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Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy .Critical illness Insurance is a living benefit that is paid to the insured in case Insured suffers from Critical illness.
Critical illness policy guarantees the payment of a tax-free lump-sum benefit if the insured survives more than 30 days after the diagnosis of a critical illness or after a surgery covered by the contract.
More and more Canadians are afflicted by a critical illness at a younger and younger age. In addition to having to face a serious illness, several important costs related to medical treatments remain uncovered by provincial health insurance plans.
Critical illness are intended for individuals who wish to protect themselves from the financial worries resulting from a critical illness, in order to maintain their quality of life and financial security. It is paid during the lifetime of the insured and can be used for the following:
You can make a claim as soon as a physician, licensed to practice medicine in Canada and specializing in your particular illness, diagnoses you with a critical illness or disease covered by your policy. The same needs to be submit to the Insurance Company along with your claim.
Generally, a lump-sum benefit payment will be made to you 30 days after the claim has been approved. There are no restrictions on how you use the money. Once your claim is paid, your critical illness insurance policy ceases. .
No. Disability insurance, also known as "income replacement" insurance, provides a monthly income replacement benefit if you become disabled and can no longer perform the normal duties of your work. Generally, the benefit is limited to a percentage of your regular income and ceases once you earn an income or you no longer meet the definition of disability in the contract.
Unlike critical illness insurance which provides the full policy benefit in a lump sum payment on diagnosis of a critical illness, long-term disability policies may have a waiting period from the onset of disability. Also critical illness benefits, long-term disability benefits may be affected by other income you receive or by your full recovery from the illness.
The illness covered differs from company to company so it is always advisable to check which company covers what and how much. Mostly the following illness will be covered:
- No benefit will be paid in the following insured,s condition: