The Importance of Critical Illness Insurance

There are some things in life that we have no control over, like life-threatening diseases that strike with no warning whatsoever. How many of us have been left feeling bereft after loved ones have succumbed to sudden cardiac arrests or strokes? Even the best doctors are of no use at such times. But there is one thing that you can do to make life a little better in the event of such a fatality – take out a critical illness insurance policy to prevent the same thing from happening to you and your family. Critical illness insurance is similar to life insurance, except that you get the money when you’re alive. If you or a loved one have been diagnosed with an illness that may be critical or a disability, like cardiac arrest, stroke, cancer, multiple sclerosis, kidney failure, paralysis, rheumatoid arthritis, brain tumor, loss of limbs, major organ transplant, blindness, deafness, Parkinson’s disease, Alzheimer’s disease, Lou Gehrig’s disease, coma and the like, a critical illness insurance policy helps cover your medical expenses during the time of your recovery. These policies kick in when you’ve been diagnosed, and if you survive the diagnosis for a period of time specified in your paperwork, you get the entire amount based on certain conditions. Some policies pay out only a partial sum depending on the nature and severity of your illness. The terms and conditions are laid out clearly when you buy the policy. Critical illness insurance offers family assets protection cover too – you don’t have to resort to selling your home and other assets in an effort to raise money to cover your medical expenses. You may also need money to remodel your home if you’re disabled, pay for trained help, and make changes to your lifestyle. Technological and scientific advances have ensured that our lifestyles have undergone a sea of change – we no longer walk even short distances or eat natural food. The easier our lives become, the more prone we are to illnesses and sickness. However, there is a solution to these ills – regular exercise and a healthy diet go a long way in keeping you out of danger. But if there is a threat to your life, with coverage from critical illness insurance, at least you know your medical and other expenses are taken care of. By-line: This article is contributed by Sarah Scrafford, who regularly writes on the topic of EKG Training. She invites your questions, comments and freelancing job inquiries at her email address: sarah.scrafford25@gmail.com.

All Canadian Life Insurance Co Selling Critical Illness Insurance

Here is a list of Canadian Life Insurance Companies selling Individual Critical Illness Insurance AIG Life of Canada AIG brochure AXA Financial Protection Canada Life The Cooperators Empire Life Equitable Life Great-West Life Industrial Alliance Manulife Financial LifeCheque Manulife Financial LifeCheque Basic RBC Insurance Standard Life Sun Life Transamerica Life Critical Advantage Unity Life of Canada Online Wawanesa Life - Lifestyle Adjustment Plan (Critical Illness Protection) As for today these companies are offering critical illness insurance protections. All of them are great companies. As my opinion you do not have to choose a company. I think that much more important to choose a good life insurance advisor - the professional you can trust. Expirienced critical illness insurance plan agent can find the best coverage for you that feets your needs.

Why You Need Critical Illness Coverage

Critical illness insurance was introduced by Dr. Marius Barnard a South African cardiac surgeon in 1983 for what was voted in the top 25 most influential people in the field of health insurance. Now it is available for Canadians. Critical Illness Plan offers the security of knowing that they financially protected should they become critically ill. The three most common critical illnesses, occurring across all ages in Canada are heart attack, cancer, or stroke. According to the Heart and Stroke Foundation and the National Cancer Institute of Canada almost 250,000 all ages Canadians are diagnosed with them annually. The good message is: most of them will survive. Over 80% of heart attack patients admitted to hospital survive 95% of hospitalized heart attack victims survive the first attack 75% of men and 77% of women who develop cancer survive 75% of stroke victims survive the initial event Yet, even with improved medical treatments, most patience can not deal with an illness depending only on Provincial health plans. They need to be prepared for the financial consequences of surviving a critical illness since your lifestyle and money management are going to change. Comparing to Life insurance, critical illness coverage is for you, for your recovery. It gives you a lump-sum amount (benefit tax-free in the event that you survive one of the covered illnesses or conditions (most plans have 20 plus covered conditions by thirty days, in most cases) to help with the cost of treatment and concentrate only on your recovery. You can spend the money as you wish—such as to pay for private out-of-country treatment, nurse, credit card debts, or even as a mortgage helper while being low income. Maintaining your financial independence and getting an access to medical services you need, your recovery will be fast and successful. Insurance & Financial Advisor Michael Arbetov, CFP, FMA Critical Illness Coverage Blog