Most Canadians understand the need for medical insurance and life insurance and carry policies to protect their family in the event of a tragedy.  However, fewer consider the benefits of finding the best critical illness insurance for their needs as well.  Critical illness insurance is a safety net in between traditional medical and life insurance – one which will be invaluable if you ever need it!

What Is Critical Illness Insurance?

Critical illness insurance is exactly what it sounds like – insurance specifically intended to cover the costs of the most expensive and life-changing medical conditions.  Few standard medical insurance policies can fully cover these conditions, so critical illness insurance is an important stopgap measure.

Conditions typically covered can include:

  • Cancer
  • Strokes
  • Heart attacks and other serious heart diseases
  • Partial or full paralysis
  • Loss of limb(s) 
  • Loss of sight/hearing/speech
  • Coma
  • Alzheimer’s Disease
  • Parkinson’s Disease

Any of these conditions can be financially ruinous, even if someone has traditional health insurance.

How Do the Best Critical Illness Insurance Policies Work?

Critical illness insurance can be permanent or purchased as a set term policy – just depending on your needs.  Likewise, you can get coverage for a wide range of payouts, from $10,000 to $2,500,000.  This could be enough to pay for even the most expensive of conditions.

Either way, payment is made quickly after your diagnosis is confirmed – generally within thirty days.  Then, you get a single tax-free lump-sum payout which is yours to do with as you see fit.  This money could be applied to:

  • Paying immediate hospital bills
  • Medicines or treatments not covered by your medical plan
  • Long-term rehabilitation costs
  • Seeking private international care, such as in the States
  • Paying bills and otherwise supplementing lost income
  • Keeping your business afloat

So, critical illness insurance provides three key benefits.  First, it directly helps pay for extremely expensive medical conditions.  Secondly, it brings you peace of mind.  You can focus on recovering from your condition, rather than stressing over money – and that will almost assuredly help your recovery go more smoothly.

Finally, and perhaps most importantly:  if you have family or other dependents who rely on you for financial support, critical illness insurance keeps them safe as well.

Desjardins Has You Covered

Desjardins Financial Security Independent Network offers something of the best critical illness insurance policies for Canadians who need a safety net in their lives.  Click here to receive your free quote!