According to research, 30% of deaths occur in Canada due to cancer, and more than 35,000 deaths occur due to cardiac arrest every year. Health is wealth may sound cliché, but this adage rings true today when we look at Canadian critical illness statistics. Research also states that one in four Canadians dies from critical illness.
That’s why critical health insurance becomes a financial blanket for many Canadians. With this insurance, people can fight against deadly illnesses and manage high hospital maintenance. In this article, we have cast a light on every detail so you can understand why purchasing critical health insurance in Alberta is worth your money and life.
If you purchase this insurance, the insurer grunts you with a lump sum after you are diagnosed with a life threatening illness to deal with the skyrocketing medical expenses. It is not considered a source of income like disability insurance. With this money, you can pay for your in-home care or treatment. You can spend the money as you wish; no such restrictions exist.
Critical health insurance covers almost 26 illnesses but may vary based on your selected plan. The following illnesses are heart attack, cancer, Parkinson’s disease, multiple sclerosis, loss of limbs, blindness, kidney failure, severe burns, deafness and blindness.
Yes, indubitably, purchasing critical health insurance is worth your money. If you are diagnosed with a life-threatening disease, it protects your family and your life financially. If you cannot continue work, you will get a lump sum to support your family. This financial coverage helps you to maintain the quality of life and guides you to consider necessary medical treatments. Also, you can use the money to address other issues in your life. The following,
Keep in mind that the overall rate of your critical illness insurance depends upon a handful of factors,
The rate of the insurance policy will increase as you age. Before purchasing the insurance, you may have to fill out a questionnaire about your family history and previous medical conditions.
Note: If the insurance company notice a presence of critical illness in your previous medical history, your application may be declined.
Since so many factors are involved with the cost, Alberta’s critical health insurance cost may vary. But generally, the premium costs range between $15 to $100 a month.
In that case, you should consider yourself lucky! However, if you don’t suffer from a life-threatening disease, the coverage will usually end after a specific time. But some insurance policy comes with a “return of premium”; in that case, you can request for getting premium payment at the end of the policy term. Though you may have to make an extra payment to get this benefit, some of your hard-earned money will return.
Making a critical illness insurance claim is not that simple; trust us. The language in insurance policy is particular. For example, what you call a heart attack may not match the mentioned level of organ damage in the contract. Therefore, before making the final call, you should discuss the contract with the insurer and ensure that the critical health insurance policy covers you financially in your time of emergency.
Purchasing critical health insurance is a must for every family to cope with the skyrocketing medical expenses and other additional costs to maintain quality of life and lead their life forward. Contact us at Hope Insurance Broker in Alberta if you want to cover your family financially during a medical emergency.
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