Nobody plans to fall sick, but what do you do if you fall? Are you worried about the financial impact on your family for any untimely incident life may bring to you?
Illness can occur at any age and time and can leave a devastating impact on both your quality of life and your financial stability.
Critical Illness Insurance is your shield for all the financial fallbacks in your ailing times. It is a type of health insurance that enables you to receive a lump-sum payment in case if you get critically ill. This benefit can act as your earning while you recover from your illness and aid in covering any travel or healthcare expenditures, thus freeing you from any financial distress while you deal with your medical emergency.
Illnesses Covered under Critical Illness Insurance
- 25 full-payout illnesses
- 5 childhood illnesses
- 8 partial-payout illnesses
- In Canada, the Critical Illness Insurance covers a full benefit payout of 25 critical illnesses for adults and 5 child critical illnesses. In addition, there 8 more illnesses that are eligible for a partial payout.
- The basic individual plan for critical illness insurance comprises 25 covered conditions that are eligible for a full-benefit payout.
- Alzheimer's Disease, Aortic Surgery, Aplastic Anemia, Bacterial Meningitis, Benign Brain Tumor , Blindness , Cancer (Life-Threatening) , Coma , Coronary Artery Bypass Surgery , Deafness , Heart Attack , Heart Valve Replacement , Kidney Failure , Loss of Independent Existence , Loss of Limbs , Loss of Speech , Major Organ Failure on Waiting List , Major Organ Transplant , Motor Neuron Disease , Multiple Sclerosis , Occupational HIV , Paralysis , Parkinson's Disease , Severe Burns , Stroke.
In addition to the above, Critical Illness Insurance also includes 5 childhood illnesses that are eligible for a full-benefit payout. Coverage for these conditions expires once the child reaches the age of 24.
- Cerebral palsy
- Congenital heart disease
- Cystic fibrosis
- Muscular dystrophy
- Type 1 diabetes mellites.
There are 8 critical conditions eligible for a partial payout covered under Critical Illness Insurance. The treatment for these illnesses is less severe in comparison to others, yet very effective.
The illnesses covered under partial payout are eligible for a benefit payment up to 15% of the CII coverage or a maximum of $50,000. Each illness can be claimed once to a maximum of 4 illnesses.
- Cancer â chronic lymphocytic leukemia (CLL) Rai stage 0
- Cancer â ductal carcinoma in situ of the breast
- Cancer â gastrointestinal stromal tumors classified as AJCC Stage 1
- Cancer â grade 1 neuroendocrine tumors (carcinoid)
- Cancer â papillary or follicular thyroid cancer stage T1
- Cancer â stage 1A malignant melanoma
- Cancer â stage A (T1a or T1b) prostate cancer
- Coronary angioplasty
Benefits & Importance of Having a Critical Illness Insurance
In todayâs fast-paced scenario, nobody is immune from the mentioned severe illnesses. In addition, while suffering from a major illness, you may require longer time off from work, or in certain cases, you may even be required to resign from your position. Your spouse may also not be able to work since he/she needs to take care of you.
Not all health conditions are covered under the Ontario Health Insurance Plan (OHIP). Critical Illness Insurance provides necessary financial protection from a few defined illnesses, allowing you to focus on treating and managing your health without worrying about the impact the loss of income would have on your lifestyle, your familyâs well-being, and the need for any required alternate treatment.
Below mentioned are a few aspects you can benefit from with Critical Illness Insurance:
- The money received from a Critical Illness Plan is a tax-free living benefit.
- The coverage amount received from Critical Illness Insurance involves no restriction on its usage and can thus aid in covering up for any financial burdens.
- The insurance can be personalized as per an individualâs specific needs and can enable you to seek the best-suited treatment or accommodations you require without jeopardizing your family's financial security.
- There are options available for the coverage of your spouse and dependent child.
- The insurance coverage also aids in providing financial support in case there is need for professional medical help at home.
- Most products of critical illness insurance comprise of a free medical second opinion service.
The critical illness insurance plan is available to use till the age of 75. If nothing happens before that, your critical illness insurance matures for its Money Back Plan,
which comprises of 2 components or scenarios:Â Â
- ROPD â Return of Premium on Maturity
- ROPM â Return of Premium on DeathÂ
Here, the premium amount is completely returned to you or your family on either death or maturity of your plan. It is just a forced saving that involves nothing to lose.