policy types.
Contact our expert advisers today to find the best critical illness insurance.
Email: Contact@apluswealth.com
Tel: 1-888-461-6120