Focus on Recovery with Critical Illness Insurance
A critical illness—such as cancer, heart attack or stroke—interrupts your life and can leave you and your family financially strained.
The costs related to treating critical illnesses are often much greater than what is covered in a standard health insurance policy. Plus, a serious illness will often impact your ability to work, which results in additional financial challenges.
Fortunately, critical illness insurance can provide the coverage you need so you can focus on your health.
What is Critical Illness Insurance?
Critical illness insurance provides the financial support needed so you can focus on recovering from a life-threatening illness. You will receive a lump sum payment if you fall ill during your policy period and live for the duration of the survival period (typically between 30 and 90 days).
Critical illness insurance is restricted to serious, life-threatening illness including:
- Heart attack
- Coronary bypass
Some policies will cover upwards of 30 life-threatening illnesses. Like all policies, however, there are standard exclusions to critical illness insurance. For example, critical illness insurance often doesn’t cover pre-existing conditions, attempted suicide, and alcohol- and drug-related incidents.
Our expert critical illness insurance brokers can help you understand what is covered and what isn’t, and can also help you decide on a policy that is best suited for your needs.
Critical illness affects many Canadians each year and financial strain can add to the stress. Protect yourself with critical illness insurance.
The Benefits of Critical Illness Insurance
Critical illness insurance can help you cover your finances while you’re on the road to recovery.
There are no limitations on how you spend your critical illness insurance payment. You can decide where that money should go to help your recovery and reduce financial strain.
Recovery-related expenses that critical illness insurance can help you cover include:
- Treatments, including drugs and experimental/alternative medical treatments that are not covered by Canadian health insurance or your employer health insurance plan.
- Homecare, such as live-in nurses.
- Travel and transportation expenses, such as getting to and from treatment and retrofitting vehicles to carry scooters or wheelchairs.
- Counselling and support services for you and your family.
Every-day costs that critical illness insurance can help you cover include:
- Mortgage payments or rent.
- Loans and other debt payments.
- Groceries, utilities and other living expenses.
- Childcare, such as day homes or daycare.
Answers to Your Critical Illness Insurance Questions
Do I need critical illness insurance?
Suffering a life-threatening health emergency or being diagnosed with a serious disease is more common than you may think. In fact, cancer and heart disease are the top two leading causes of death in Canada.
The good news is that medical advancements are improving the survival rate of these and other critical illnesses. But recovering from a life-threatening illness can take a toll on your savings—fortunately, critical illness insurance can help you cope financially.
Critical illness insurance also fills the gap between the coverages you may have through your employer’s group benefits as well as disability insurance and life insurance. For example, a life insurance policy will only provide your beneficiaries with a payout upon your death.
How much critical illness insurance do I need?
This will depend on your specific needs. Our specialty critical illness insurance brokers can help determine the right amount of coverage based on your needs, such as:
- Your income
- Living expenses (i.e., mortgage, rent, utilities)
- Loans and debt payments
They will also factor in recovery-related expenses, such as:
- Treatments and drugs
- Travel for treatment
- Counselling and other support services
When should I get critical illness insurance?
Canadians between the ages of 18 and 65 are eligible for critical illness insurance. That said, the best time to purchase critical illness insurance is when you’re healthy. Also keep in mind that your risk of suffering a serious illness increases as you age, so purchasing critical illness insurance when you’re older may increase your rates.
Our expert brokers can advise on when is the best time for you to purchase critical illness insurance.
I have a pre-existing condition. Should I still get critical illness insurance?
While pre-existing conditions are not usually covered by critical illness insurance, you may still be protected in the event of another life-threating illness.
For example, you may not be covered for a heart attack if you have a heart condition, but you may have coverage for cancer.
Our brokers can advise on the right critical illness insurance policy based on your current health and pre-existing conditions.
How much does critical illness insurance cost?
How much you’ll pay for critical illness insurance depends on several factors, including:
- Your age
- The level of coverage you select (most insurers offer premiums between $25,000 and $2 million)
- Your state of health
- The policy you select (some policies cover up to three critical illnesses, while others cover upwards of 30)
Our critical illness insurance brokers can advise on your insurance needs and help you choose a policy and benefit amount that is right for you.
Why Choose Rogers Insurance for Your Critical Illness Insurance
Rogers Insurance has been a trusted critical illness insurance broker since 1977. We have brokers who specialize in critical illness insurance and they will find you the best coverage—and price—for your needs.
As one of the largest independent, employee-owned brokerages in Canada, we have access to an unparalleled number of critical illness insurance providers across the country. This means we can compare coverages and prices until we find the best solution for you!
Here at Rogers Insurance, we also believe in a human approach to insurance. We are here to support you and answer all your questions regarding critical illness insurance, and we will advocate on your behalf in the event of a claim.
Suffering from a serious illness can be stressful for you and your family. Critical illness insurance can minimize the stress of loss income and treatment costs so you can focus your energy on recovering. Request your quote today.