To talk about life insurance is to enter a vast world. There are many types of life insurance and it is likely that at some point you have heard at least a little bit about them. However, have you ever thought about whether they have limitations? And if so, what are they? A serious illness might be one of them?
Let’s talk a bit about it, as there are aspects to consider. At Lewer Canada, we are experts in benefits programs, including life insurance. More than 40 years of experience and satisfied clients back us up.
Would you like to learn about whether critical illness and life insurance are compatible? Stay with us to find out. Take note, as this is information that could be very useful to you.
Critical Illness Insurance vs. Critical Illness Coverage
In answer to the question that gives the title to this article, critical illness and life insurance are compatible. Many people think they are not, but, surely, it is due to lack of information. There are interesting alternatives such as life insurance without a medical examination, which make it possible to have access to insurance despite having serious illnesses.
But did you know that critical illness insurance exists in Canada? Maybe yes, maybe no. Let’s talk about it. Two concepts that people get very confused about are critical illness insurance and critical illness coverage programs.
It is vitally important to understand that the two mentioned above are totally different things. So, let’s delve deeper into the subject! Let’s be straightforward: life insurance is a long-term investment agreed upon in a policy.
Unlike other types of coverage (such as the lifetime protection offered by some mortgages or some automobile insurance), life insurance (including critical illness insurance) is designed specifically for cases of death or major problems while suffering from certain critical illnesses.
Simply put: if you die while suffering from a critical illness, or experience a problem that prevents you from fending for yourself, your beneficiaries will be able to enforce your life insurance policy.
In contrast, other programs have different conditions. In Canada, for example, many of these programs are designed only to cover medical expenses in predetermined situations. So, is critical illness insurance in Canada worth it? Sure, it is a much better option.
Critical Illness Life Insurance offered by Lewer Canada
As we have said, at Lewer Canada we have extensive experience in all matters related to benefit programs, including insurance. And yes, we do have a critical illness insurance option.
The critical illness insurance we offer at Lewer Canada is designed to alleviate your expenses. Let’s take an example: if you were to be diagnosed with a critical condition, the insurance will provide a lump sum that you can use as you wish. This benefit will help you live your life normally, without having to focus on medical bills.
Does it affect other possible insurance benefits? Ideally, no. But, keep in mind that not all medical expenses are covered by provincial disability, extended health and medical care plans.
In short: this critical illness insurance is intended to fill the gaps in coverage so that you can maintain your normal lifestyle. Reducing stress in the event of a critical illness is never an easy thing to do, but this insurance can be of great support to you at times like those.
And yes, in case you’re still wondering, the amount you get is separate from any other benefits you may be entitled to with your critical illness insurance coverage.
Critical Illness Insurance Pros and Cons
So, what are the pros and cons of critical illness insurance or benefit programs? There are advantages and disadvantages. It is extremely difficult to make a clear statement from here, as each case may be different.
However, to get a general idea you can go back to one of the previous sections and assess the situation. It is essential that you carefully evaluate both before deciding which one suits you best.
But, keep in mind that, whichever option you choose, you should be very well informed about the conditions and benefits you will get for your benefit program. At the end of the day, it is up to you to decide which option best suits your needs.
Looking for the best benefits program? Lewer Canada is here for you!
If you’ve read this far, you’ve learned a little about how critical illness insurance works. As you have seen, it is an excellent way to protect yourself in case of adversity. We hope that we have cleared up any doubts you may have and that the information provided is useful to you.
If you are looking for the right insurance for you, you can contact us for advice or to obtain it. We will be pleased to assist you. You can also consult our benefits products section on our website to learn more about what we have to offer. Trust Lewer Canada, we are backed by more than 40 years of experience!
For a more personalized attention you can visit our physical facilities located at 3131 Saint-Martin Blvd West, suite 410, Laval, Quebec. Do you want to know what a fair life insurance looks like? Learn it here. Receive more interesting information or useful tips by visiting our blog.