Why people should purchase Critical Illness Insurance when they start a family
You’ve just welcomed a new baby into your family! Congratulations! Along with all of the joy and love that comes with being a parent, you now have a whole new set of responsibilities. One of those responsibilities is making sure that your child is protected in case of an unforeseen event, like an illness or accident. That’s where critical illness insurance comes in.
Critical Illness Insurance in Canada: Why you need it
If you’re like most people, you probably think that health insurance is enough to protect you financially if you get sick. After all, doesn’t health insurance cover a hospital stay and doctors’ visits? While this is true, there are actually many things that health insurance doesn’t cover. For example, did you know that health insurance won’t pay for you to take time off work to recover from an illness? This is where critical illness insurance comes in.
Critical illness insurance is a type of insurance that provides a tax-free lump sum payment if you’re diagnosed with a covered critical illness. This money can be used to help pay for things like mortgage payments, childcare costs, or even just everyday living expenses. It can also be used to help pay for things like alternative treatments not covered by your health insurance.
What does Critical Illness Insurance cover?
Critical illness insurance covers a wide range of illnesses, including cancer, heart disease, stroke, and Alzheimer’s disease. Some policies will also cover other conditions like paralysis, kidney failure, and major organ transplants. It’s important to note that each policy is different and will have its own list of covered illnesses.
Tim’s Tips: It’s important to check exclusions when purchasing Critical Illness Insurance. Make sure you understand all of the conditions where you cannot be paid out a claim. These can be illnesses or situations – just make sure you understand before you buy.
How much does Critical Illness Insurance Cost?
The cost of critical illness insurance will vary depending on a number of factors, including your age, gender, lifestyle, and medical history. However, it’s generally quite affordable, especially when you compare it to the cost of not having any coverage at all.
Is there a waiting period for Critical Illness Insurance?
Yes, most policies will have a waiting period of 30-90 days before they come into effect. This waiting period exists to prevent people from signing up for critical illness insurance after they’ve already been diagnosed with an illness.
Tim’s Tips: Look for maximum coverage. Expenses, treatment, medication are all important, but also consider child-care, ambulances, second-opinions, etc. Make sure that your coverage will be enough if something does happen. This could mean breaking down your expenses at home, and aligning them with the best coverage for you and your loved ones.
No one likes to think about what would happen if they got sick, but it’s important to be prepared for anything life throws your way. That’s where critical illness insurance comes in. Critical illness insurance is a type of insurance that provides a tax-free lump sum payment if you’re diagnosed with a covered critical illness. This money can be used to help pay for things like mortgage payments, childcare costs, or even just everyday living expenses.
When you’re starting a family, make sure you can keep them protected no matter what. If you’re looking for an extra layer of protection, contact us today.