What is Critical Illness Insurance?
Whereas life insurance
provides for their next of kin, for some Canadians, it makes more sense to apply for something that will help them while they are still alive. Critical Illness Insurance provides them with the financial aid to do this.
Critical Illness Insurance is still a relatively novel concept in Canada which provides the holder with the means to cope with a serious medical condition such as Multiple Sclerosis, blindness, cancer, paralysis, etc. While these policies are rather expensive, if a holder falls critically ill, the policy can be highly accommodating. The holder will be provided with a bulk payment for anything that he/she may require while ill.
Critical Illness Insurance does not require the holder to have their expenditures approved nor to provide bills. In fact, the holders can use the payment for various things such as to try alternate medication or procedures that are not covered in government plans, to pay a housekeeper to cook and clean while they recover, and even to buy new wigs and clothes.
Some Critical Illness Insurance policies also provide vacation packages should the holder feel the need to travel while ill, and it will cover certain travel expenses
. Purchasing Critical Illness Insurance is also a feasible option for Canadians with irregular incomes such as home makers and self employed
people, because unlike disability insurance
, one does not need to provide an income statement to purchase it.
A typical premium policy for a healthy non-smoking 35-year old Canadian would cost about $25 - $30/ month per $100,000 worth of coverage. As is the case with life insurance, the younger and healthier the person, the less the premium will be. Critical Illness Insurance holders of Canada life now have the added advantage of having access to the best medical experts in Canada and even the world. This new ability is available to them due to the joint venture started by Canada Life with Best Doctors Inc. of Boston Mass.
This initiative allows the holders of a Canada Life’s Critical Illness Insurance policy access to the best specialists who can provide the latest medical advice for the treatment of critical illnesses such as cancer, heart disease and Multiple Sclerosis. They can also have access to the experts in the field of their particular illness and can thus be provided with an expert diagnosis, as well as the financial aid with which to cover the expense.
Best Doctors have a database which contains only those specialists who have been ranked as “the best” by their peers for treating certain medical conditions, and when an insurance holder is diagnosed, they will receive an evaluation of their medical records by the specialists in this database.
These specialists will propose suitable treatment options that are provided by experts from the database. Best Doctors can also get the Canada Life Critical Illness Insurance holders access to the top medical experts in the US with major discounts on the rate of care and hospitalization.