Insurance has become an integral part of our lives. Insurance helps provide many people with financial benefits and protects them from various problems. In Canada, one such insurance is critical illness insurance. This article provides information about critical illness insurance and everything you need to know about it. Remember, when getting insurance, you must trust only the best insurance company in Calgary, as the insurance provider from the best company will help meet your requirements and provide you with policies that can benefit you. 

What Is Critical Illness Insurance?

It is an insurance policy that provides financial protection as well as security in situations when the insurance holder is detected or diagnosed with a critical illness or injury. Whether they meet with an accident or disease that is serious and affects their ability to work, critical illness insurance can be helpful. This insurance provides a lump sum payment to the policyholder. This payment is tax-free and can be used in any way according to the policyholder’s requirements. It provides extensive coverage, and to get a customized policy, you can contact the best insurance brokers in Canada. 

Critical Illness Insurance Covers

This insurance policy covers various illnesses, such as:

• Stroke
• Blindness
• Dementia
• Cancer
• Multiple sclerosis
• Heart Attack 
• Kidney failure
• Paralysis
• Organ transplants

You must remember that only these illnesses are covered under the CI insurance. It does not cover chronic diseases such as asthma or fibromyalgia. In addition, it also does not cover issues or pre-existing conditions that are caused due to drug use and alcohol consumption. 

Benefits Of Critical Illness Insurance

There are many benefits of critical illness insurance; these are as follows:

• Financial protection.
• Benefit to family members.
• Lump sum tax-free payment.
• Flexibility in spending payment.
• Reduced stress for you and your family members.
• Customizable protection as per individual needs.

How Much Critical Illness Insurance Cost?

The cost may vary depending on the type of policy you are choosing. The cost of critical illness insurance depends on factors such as your age and gender, the type of coverage and policy you choose, and your family health history. Remember that if you have a drinking or smoking habit, then you may have to pay extra expenses for it. You need to make a monthly payment or premium for the insurance policy. You can contact the best insurance company in Calgary to get an affordable critical illness insurance policy. 

How Does CI Insurance Work?

• You need to select a policy and select the amount of coverage you want. 
• File for the insurance and get approval for coverage.
• Once approved, start paying your premium.
• Apply for a claim if you are diagnosed with a critical illness that the policy covers.
• If your claim is accepted or approved, you will receive the payment. 

Do You Get Death Benefit In CI Insurance?

Unlike other life insurance, you do not get any death benefit. The death benefit is the amount that the beneficiaries (family members of the policyholder) get. In CI insurance, instead of getting a death benefit, you get a living benefit. You receive a monthly lump sum payment to meet your expenses. You can use this amount as you require. Also, it is tax-free. In this, there is a survival period of 0 to 90 days. To get a claim and payment, you are required to survive for a certain period of days in order to get payment. 

Conclusion

Critical Illness insurance is an insurance policy that provides a specific payment if a person is diagnosed with a critical illness insurance policy. It provides many benefits such as flexibility, financial protection, and support to family members, but its cost differs depending on different factors. You can consult the best insurance brokers in Canada to know more about critical illness insurance and how you can benefit from it.