What Does Critical Illness Cover? Critical illness insurance can cover up to 20 serious illnesses. Everything from cancer to blindness to stroke to multiple sclerosis to HIV/AIDS along with many others. Though the list of covered illnesses vary from policy to policy, life insurance brokers have the ability to evaluate the most suitable policy for your particular health situation and financial circumstances. However, if you are diagnosed with a covered illness, you can use the lump sum payment without limitation or specification. It can cover mortgage payments, help replace the ill person’s salary, medication or treatments not covered outside the hospital, or even a much-needed restful vacation for the family. Whatever you want it to cover or need it cover, critical illness insurance benefits are there.
Types of Critical Illness Policies: Critical illness insurance policies are offered in 10-year renewable policies, where you pay monthly premiums that stay the same after 10 years and must renew it after those 10 years, 20 year policy that has fixed premiums for 20 years, or there is what’s called a “level policy”, where your premiums do not change and you remain covered till the age of 60-70 years of age. Some policies even have a return-of-premium component that can refund your premiums if you never make a claim. Other types of critical illness insurance include plans that are supplied by an employer such as group insurance. Group insurance allows you to either add critical illness on top of any health benefits you may get by your employer, and may help in getting you approved for critical illness.
Contact Jack Bendahan, your Toronto Ontario life insurance broker for more information on critical illness insurance or to receive a free instant critical illness insurance quote
