Having the help of life insurance is never a bad idea. With such a program you can protect your financial stability and that of your loved ones in difficult times. And as you may know, there are different types of life insurance. One very interesting and little talked about is critical illness insurance.
What is critical illness insurance? But beyond that, is critical illness insurance worth it? Keep reading this article to find out. From Lewer Canada, we’ll tell you all about it.
We’ve been advisors and experts in benefit products (like the one we’re talking about today) for over 40 years and we have the answers to what you need. That said, pay attention, because we’re starting right now. Take note!
What is critical illness insurance?
Let’s answer the questions already posed above, let’s go by steps and start with the basics. As we have already said, there are always unforeseen events, situations that take us by surprise and for which there is no apparent tangible solution. In health matters, for example, a critical illness can be a bad experience.
What is a critical illness, when is it considered as such? Well, in general, in this field, it is considered critical, a disease that prevents you from being able to stand up for yourself. Problems such as paralysis or multiple sclerosis are cases that perfectly exemplify this condition.
Fortunately, there are benefit programs that cover these health conditions and the one we are discussing today is one of them: the critical illness insurance. How does it work? It’s simple, in case you are diagnosed with an illness with these characteristics, you can access a sum of money, agreed in a policy.
The idea is to alleviate your expenses, so you don’t have to worry about paying high-cost bills and keep your lifestyle unchanged. After all, treating something like this is not exactly cheap. So, it would be good to have critical illness coverage.
With the money obtained you can take care of medical expenses, but they are not exclusively for that. You can use it for expenses related to your situation, such as special transportation, home improvements and even to fulfill your last wishes in case you are terminally ill.
Is it worthwhile to obtain critical illness insurance?
Knowing all of the above, many people ask questions like: Is critical illness insurance worth it? What about health insurance or disability insurance? Why does critical illness insurance gain more popularity over the others? We have answers to each of these questions:
Each case is different
On the first question, whether critical illness insurance is worthwhile, it is up to the discretion of each individual. Cases are often different. But, in general, these insurances cover a wide range of illnesses. More on this later.
In addition to this, many consider this type of insurance to be superior because of affordability issues. In the following two sections you will understand why.
Popularity over conventional insurance
The popularity of this type of insurance is due to the fact that they often cover illnesses that are not covered by traditional medical or disability insurance. In contrast, our protagonists specialize in critical illnesses, without incurring extra expenses.
Another reason why people prefer this option over the others is its price. Generally, a critical illness insurance has a lower cost than the two insurances mentioned above (not to mention that they are more limited).
With this information, it is not surprising to see that in the last three years, people are requesting more critical illness insurance quotes than for other insurance of this kind.
Accessibility
Is critical illness insurance worth it? We’ve already talked about it, but, more than just the price, the affordability extends in ways other than what you may be thinking. It happens that many employers offer their companies’ employees the possibility to opt for critical illness insurance when working with them.
In other cases, some insurance companies offer it as an extra product in the clauses of other insurance policies, providing extra protection and coverage. The simultaneous performance of two insurance products becomes attractive and people take them out.
What does critical illness insurance cover?
Something that we always recommend, before contracting an insurance policy, is to be properly informed and review the policy very carefully. You must remember that this document is the basis of everything, the one that establishes the conditions, benefits and so on.
So what critical illness benefits are provided by insurance? It is necessary to review the policy. Keep in mind that the concept of critical illness varies according to the plan chosen. That is: critical illness will be defined in this contract (life insurance policy).
Therefore, we mention some of the illnesses that are usually considered critical in these benefit products:
- Cancer
- Blindness
- Stroke
- Multiple sclerosis
- Kidney failure
- Paralysis
- Parkinson’s disease
- Heart attack
- Loss of limbs
- Severe burns
- Deafness
Who needs this insurance?
We can give a straight answer to the question that gives the title to this section: everyone may need it at some point. Remember that the purpose of having critical illness insurance is to alleviate the financial pressure on all those who have this type of situation. We gave some specific examples earlier.
- So, who will be interested in this type of insurance? Well, we could list:
- Individuals who are self-employed.
- Parents looking to protect their children.
- People with serious illnesses.
- ● Clients of any policy who want to increase their benefits.
The list could go on. As we have been detailing, critical illness insurance focuses on solving the needs that arise in critical moments for health (or related problems). We can summarize that critical illness life insurance is an excellent option for all the reasons already discussed.
Take out critical illness insurance with Lewer Canada now!
Is critical illness insurance worth it? Although we have already said that it will depend on each case, in general terms we can affirm that it is worth it. It is a simple insurance, but with many timely benefits.
Did you have any doubts about what is critical illness insurance in Canada? We hope that with this information you have been able to solve them.
In case you are looking to opt for critical illness insurance in Canada, we have the solution for you. We are at your disposal, offering you, among other benefits products, the best critical illness insurance in Canada.
At Lewer Canada, our more than 40 years of experience and our satisfied customers throughout the region speak for us! We work with high professionalism, being an intermediary between workers and companies of great prestige. You can contact us right now. Our team will be pleased to help you. For a more personalized attention, you can also find us at 3131 boul. Saint-Martin Ouest, bureau 410 Laval, Quebec. Visit our blog for more recommendations and tips like these.