If you suffered from a critical illness, the recovery process can be long and impact your financial sustainability. Critical illness insurance is designed to help you in such situations and ensure your financial retirement plan remains intact.
The top three causes of death in Canada as per Statistics Canada are Cancer, Heart Disease and Stroke. Critical illness insurance will cover all these and more, giving you a worry-free health recovery while managing your finances during your illness times. This coverage will allow your spouse to be at your side while you recover.
Illnesses can occur at any age; purchase Critical Insurance now while you have your health and remains at a lower cost. The longer you delay, the less coverage you can put in place and it can limit your financial plan.
Critical Illness insurance pays a lump sum coverage amount, whereas Disability Insurance pays you monthly benefit to cover your monthly expenses.
The payment from the Critical illness insurance can be made after 30 days of survival, whereas the monthly disability benefit can take anywhere from immediately to 120 days to initiate payments to you.
Critical Illness insurance can be bought by anyone, whereas Disability Insurance is usually for employed people to have coverage for their income supplement. This coverage will allow your financial retirement plan to remain in place and maintain your standard of living even when you cannot provide your daily income.
We encourage you to ask us detailed questions regarding critical insurance.
