Critical illness insurance Canada policy is a recent policy type having been introduced into the market only in 1983. The policy seeks to bridge the gap that the healthcare system excludes when it comes to critical illnesses such as cancer. The medical field has diversified significantly especially when it comes to the treatment of these so called critical illness. Since the traditional methods of treating these sicknesses are challenged, many patients are opting for other non traditional and non conventional treatment options. Others are seeking to try medication on experimental basis and most of these alternative treatment options are not covered by the healthcare program. Since the costs of these treatment is high, there has come a need for individuals to seek alternative cover that will make funds available for such medical options. Critical illness insurance policy provides an answer to this. The policy provides a lump sum benefit once a policyholder gets diagnosed with a critical illness and survives the waiting period.
The critical illness insurance policy can be taken both as an individual and as a group cover. When you seek coverage as an individual, the underwriting procedures and the scrutiny of your health and family history is more vigorous and many individuals fail to qualify. On the other hand, the group covers are automatic and less medical scrutiny is done on the group members. When seeking a critical illness insurance policy, there are various aspects that you need to consider.
- Level Premiums – The premiums to be paid is an important aspect of the policy. Some insurance policies will provide level premiums for a given period of time while others have the premiums increasing with time. For corporates, some critical illness insurance Ontario companies provide a guaranteed premium for 12 to 18 months. Some insurance companies will even return the premiums made if no claims are made within a given period.
- Coverage Limitations- Some companies have limitations and different rates for different people based on the age and the diseases covered. There are also policies that decrease their coverage as one advances in age. These are all important factors to consider when reviewing critical illness insurance quotes
- Diseases Covered – Different insurance companies will provide coverage for different critical illnesses. The critical illnesses range between 3 and 22 critical diseases. All policies will at least cover the 3 main critical diseases namely cancer, stroke and heart attack. Other diseases that may be covered include coronary artery bypass, kidney failure, major organ failure while on the healthcare waiting list, deafness, blindness, multiple sclerosis, coma, Parkinson’s disease, Alzheimer’s disease, organ transplant, loss of limbs, speech loss and paralysis.
- Waiting Period – The waiting period is another consideration when purchasing critical illness insurance policy. The waiting period is the period between the time you are diagnosed with a qualifying critical illness and the time the life and critical illness insurance company provides the benefit. Policies will range between 30 days to 60 days. The benefit is ideally given to enable a survivor of these critical illness coupe with life or seek alternative medication. Therefore, if the policyholder does not survive the waiting period, no benefit goes to the beneficiaries.
- Portability – Some group critical illness cover companies provide an option to members of the group to continue with the coverage even after leaving the employer who provided the policy cover. However, renewal of policy for continuity must be done within a given period. This is an ideal advantage especially for employees who are retiring or for employees moving into companies that do not provide the critical illness cover.
- Exclusions and Terms – There are differing exclusions, terms and conditions for different life and critical illness insurance companies and you need to well understand these terms before signing for the critical illness insurance Canada policy. Some of the exclusions that are being provided include critical illnesses arising from self-mutilation and if one is diagnosed with a critical illness within 90 days of signing the contract.