What to look out for when buying critical illness insurance

Critical illness is not something we’d like to face at any point in our lives. Because the risk of getting ill can never be eliminated completely, it’s important that we take precautions so that you’re able to make the financial choices required to make a difference when needed most. Securing the right insurance now while you’re healthy is one way to cover some of the unexpected expenses that could arise as a result of a critical illness. Leading causes of critical illness claims?

70% – Cancer 14% – Heart attack 5% – Stroke 5% – Other 4% – Coronary artery bypass surgery 2% – Multiple sclerosis

Sadly, critical illness can affect any one of us, no matter what age or gender. It usually strikes when we expect it at the least, and it unfortunately does happen to many. Canadians are more likely to experience a critical illness than they are to die before the age of 75. Critical illness insurance pays a lump sum benefit following the diagnosis of one of the covered illnesses. It offers you choices and allows you to recover on your own terms without having to search for additional financial choices to cover all the expenses. With this type of insurance, you may afford medicine and treatments that are not covered by group, personal or government plans. You will be able to replace lost income and maintain your business until you can return to work.