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Why are people buying a critical illness insurance? There are many considerations. The majors are: - to keep their financial obligations in force (the lamp sum paycheque can help to pay off the mortgage balance or other debts, to continue saving programs for RRSP or RESP, to save their business alive to pay overhead expenses; - to pay for medical and other care (money helps to expand the list of services); - for peace of mind.
This is a relatively new insurance which is very popular in Canada. People are living longer but get sick more often that before with a shorter lifetime. The modern medicine helps them to survive. Recovered people need a lot of insurance money to start a new life. There are different life insurance companies in Canada which are offering critical illness coverage. These companies compite with each other to provide their customers with good protection. Here is a list of good insurance providers.
