Critical Illness Insurance

Insurance to Cover life-threatening diseases

Critical illness insurance

Critical Illness Insurance – Insurance to provide you financially with coverage when diagnosed with life-threatening illnesses.

When you hear about someone losing everything they own due to a serious illness, it’s usually caused by one of the 25 most frequent and serious illnesses. If one of these diseases is contracted, extensive hospitalization and/or medical treatment may be necessary. In the end, they pose a threat to life and require substantial medical resources.

The costs for these resources can add up quickly. You could be liable for thousands of dollars in medical costs that may increase drastically every day. This could be devastating to you and your family. It can wipe out your savings, retirement funds, force you to sell your prized possessions, and put you in debt for years to come.

What’s the solution?

Critical Illness Insurance gives you a big lump sum tax free benefit in the event you are diagnosed with one of the life-threatening illnesses mentioned in your plan. Not only that, the Critical Illness Insurance will also provide your family and loved ones with financial security to continue pursuing their dreams.

This helps you pay for medical expenses while you are recovering and unable to work. This also protects you from the unfortunate outcome that most often forces individuals and families to declare bankruptcy. Mounting medical costs and loss of work won’t be a huge challenge as long as you have bought the right Critical Illness Insurance in Canada recommended by einsured.ca with the possibility of living the same lifestyle when diagnosed with a covered critical illness.

The Key Features of Critical Illness Insurance:

If you wish, you may use the received benefit to take care of other financial liabilities other than paying for the medical illness costs. That money is yours to use!

Our insurance experts will help you choose the best Critical Illness Insurance plan suited to your needs and within your budget.

Significance of critical illness insurance for all age groups

Critical illness insurance is crucial for individuals of all age groups in Canada for several reasons. This type of insurance provides financial protection in the event of a serious illness, offering a lump-sum payment upon the diagnosis of a covered condition.

Here are key reasons why critical illness insurance is essential for individuals of all ages:

Financial Security During Recovery:

A critical illness can lead to substantial medical expenses, and recovery may involve additional costs such as rehabilitation, medications, and modifications to living arrangements. Critical illness insurance provides a lump-sum payment that can be used to cover these expenses and maintain financial stability during the recovery period.

Income Replacement:

For working individuals, a critical illness may result in a temporary or permanent inability to work. The lump-sum payment from critical illness insurance can serve as a source of income replacement, helping to cover daily living expenses, mortgage or rent payments, and other financial obligations.

Coverage for Non-Medical Expenses:

Critical illness insurance funds are not restricted to medical expenses. Individuals can use the lump-sum payment to address non-medical costs, such as childcare, transportation, or modifications to accommodate the illness-related changes in daily life.

Coverage Gaps in Provincial Health Plans:

While Canada’s healthcare system provides coverage for medical treatments, there are often gaps that individuals need to address, such as experimental treatments, travel for specialized care, or alternative therapies. Critical illness insurance bridges these gaps, ensuring individuals can access the best available treatments without financial constraints.

Support for Dependents:

Critical illness insurance provides financial support for dependents, ensuring that they can maintain their standard of living even if the primary breadwinner is unable to work due to a serious illness. This is particularly crucial for families with children or other dependents.

Debt Repayment:

The lump-sum payment from critical illness insurance can be used to repay outstanding debts, such as mortgages, loans, or credit card balances. This helps prevent the accumulation of debt during a period of illness and allows individuals to focus on recovery without financial stress.

Peace of Mind at Every Life Stage:

Critical illness can strike at any age. Having insurance coverage provides peace of mind for individuals and their families, knowing that they are protected financially in the face of a serious health diagnosis. It allows individuals to focus on recovery rather than worrying about the financial implications of a critical illness.

Affordable Premiums at Younger Ages:

Premiums for critical illness insurance are often more affordable when purchased at a younger age and in good health. Starting coverage early ensures individuals lock in lower premiums and have comprehensive protection against potential critical illnesses that may arise later in life.

Protection Against Increasing Incidence of Critical Illnesses:

The incidence of critical illnesses, such as cancer, heart disease, and stroke, is on the rise. Critical illness insurance addresses the evolving health landscape and provides a financial safety net in the face of these prevalent and impactful conditions.

Flexibility and Choice:

Critical illness insurance offers flexibility, allowing individuals to choose the coverage amount and duration that best suits their needs. This customization ensures that the policy aligns with individual financial goals and circumstances.

In summary, critical illness insurance is crucial for individuals of all age groups in Canada because it provides a financial safety net during a challenging period of serious illness. It ensures that individuals can focus on recovery without the added burden of financial stress, making it an integral component of a comprehensive financial plan for individuals and families.

Critical illness insurance covers 25 or more serious illnesses

The specific critical illnesses covered by critical illness insurance can vary among insurance providers, and policies may differ in terms of the number and types of illnesses covered.

However, there are common critical illnesses that are typically included in many critical illness insurance policies in Canada. Here is a general list of 25 critical illnesses that are often covered:

Cancer: Life-threatening cancer diagnosed by a qualified physician.
Heart Attack: Myocardial infarction resulting in the death of heart muscle tissue.
Stroke: Cerebrovascular incident causing infarction of brain tissue.
Coronary Artery Bypass Surgery: Undergoing surgery to correct narrowing or blockage of coronary arteries.
Aorta Surgery: Surgical replacement or repair of aorta due to disease or trauma.
Kidney Failure: End-stage renal disease requiring regular dialysis or kidney transplant.
Major Organ Transplant: Transplant of a vital organ, such as heart, lung, liver, pancreas, or bone marrow.
Paralysis: Total and irreversible loss of use of two or more limbs.
Multiple Sclerosis: Definitive diagnosis of multiple sclerosis causing specific neurological deficits.
Alzheimer's Disease: Irreversible deterioration of mental faculties due to Alzheimer's disease.
Parkinson's Disease: Parkinson's disease diagnosed by a neurologist.
Loss of Speech: Total and irreversible loss of speech as a result of illness or injury.
Deafness: Total and irreversible loss of hearing in both ears.
Blindness: Total and irreversible loss of sight in both eyes.
Severe Burns: Burns covering a specified percentage of the body's surface area.
Benign Brain Tumor: Presence of a non-malignant tumor in the brain requiring surgical intervention.
Coma: Medically induced or naturally occurring state of unconsciousness.
Loss of Limbs: Total and irreversible loss of use of two or more limbs.
Motor Neuron Disease: Diagnosis of a specified motor neuron disease.
Bacterial Meningitis: Diagnosis of bacterial meningitis with specific symptoms.
Heart Valve Replacement or Repair: Undergoing surgery to replace or repair heart valves.
Major Organ Failure on Waiting List: Being on a waiting list for an eligible organ transplant.
Loss of Independent Existence: Total and irreversible loss of ability to perform activities of daily living.
Occupational HIV Infection: Acquiring HIV through an accident at work.
Loss of Limb Function: Total and irreversible loss of use of one limb.

It’s important to note that policy terms, conditions, and definitions can vary, and individuals should carefully review their specific policy to understand the coverage provided.

Additionally, the above list is illustrative, and actual coverage may vary based on the insurance company and policy details. Consult with one of our licensed advisors to get your quote.

Case Study: John's Journey Without Critical Illness Insurance

Meet John, a 45-year-old professional who, like many others, believed he was invincible when it came to health challenges.

Unfortunately, life had a different plan for him. This case study explores John’s journey after being diagnosed with cancer in the absence of critical illness insurance.

Background:

John was a successful marketing executive, leading a busy life filled with work commitments, family responsibilities, and personal pursuits. Despite being health-conscious and active, he had never considered the need for critical illness insurance.

Diagnosis:

In a routine check-up, John’s doctor discovered abnormalities that led to further investigations. To his shock, John was diagnosed with stage II colorectal cancer. The news was overwhelming for him and his family, as they faced not only the emotional and physical challenges but also the financial implications of extensive medical treatments.

Financial Impact:

Medical Expenses:

Without critical illness insurance, John had to rely solely on his existing health coverage, which didn’t cover all aspects of cancer treatment. Chemotherapy, surgery, and follow-up treatments resulted in significant out-of-pocket expenses.

Income Loss:

As the primary breadwinner, John’s inability to work during treatments meant a sudden loss of income. The financial strain on the family intensified, affecting their ability to meet daily expenses, mortgage payments, and education costs for their children.

Depletion of Savings:

John had to dip into his savings to cover medical bills and ongoing living expenses. The depletion of savings meant compromising on future financial goals, including children’s education and retirement plans.

Emotional Toll:

The financial stress added an extra layer of burden to an already emotionally challenging situation. John found it difficult to focus on his recovery when constantly worrying about the family’s financial stability.

Lessons Learned:

Importance of Financial Protection:

John’s experience highlighted the critical importance of financial protection against unforeseen health challenges. A safety net in the form of critical illness insurance could have alleviated the burden, allowing him to focus on recovery rather than financial worries.

Early Planning Matters:

John realized that early planning and consideration of critical illness insurance could have made a significant difference. The ability to secure coverage at a younger age and in good health could have provided him with affordable and comprehensive protection.

Post-Recovery:

Despite the challenges, John successfully underwent treatment and entered remission. However, the financial repercussions continued even after recovery, impacting the family’s long-term financial stability.

Moving Forward:

John, having learned from this experience, is now an advocate for critical illness insurance. He encourages friends, family, and colleagues to consider the financial protection it provides, emphasizing the importance of early planning and securing coverage to mitigate the impact of unforeseen health challenges.

This case study serves as a poignant reminder that health uncertainties can impact anyone. Critical illness insurance is not just a financial product; it’s a safeguard for the unexpected, providing peace of mind and protection during life’s most challenging moments.