Critical Illness
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Live comfortably knowing that your loved ones will be financially secure in the unfortunate event that you develop a serious life threatening condition.
What is Critical Illness Insurance?
Critical Illness Insurance provides you support in the unfortunate event that you develop a serious life-threatening condition. Critical Illness Insurance can help by partially substituting your income and the income of those who take time off work to care for you. It will provide a tax-free lump sum payout, as well as additional expenses that may arise due to your illness. Depending on your benefits, your policy may cover caregivers, medicine, medical equipment, and assistive home modifications.
Provincial and private health insurance plans do not provide adequate support in the event of developing a critical illness. Critical Illness Insurance is a relatively low-cost way to protect yourself from unfortunate circumstances.
Public health care plans are likely to eliminate the cost of diagnosis, while your Private Health Insurance will help with ambulance services, hospital stays, and minor medication costs. However, neither will provide the financial relief required due to loss of income. Critical Illness Insurance allows you to use your lump sum benefits to replace your income and take care of your recurring payments.
Similarly, Disability Insurance only partially replaces your income during the time you are unable to work due to a disability. Once you return to work or no longer qualify for coverage, your benefits will end. Critical Illness Insurance on the other hand, provides a guaranteed benefit payout when you file a claim containing a confirmed diagnosis from a licensed physician.
Once your diagnosis is confirmed by a licensed physician, a claim can be immediately filed to access your policy’s benefits.
How does Critical Illness Insurance work?
Your health insurance may cover you when you are injured or come down with an illness, but not when you come down with a potentially fatal condition. If you are diagnosed with a terminal illness, you may face high medical costs, surgeries, and more.
With critical illness insurance, you pay a monthly premium in order to maintain coverage. In the event that you come down with a critical condition, your insurance will then cover a portion of your medical costs. This may save you a ton of money compared to paying out of pocket.
What conditions does Critical Illness Insurance cover?
Critical Illness Insurance covers specific life-threatening ailments. Coverage varies between providers, but some common critical illnesses covered include:
- Cancer
- Stroke
- Heart attack
- HIV
- Coronary bypass
- Organ and bone marrow transplants
- Kidney failure
- Liver failure
- Lung disease
- Multiple sclerosis
- Blindness
- Deafness
- Loss of Speech
- Paralysis
How much does Critical Illness Insurance cost?
As with most other insurance products, your age and medical history will impact your premiums. Your desired coverage and length of your policy will also impact the cost. Young and healthy individuals can pay below $20 in monthly premiums, whereas a healthy middle-aged individual is likely to pay below $100 in their monthly premiums.
Health Insurance vs Critical Illness Insurance
If you experience an illness or injury, regular health insurance offers you coverage for common medical expenses like medicine, ambulance services, hospital stays, and minor surgeries.
Critical illness insurance, on the other hand, covers the more serious medical emergencies and associated expenses. Having critical illness insurance helps protect you from financial strain in the chance that you are diagnosed with a critical medical condition.
How much Critical Illness Insurance should I buy?
The amount of critical illness insurance you get should depend on what is or isn’t covered by your existing health insurance policy. We recommend buying coverage for the most common major medical conditions such as stroke, heart attack, and cancer.
The more conditions you want to be covered in your policy, the higher your monthly premium will be. Therefore, the right policy will be a combination of the coverage you want and the price you can afford.
Is Critical Illness Insurance worth it?
Signing up for insurance is always a bit of a gamble, as you are paying a monthly premium to prepare for a worst-case scenario. You may never need to use your insurance. However, in the case of a medical emergency, having insurance could save you thousands of dollars or more on medical costs. You’ll be happy that you have critical illness insurance if you are ever diagnosed with a life-threatening condition.
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How to Save Money on Critical Illness Insurance?
We want to help you save your money. The best way to save money on Critical Illness Insurance is to compare rates from multiple providers. This can be extremely time consuming. Luckily, Alliance Income Services Corp. does all the hard work for you! By simply requesting a quote online through our website, we check what rates you can get from every major Canadian insurer.
What is your age?
Your age bracket has a significant impact on your premiums. The younger you are, the more we suggest purchasing a policy. Avoid higher rates by purchasing Critical Illness Insurance before your next birthday.
Employer Coverage
Reduce your premiums by adjusting your plan to fill in the gaps of the coverage provided by your employer.
Smoker status
Cigarette smokers can pay up to 100% more for the same level of coverage as a non-smoker. To gain a considerable reduction on your premium payments, consider quitting smoking. It will save you money and benefit your health.
Bundle Your Coverage
Critical Illness Insurance is often purchased alongside Life Insurance or other coverages. Get your policies from the same provider for a discounted rate.
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