Critical Illness Coverage
Critical Illness Coverage is a newer insurance product offered by Canadian Insurance companies. There are many different policies and terms and conditions. Almost all Canada Critical Illness policies have three basic elements. The rest have some combination of up to 23 illnesses
If you have critical illness and are diagnosed with any one of the following illnesses, you will receive a lump some of tax free money. This is common among all Canada Life Insurance companies. The range of coverage is from $10,000 to $2,000,000
Basic policies include *
Heart Attack
Cancer
Stroke
*Keep in mind that there are limitations, terms and conditions in all insurance policies, Critical Illness is no different
Expanded policies include some or all of the following*
Multiple Sclerosis
Coronary Bypass Surgery
Aorta Graft Surgery
Heart Valve Surgery
Major Organ Transplant
Parkinson’s Disease
Kidney failure
Paralysis/Paraplegia
Benign Brain Tumour
Coma
Blindness in Both Eyes
HIV
Loss of Hearing
Loss of Speech
Loss of Limb
Motor Neuron Disease
Severe Burns
Pre Senile Dementia (Alzheimer’s)
Loss of Independent Existence Getting good advice from an insurance broker can help you find a plan that fits your budget, has good coverage, and less limitations. Learn about
Critical Illness policies
Critical illness insurance can be used to protect your mortgage as well. Do you have mortgage insurance through the bank?
Click here to read about mortgage life insurance
It is also recommended that you look at long term disability insurance. Critical Illness is not the same as
long term disability insurance
Read about the invention of Critical Illness Coverage
Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind. This insurance information is general in nature and the policy wordings always take precedence. Make sure you review the "please read" page. |
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