Be Mentally and Financially Prepared with Critical Illness Insurance
Lifestyle has changed drastically in the last few years and cases of critical illnesses like heart attack, stroke and cancer are increasing day by day. With the increasing role of technology in our life, the role of physical activities has reduced. An unhealthy lifestyle and eating habits are one of the root causes.
Critical illnesses are severe health conditions that are life-threatening and require intense treatment along with expensive medication. Most of the time critical illness is curable if diagnosed at the right time and received the right treatment. Such diseases leave a long-lasting impact on your physical, mental and financial well-being. Your health insurance policy can cover expenses up to an extent but is not sufficient to cover treatment and medication costs needed for critical illnesses. Critical illness insurance will help you cover the expenses and not let financial stress impact your recovery process.
If you are diagnosed with any covered critical illness then the Critical Illness Insurance give you a fixed compensation. The received amount can be utilized in any way you want. If you want to pay medical bills or pay off your debts or want to pay for home care services, you can. You will receive the amount only after completing the waiting period mentioned in the policy. Gujarat Insurance is a reputed and trusted insurance broker across Canada and offers different critical illness insurance plans. Our insurance experts will explain insurance plans in detail and help you make an informed decision.
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Why Choose Critical Illness Insurance:
- Critical Illness offer coverage for children as well as adults.
- 24 types of critical illnesses in adults are covered.
- Children within 0-24 years are covered under the children's plan.
- 5 critical illnesses are covered for children.
- The insurance policy pays one-time compensation per claim irrespective of the medical bill amount.
- If you need to travel to get better treatment, the cost will be covered by the policy.
- Coverage will continue irrespective of the previously passed claims.
- You can select coverage amount and premium as per your need.
- For adults, coverage starts from $25,000 and you can buy a maximum of up to $3,000,000 of coverage.
- Children's plan offers coverage starting from @25,000 to a maximum of up to $1,000,000.
- There are other 8 less critical illnesses that are covered under partial coverage.
- 15% of the coverage amount or a maximum of $50,000 is covered under partial coverage.
- You can file a maximum of 4 claims per policy and each claim must be for a different critical illness.
- Between the age of 55 and 65, it is possible to convert your critical illness insurance into long-term care insurance without showing any insurability proof.
If you fit into one of the aforementioned groups, you should get visitor insurance to protect you against unforeseen circumstances. The Canadian government is aware that paying for medical bills on one’s own might be challenging, especially for visitors.
The Canadian government encourages visitors and individuals who are not covered by government insurance to carry private insurance for their protection, even though it is not required for visitors to have visitor insurance while visiting Canada. Your international travels are not covered by the insurance plan that protects you in your home country.
Protection Provided by Visitor Insurance
- Hospitalization and other emergency services available around the clock.
- Service of ambulance.
- Prescription drugs.
- Doctor's expenses.
- If necessary, fees for an optometrist or acupuncturist.
- Necessary medical equipment or appliances.
- Visits to the doctor for follow-up care.
- Urgent treatment.
- Tests required for diagnosis.
- Accidents and illnesses can result in dental emergencies.
- Medical services from chiropodists, podiatrists, and others are covered.
- Medical ailment that existed previously.
- Depending on the scope of the policy, maternity expenses may also be covered.
- If an emergency evacuation is required, it will also cover the expense of any accompanying children or other dependents.
- Depending on your insurance policy's terms and conditions, COVID-19 emergency may be covered.
- There is an option to get supplemental insurance for sporting events.
- Benefits in the event of an accidental death as well as protection against dismemberment.
How Critical Illness Insurance is Different?
- You receive a tax-free compensation.
- Critical illness requires a longer time for recovery and received compensation can act as replaced income if you take time off your work.
- You can prioritize your health without worrying about finances.
- You are free to use the received amount in any way you like.
- You can take a second opinion for free, most critical illness policy covers it.
- It is possible to buy coverage for your spouse/ living partner or dependent child in the same policy.
- If you do not make any claims till maturity then the premium you paid will be returned also known as Return on Premium on Maturity (ROPM).
- And in case of your death, the premium amount will be transferred to your nominee under the Return of Premium on Death (ROPD) feature of the policy.
- Critical Illness Policy does not involve any financial risk and in case you don’t make a claim, you will get your premium back as savings.
- 75 years is the upper age limit for getting critical illness insurance.
Insurance experts at Gujarat Insurance have years of experience and understand the medical and financial needs of Canadians. We offer the best possible coverage to our clients after discussing their medical history, health condition and financial budget. We do not work with only one insurance company and our priority is our clients. We help you compare rates of different companies and get the best possible rates.
To know more about critical illness insurance you can book a free consultation with our advisors now.