- Can be used for homecare
- Loss of salary
- Continue paying debts, such as mortgage, loans, children expenses
- Enjoying time and making memories with family and friends
- Taking a vacation
- Prepare your home with special equipment if needed
- Pay for additional medical or other costs not covered by public and/or private insurance
Depending on your condition and your illness, you decide how to use the funds. Usually, when a person is diagnosed with an illness such as cancer, heart attack, stroke, coronary surgery to name the most common, it has a very emotional and psychological effect on yourself, family and others around you.
We all know someone who has had one or more of these illnesses. We know the effects. Financial worry can cause immense stress while you are trying to heal. Even if you are able to manage on your reduced income, it’s good to know you have the added benefit to help along the way.
Most insurance companies offer two plans:
- Coverage for the most common 3 or 4 illnesses: Cancer, Heart Attack, Stroke and maybe Coronary Surgery/Heart Valve replacement
- Coverage that includes the above 4 illness PLUS additional illnesses. Most common:
- Major organ transplant
- Kidney Failure
- Alzheimer’s Disease
- Aplastic anemia
- Motor Neuron Disease
- Parkinson’s Disease
- Multiple Sclerosis
- Bacterial meningitis
- Severe burns
- Occupational HIV infection
- Loss of speech
- Loss of Limbs
- Loss of autonomy
Critical Illness policies contain some conditions, restrictions and exclusions that can be reviewed with your Insurance Advisor before purchasing a plan. Insurers may also offer additional benefit riders, such as a Return of Premium if you should remain healthy with no claims over a period of time.
A small number of insurers provide Critical Illness for children, which covers illnesses specific to childhood, such as Autism, Cancer, Type 1 Diabetes Mellitus, Muscular Dystrophy, Cystic Fibrosis, Cerebral Palsy, etc.
This is a valuable coverage usually overlooked by consumers.