Critical illness insurance
What is critical illness insurance?
Critical illness insurance(CII) is coverage that can help Canadians or those living in Canada pay the additional costs associated with life-altering illnesses like cancer, stroke, heart attack and dementia.
Why do I need critical illness insurance?
If you’re diagnosed with a covered illness, your critical illness insurance policy can help you pay for expenses that your provincial or territorial health plan doesn’t cover.
Many Canadians assume that their government health plan or workplace benefits plan will cover many of the medical costs associated with a life-altering illness. But these plans might not cover all the extra costs that come with managing a critical illness, like home-care costs, travel and/or accommodation, lost work wages, childcare costs, gas and meals. Over time, these expenses can add up.
With CII, you can receive a lump-sum payment that you can use however you need so that you can focus on your recovery.
How does critical illness insurance pay out?
Let’s say you’re diagnosed with an illness covered by your policy and you meet all of the policy requirements (such as survival period). In such cases, you’ll receive a lump-sum payment once your claim is approved .
You can then use this money however you want and for any reason. For example, this can cover out-of-pocket expenses that may not be covered by your provincial or territorial health insurance, such as certain prescription drugs, mortgage, rent, short- or long-term care, etc.
What does critical illness insurance cover?
It depends on the product you buy. Some policies will cover more critical illnesses than others.
How much critical illness insurance do you need?
The amount of coverage you need depends on your personal situation. Find out how much a critical illness may cost you and how much coverage you may need to financially protect yourself.
Feeling overwhelmed? At Investamp, we have the tools and strategies to prepare you for the worst, turning uncertainty into serenity. We are here for you.
Our team is by your side at every step, to help you reach your financial goals and support you through the unexpected.
Proactive financial planning in the face of serious illnesses like dementia can make all the difference.
