Critical Illness Insurance
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What is Critical Illness Insurance?
Critical illness insurance is a type of insurance that pays you a tax-free lump sum benefit if you are diagnosed with one of the illnesses covered by the policy. For example, the critical illness policy may cover life-threatening cancer, heart attack, or stroke. It could be an important part of your insurance portfolio.
Critical illness insurance is referred to as a living benefit. While a life insurance policy pays your beneficiary only after you have passed away, the critical illness benefit is paid to you when you suffer one of the covered critical illnesses. This coverage can help reduce the financial stress you could experience while recovering from a critical illness.
What are the benefits of a critical illness insurance plan?
The benefit of the plan is that it pays out a tax-free lump sum amount when you suffer a covered critical illness. You may use the lump sum coverage amount paid to you however you choose. For example, you can use the lump sum amount to help:
- Pay for treatment that may not be covered by your provincial health insurance, such as private nursing, physical therapy, or medical equipment.
- Supplement your lost income if you’re unable to work and help pay for daily expenses such as childcare so you can focus on your recovery.
- Protect your retirement savings and other investments by not having to dip into them.
Like most mishaps in life, critical illnesses may occur without notice, and it’s always a good idea to be financially prepared rather than deal with possible financial devastation. In situations like these, the adage “hope for the best but prepare for the worst” comes to mind.
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