Critical Illness Insurance: Expectations vs Reality

The topic of critical illness insurance is very sensitive in this day and age. Even when much of the general population are moving towards a healthy lifestyle, the statistics on critical illnesses that come out each year always seems to be reaching a grim new milestone. Covid-19 has added on to those numbers as someone with an existing condition is more susceptible to infection and chances are that the severity of the virus would be stronger for these patients. That’s more than enough reason to apply for critical illness insurance. Treatment costs for numerous life-threatening diseases can be very expensive and if you keep tapping into your saving, you might find yourself even out of retirement funds. With a critical illness insurance policy, you can be rest assured that treatment costs are taken care of.

Let’s talk about coverage

Life-threatening illnesses don’t only take a physical and emotional toll on the patient but also their immediate family members, as well as friends, are affected. The cost of treatment can keep on increasing over time with more medication and treatment procedures being carried out. Sometimes, families would also have to relocate somewhere near the medical facility where the treatment is being carried out. You can understand the type of financial strain that can put on someone. Well, with critical illness insurance Mississauga , that burden can be relieved; at least treatment cost part of it.

This policy offers financial coverage for several life-threatening conditions and these include:

• Heart attack
• Paralysis
• Cancer
• Multiple sclerosis
• Stroke

Some of the major surgeries that are covered are:
• Major organ transplants
• Coronary artery bypass surgery.

And these are just to name a few. And you should know that some schemes offer post-care expenses as well. You will always have the option of customizing the contract as per your need.

However, take this with a pinch of salt

When it comes to critical illness insurance comes a waiting period. What is this waiting period? Well, once your insurance application is approved, you will have to wait a certain period and only then you can raise your first claim. Yes, this can sound frustrating and that is why consider taking up this policy beforehand. Also, make sure you read the fine print on what is covered under the scheme that you’ve applied for. You can hire a professional insurance broker in Mississauga to help you with this matter. They can share all the details you need to know to make a well-informed decision.