{"id":16722,"date":"2019-09-12T10:54:02","date_gmt":"2019-09-12T14:54:02","guid":{"rendered":"https:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/?p=16722"},"modified":"2019-09-12T10:55:10","modified_gmt":"2019-09-12T14:55:10","slug":"what-is-critical-illness-insurance","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/09\/12\/what-is-critical-illness-insurance\/","title":{"rendered":"What is Critical Illness Insurance?"},"content":{"rendered":"

\"What<\/a>More and more Canadians concerned about the financial costs of major disease are turning to Critical Illness Insurance to gain peace-of-mind and protect their savings.<\/p>\n

Critical Illness Insurance provides a lump sum payment to the beneficiary who has contracted or suffers from a major disease.\u00a0 This allows them to \u201csoldier on\u201d in the short-term and pursue treatment without the concern over immediate expenses.<\/strong><\/p>\n

<\/h2>\n

What you need to know about Critical Illness Insurance<\/h2>\n

Broadly, the usual illnesses covered are cancer, heart disease and stroke; more specifically paralysis, dementia, Parkinson\u2019s, loss of limbs and major organ failure are also covered, but each carrier and policy needs to be reviewed closely.<\/p>\n

Like qualifying illnesses, each policy and carrier has a different list of exclusions, and should be reviewed before agreeing to a policy.\u00a0 Typically, Critical Illness insurance does not cover self-inflicted injury, attempted suicide, drug-use, war participation or operating a vehicle while intoxicated.<\/p>\n

Critical Illness Insurance is not a reimbursement of medical expenses, specifically.\u00a0 The beneficiary who is typically the insured-person decides how the money will be spent.<\/p>\n

 <\/p>\n

What does a Critical Illness policy do?<\/h2>\n

The likelihood of contracting a covered illness is much greater than most people believe.\u00a0 According to the Canadian Cancer Society one-third of Canadians will contract cancer. The Heart and Stroke Foundation states that 50% of heart attack victims are under the age of retirement, and 75% of stroke sufferers will be left permanently disabled.\u00a0 Although, Critical illness insurance does not cover the disability, but rather the disease that caused it, the result is that employment possibilities and earning potential may be severely limited or eliminated.<\/p>\n

The proceeds from a critical illness policy can be used to modify homes and automobiles allowing recipients to maintain their independence.\u00a0 Every day bills can be covered, as well as accessing cutting-edge medical treatment to combat the disease.\u00a0 The funds can also be used to spend more time with family before health deteriorates further.<\/p>\n

The recommended amount of coverage is approximately six months of salary plus an additional six months of expenses plus three months of a spouse\u2019s salary plus an estimation of what home modifications might be needed.\u00a0 An individual earning $100,000 per year with $8,000 of expenses per month whose spouse makes $120,000 per year should seek a minimum of $128,000 of critical Illness<\/a> coverage, for example.<\/p>\n

Depending on your age and the amount of coverage, premiums can start at under $1,000 per year and increase to $1,000 per month when someone is over 70 years of age.<\/strong><\/em><\/p>\n

<\/h2>\n

Do you need Critical Illness Insurance?<\/strong><\/h2>\n

Like all insurance, Critical Illness Insurance<\/a> should be a planned, reasoned purchase made well in advance of actually needing it. With so many options and details to consider, you may want to recruit the advice of a life insurance broker like LifeInsurance-Orleans.ca<\/a> or other insurance expert in order to ensure the proper fit for you and your needs.<\/p>\n","protected":false},"excerpt":{"rendered":"

What is Critical Illness Insurance and why do you need it? Find out the details and what this insurance covers. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16722"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16722"}],"version-history":[{"count":8,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16722\/revisions"}],"predecessor-version":[{"id":16731,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16722\/revisions\/16731"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}