Coverage can also vary according to the degree of severity of or conditions associated with an illness or disease. For example, if one is diagnosed with a type of cancer that is treatable and that results in minimal “down time” you may not be eligible to make a claim.

Coverage cannot be purchased for a pre-existing condition or illness. It is important to understand and pay careful attention and ask a complete explanation of the desired coverage.

In determining your need for critical illness insurance, you should consider benefits that may already be available to you through other insurance policies, such as life insurance and group health insurance. For example, the benefits offered through your employer’s group disability plan may or may not provide appropriate and adequate coverage in the event of a critical illness. It is in your best interest to call me at 647-407-5731 and I will help you understand your existing coverage and weather you need any additional coverage. This is a free call and I will be happy to help.

You should also consider your personal circumstances and the added financial strain that could be brought about by dealing with a serious illness or disease. Public and private health insurance plans typically do not provide coverage for day-to-day living expenses such as travel to and from treatments, home care and child care.

What will it cost me to get a critical insurance policy or also known as an income replacement policy? Generally, the younger and healthier you are, the lower the premium (cost). However, the cost varies depending on your age, medical condition, the amount of coverage, the number of illnesses covered by the policy, and the insurance company. When planning for a critical illness plan, you should consider your income, financial obligations, dependents, and health care needs.

Making a claim is relatively easy. You can make a claim if a physician, licensed to practice medicine in Canada and specializing in your illness, diagnoses you with a critical illness or disease covered by your policy. Generally, a lump-sum benefit payment will be made to you 30 days after the claim has been approved. There are no restrictions on how you use the money.

Once your claim is paid, your critical illness insurance policy ceases.

What if I never make a claim? If you die for a reason not covered by the critical illness policy, the premiums you paid may be refunded to your named beneficiary. Some plans will return the premium or a portion of the premiums paid during the life of the policy if the policy matures and no claim has been paid.

If you make a full recovery, you are entitled to collect the entire benefit even if you make a full recovery.

As a licensed insurance broker, I can help you find critical illness insurance and other types of health insurance coverage. Your call is an important call to me and I will help plan your goal. Please text or call me at 647-407-5731 or email me at anita@www.test.atlinksinsurance.com