What is Critical Illness insurance?

Money can give us a feeling of security, and that is one of the best things money can do for us. We all try to estimate how much money we will need to retire and feel secure. It’s hard to know if you have enough money for a life-changing event, like a medical crisis. You can take a few steps to protect your family from financial harm. Life insurance is one of the protective measures. What about the other? Insurance against critical illness.

WHAT IS CRITICAL Illness Insurance?

This insurance covers unexpected medical expenses that can affect your ability to work and livelihood. This type of insurance will protect you financially if, for example, you are diagnosed with cancer or have a stroke.

You’ll have to pay some of the costs out-of-pocket, even though we have free healthcare in Canada. These expenses can be very expensive, especially if your income is reduced or you lose it. The critical illness insurance policy will pay a lump-sum payment to help you continue paying your bills, essential expenses and provide for your family.

No one wants the stress and anxiety that can come with a life-altering and unexpected medical diagnosis.

WHO NEEDS CRITICAL Illness Insurance?

This insurance is important if your emergency fund does not cover the cost of you being unable to work because of a medical condition.

How likely is it that I will use this policy? It’s more likely than you might think. According to Canadian Cancer Society 40% of Canadians are likely to develop cancer during their lifetime. 90% of Canadians have a risk of developing a heart disease, stroke or vascular disorder. It is not unreasonable to have the appropriate amount of Critical Illness Insurance.

WHY i’m considering critical illness insurance

I have always prepared for the unexpected. I keep three emergency funds, and always consider whether my retirement plan is solid. I have found that I sometimes save too much in my bank account rather than find financial products to protect me at a reasonable price. One of these products is critical illness insurance.

I want to make sure I am not paying more than I should. So I went to my employer’s website and checked out the coverage that they offer for critical illness. It turns out that I do not have any.

WHAT IS THE COST OF CRITICAL Illness Insurance?

It’s important to compare prices before you choose the first option when searching for critical illness insurance. After doing some research, I discovered that costs can vary depending on several factors including gender, age, and health.

I asked my favorite life insurance company, policyMe, for a quote to see if critical illness coverage was a good investment for our family. My husband and I paid less than $50 per month to cover 44 possible illnesses. This is the highest coverage available in Canada. This is a reasonable cost when you consider the financial burden that could be avoided in the future. This is the best deal we found after comparing several other providers. The price will, of course depend on the needs you have.

WHERE DO YOU SIGN-UP?

After reading this article, if you think that critical illness insurance would be beneficial to you or your family you should get a quote with PolicyMe. This will help you determine the cost of coverage, how much you need and if you are eligible.