Are you considering adding a critical illness coverage to your insurance plan? Here are some of the most important FAQs about critical illness insurance and how it can benefit you and your family.
Critical illness insurance is often forgotten when people think about the type of coverage they need, but did you know it’s actually one of the most important types of coverage you can get? During a period of illness, such coverage can:
- pay your bills and other expenses
- help you focus on your recovery instead of your finances
- prevent you from falling into bankruptcy during a period of severe illness
- provide your family with the financial protection they deserve
20/20’s Affordable and Flexible Critical Illness Insurance
Whether you’re looking for mortgage life insurance, mortgage life disability, or critical illness insurance. AIME is committed to providing our clients with the most affordable, transparent, and flexible policies to meet all your unique needs.
Want to know how we can offer your family financial protection and total peace of mind?
Critical Illness Insurance FAQs - Everything You Need to Know
Even with good medical coverage, many Canadians find themselves struggling financially when faced with a serious illness. Critical illness insurance can help provide security and total peace of mind for your family.
Before you decide to invest in this product, here are some of the most common FAQs to help you make an informed decision:
1. What is Critical Illness Insurance?
Critical illness insurance is insurance protection that provides you with a lump-sum payment in the event that you are diagnosed with a specified critical illness and are unable to work. Typically, once the benefit is received, you can use it however you wish - there are no restrictions.
20/20 Mortgage Critical Illness Insurance
At 20/20, we provide the option of adding critical illness coverage to your Mortgage Life Insurance policy, which will pay you a lump sum of $300,000 in the event that you are diagnosed with an illness covered under the policy.
2. Why Do I Need Critical Illness Insurance?
This is one of the most frequently asked questions but, did you know, thousands of Canadians suffer from serious illness each year.
Here are some quick facts:
- Approximately 40,000 Canadians will suffer a stroke each year, 75% which survive the initial incident.
- 75,000 Canadians have a heart attack each year and more than 80% will survive when admitted to hospital.
- 1 in 3 women and 2 in 5 men will develop some type of cancer during their lifetime.
While these facts might seem scary, the chances that you can recover from a critical illness are good. However, recovery will require costly treatments and changes to your lifestyle, which is where critical illness insurance can help.
Remember: Critical illness coverage pays you with a lump sum payment that you can use anyway you see fit. This means it can be used to:
- cover treatment costs
- get in-home nurses and other help
- install equipment at home that can make you more comfortable
- supplement your income
Whatever your unique needs, you can utilize this coverage to keep you and your family comfortable and financially stable during this difficult time.
3. What Illnesses Are Covered By Critical Illness?
20/20 provides a critical illness add-on to your MLI which will pay you a lump sum of $300,000 if you suffer from a sudden critical illness.
The covered illnesses are:
- heart attack
- acute stroke
- life-threatening cancer
Please note: For definitions and exclusions, refer to your policy or talk to one of our licensed agents today.
Call Today
To find out more about the costs and benefits of our critical illness insurance coverage, or to apply today, contact one of our licensed agents at 1-844-974-2020 or fill in our online contact form.
