Benefits Associated With Critical Illness Insurance Policy
Medical facilities and the survival rates have sophisticated dramatically in recent years. But at the same time availing, of medical facilities can cost you a fortune. The costs related to critical illnesses like cancer and heart surgeries can shock your close ones as well. Such situations cause a lot of strain not just emotional but also financial to the family. Critical illness insurance is very vital and life-changing in such situations. Insurance agents can help you pick the right critical illness insurance for clients to facilitate their family leads a better lifestyle under any Illness that the client may come across.
Critical illness insurance provides a lump sum amount if you come across any critical illness which is covered under the insurance policy. The lump-sum amount is generally disbursed as a cash payment and not as a reimbursement of the costs involved. Thus it depends on you how you want to spend the money. You can use the Insurance money, to pay for private nursing, medical equipment, or even your mortgage. Under critical illness insurance in Brampton, Mississauga there is a condition, which states you must survive several pre-decided days to avail the insurance benefit.
In simple words, you may have to survive 60 days after the diagnosis of your disease to claim the lump sum. This is known as the minimum survival period. You can even consider new medical treatments which are not covered by private or government insurance plan such as heart attack, paralysis, heart stroke, kidney failure, loss of speech and sight, paralysis and organ transplant. The insurance coverage you choose will determine the amount of lump sum you obtain. The lump-sum amount will be paid to you after the expiry of the minimum survival period. The money obtained from insurance coverage can be used to reduce other financial concerns after surviving the critical illness.
You can even opt for getting your premium returned in case you don’t experience any critical illness during your lifetime. Hence a lump sum is provided to your family after your death. You have to pay a lesser premium if you choose a longer minimum survival period. If you remain disabled for 90 consecutive days then the insurance company will pay the premiums that come due while you are disabled. They will also refund you any amount paid during those first 90 days. If any client dies while the policy is in force, the insurance company will refund all the premiums paid by the client.
Having critical illness insurance is vital not just for families or couples but for single adults too. Being detected with a critical illness often means that you unexpectedly need help with the everyday tasks you’re used to doing yourself, particularly if you live alone. Critical illness insurance can help you pay for the backing you need. You can use the insurance amount to pay for medical care outside of the country, in-home nursing care, or anything you want.