One in two Canadians will develop cancer in their lifetime. About 1.6 million Canadians currently have heart disease or are living with the effects of a stroke. These statistics from the Public Health Agency of Canada can be sobering, but a new poll found that Canadians aren’t preparing themselves to deal with these and other illnesses.
Critical Illness insurance lets you face illness without the financial worry. Upon diagnosis of a critical illness covered by your policy, you receive a lump sum payment that you can use as you see fit and thus focus on your recovery.
Critical Illness insurance does not replace your medical insurance and it is not a disability insurance policy. Rather it helps survivors manage the costs associated with recovery.
“The good news is that thanks to medical advancements, many people are surviving critical illnesses and living longer, fulfilling lives with their families. “But recovering from a serious illness can be expensive and other forms of insurance may leave a gap in your coverage. Critical illness insurance is designed to fill this gap and reduce the impact that an illness has on a family’s overall financial health.”
“No one plans to get sick, but it’s important to ensure your family is covered in the event that something unexpected happens. Everyone’s situation is different, so it’s important to speak to an expert at Tannas Insurance so that we can recommend a policy that works for you and your family.”
The best policies give you the option to get your money back, access to best doctors or if you wish to just get the coverage – a basic term policy is also available.
This is one of the most important coverage’s to own – you need it. It provides you a safety net for the future because as modern medicine improves, your chances of survival improve.
This type of policy pays in 3 ways:
- You get sick – all you have to do is survive the illness (which most people do). 30 days after you get sick you get a lump sum tax-free (up to $2 Million)
- You stay healthy – you live out the term of the policy = you get your money back tax-free!
- Death – if you don’t survive – your beneficiaries receive a financial payout tax-free
The primary coverage under most plans is:
- Heart Attack (Myocardial Infarction)
Depending on the plan, additional illnesses can be covered:
- Multiple Sclerosis
- Alzheimer Disease
- Coronary Artery Bypass
- Kidney Failure
- Parkinson Disease
- Major Organ Transplant and Major Failure on Waiting List
- Motor Neuron Disease
- Bacterial Meningitis
- Aortic Surgery
- Heart Valve Replacement
- Aplastic Anaemia
- Loss if independence
- Major Burns
- Loss of Speech
- Brain Tumour
- Occupational HIV Infection
For more information on Critical illness Insurance, please contact one of our Tannas Insurance Representatives at 866-645-2901