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What is Critical Illness Insurance?
Critical illness insurance is a form of health insurance that pays a tax-free cash sum in the event you’re diagnosed with one of the conditions outlined in your policy. These conditions often include heart attack, stroke, and cancer – but can include many more debilitating illnesses. This money can be used for any purpose, but is often valued as a way to cover the lifestyle costs associated with recovering from illness and caring for loved ones as you care for yourself.
Benefits of Critical Illness Insurance
- Pays a benefit directly to you. You have full freedom to decide what your money is used for.
- Wide-range of payable conditions. Many plans cover over 20 conditions that encompass common illnesses.
- Can be bought alongside life insurance, providing greater protection in the event of a health crisis.
- Some plans offer additional benefits, such as the ability to reinstate coverage after a claim is made.
Who is Critical Illness Insurance best for?
- Younger professionals who need a way to protect their income if they become sick.
- New parents who would struggle to care for children if a sudden illness struck.
- For those who are concerned about financial independence, but where home or disability insurance wouldn’t be a good fit.
- People living in remote locations who would need to relocate if they needed long-term health care for illness.
At Easylifequotes, we offer a quick and easy way to compare Critical Illness insurance quotes from all of Canada’s top insurance providers such as BMO, RBC, and many more. Get started with your Free, No-Obligation quote and explore your options today!
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