Every day Canadian’s are becoming more aware and familiar with critical illness plans. Critical illness insurance is a living benefit. You would typically receive a lump sum cash payment if you’re diagnosed with a covered illness. These policies can be created using a term or permanent structure.
A critical illness diagnosis can be very expensive and devastating to a family. The experience can result in a reduced income and increasing medical expenses. Even the medical plan from your workplace can be capped with limited coverage. And with a critical illness diagnosis, your disability benefit may not always pay.
Thankfully, with research and technological advancements, people are living longer and surviving critical illnesses. And now there’s an incredible solution to cover this risk.
Common illnesses that may be covered in a critical illness plan are: Cancer, Heart attack, Stroke, Acquired brain injury, Alzheimer’s disease, Aortic surgery, Aplastic anemia, Bacterial meningitis, Benign brain tumor, Blindness, Coma, Coronary artery bypass surgery, Deafness, Heart valve replacement, Kidney failure, Loss of limbs, Loss of speech, Major organ transplant, Major organ failure on waiting list, Motor neuron disease, Multiple sclerosis, Occupational HIV infection, Parkinson’s disease, Paralysis, Sever burns.