Do I need Critical Illness Insurance?

The majority of Canadians would never have a claim as a result of critical illness insurance. However, statistically speaking, there is a good chance that an individual will obtain an illness which would be covered by a critical illness policy. In fact, one in two men and one in three women are predicted to develop heart disease in their lifetime. Approximately 40,000 to 50,000 people will suffer from a stroke every year in Canada. Approximately half of Canadians will develop a form of cancer in their lifetime. Many individuals feel there is a greater need for critical illness insurance than there is for life insurance. Every individual has unique circumstances, and proper planning is essential.†

Critical illness insurance usually provides an individual with a lump sum tax free payment after being diagnosed with one of the illnesses covered in the critical illness insurance contract. This form of insurance covers illnesses including cancer, stroke, blindness or loss of vision, multiple sclerosis, Alzheimerís, Parkinsonís, kidney failure and many other listed illnesses.†

Individuals who receive a critical illness lump sum payment can use the funds for multiple purposes, and many will use the funds to cover mortgage payments, medical treatment, home adaptations, cover bills and many other requirements.†

Critical illness insurance is made available from numerous life insurance companies. In addition, critical illness insurance on mortgages is typically available from banks when mortgages are originated assuming an individual wishes to pay for coverage. In many cases, the critical illness insurance made available from life insurance companies provides more adequate and better coverage. Individuals for example who have been diagnosed with cancer for example, may find better comfort that the lump sum payment can be used for potential treatment outside of Canada for example, as opposed to simply having mortgage payments made on their behalf. In addition, many insurance companies offer individuals a return of premium option on their critical illness coverage.†

Insurance premiums on critical illness insurance increase with age, so if needed and if funds allow, it is better to obtain adequate coverage at an early age. In many cases, critical illness insurance will not cover pre-existing medical and health conditions. Individuals need to disclose these conditions in advance.†

Critical illness insurance from insurance companies in most cases provides more adequate and cheaper coverage. Individuals should consult with experienced life insurance agents for information on critical illness insurance. Every individual and family has unique circumstances and proper planning is imperative. Most will find that there is a need for critical illness insurance coverage to some degree.

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