What is Critical Illness Insurance?
With the rise in unknown and unidentified illnesses, it is becoming increasingly important for people to get themselves insured with suitable critical illness insurance policies. If you also are considering Calgary critical illness insurance, then you are at the right spot, as here you will find fundamental information on this insurance.
- What is Critical Illness Insurance?
Critical illness insurance is a type of insurance policy that provides financial support to individuals who are diagnosed with a serious illness, such as cancer, heart attack, stroke, or kidney failure. It is designed in such a way that it covers the costs associated with the treatment of such illnesses, including medical bills, hospitalisation expenses, and other related costs.
With this illness insurance policy, the policyholder receives a lump-sum payment, if they are diagnosed with a covered illness. The payment can be used to cover medical expenses, as well as non-medical expenses, such as lost income, childcare, or home modifications to accommodate the illness.
Also Read: What Exactly to Consider While Buying Critical Illness Insurance
- What are the different types of illnesses that are covered under the Critical Illness Insurance Policy?
The types of illnesses that this insurance policy varies from company to company but here is a list of a few diseases that are commonly covered under this policy.
- Cancer
- Heart Attack
- Stroke
- Blindness
- Alzheimer’s
- Organ Transplants
- Kidney Failure
- Paralysis and so on.
- How does Critical Illness Insurance actually work?
The policy works in such a way that the companies require a medical exam to provide premiums to the insurance seekers. This makes it easy for the insurance companies to provide suitable insurance to the buyers. The insurance provider after getting the medical exam, lets the insurance seeker know about which policies they are qualified for.
More than this, it becomes easy to get affordable premiums if the insurance seeker is suffering from a pre-existing medical situation. This is because as per the law, the company offers them flexible options that make them choose wisely to get affordable premiums.
However, if the insured person passes away during the survival period, at that time also the beneficiary would receive a lump-sum payment as per Return of Premium upon Death (ROPD).
- How much coverage does the insurance seeker need?
The coverage mainly depends upon the expenses and financial commitment of the insurance seeker. As the person is unable to work during their illness and would have serious problems. So, while deciding they need to think about all the basic necessities as this financial stability can be a huge relief for them during their particularly difficult time.
- Is it Worth buying critical illness insurance?
The illness insurance is worth buying for those that are surviving through the major diseases during their lifetime. This is important because this provides them protection from handling all their medical to family management expenses.
More than this, all might need to find other ways to replace their income, if they experience a serious sickness that prevents them from working, in order to cover their living expenses and other financial obligations. So, to protect these mentioned in an accurate way people should keep themselves insured with Calgary critical illness insurance.
Summary
Through the above information, you will get to know why it is important to have a critical illness insurance policy. So, get in touch with Harpinder Sidhu Insurance Expert, and get the right insurance policy that meets all your needs.
