If you’re like most Ottawa individuals, your life is pretty good now, and you have no reason to believe it will be the case soon. Imagine being a victim of an illness that takes away your health and causes a massive reduction in your earnings.
It isn’t a doomsday story; it’s a reality that happens frequently. It leaves a trail of financial strain that could slow the healing process.
How Does Critical Illness Insurance Work?
Suppose you’re ever diagnosed with a life-threatening disease pre-approved in your insurance policy. In that case, Critical Illness Insurance will give you a lump sum payment you can utilize in any manner you want.
While your health insurance plan will define what’s covered, the following diseases are usually covered:
- Heart attack
- Stroke
- Cancer
- Multiple Sclerosis (MS)
- Organ transplants
- Parkinson’s disease
- Alzheimer’s disease
- HIV treatment
- Blindness
The Benefits of Critical Illness Coverage
Health insurance is supposed to cover most of your medical bills. However, think about all the other expenses it won’t cover. A lump sum benefit of your insurance policy will ensure you won’t endure financial difficulties while dealing with a severe medical condition. It is the main benefit of Critical illness insurance.
Consider These Five Ways That Critical Illness Insurance Can Save You Money
1: You Might Need to Travel for Treatment – Based on the severity of your condition, the doctor might recommend an out-of-state facility with an excellent track record of treating your illness. You can make yourself use your credit card to pay for travel, lodging, and meals if you don’t have funds or a payment from a critical illness insurance plan. It could take years to cover these costs following your recovery.
2: You’ll Have to Pay for the Cost of Health Insurance That Isn’t Covered – The cost of copays and deductibles is becoming more significant as premiums for health insurance rise. There are other out-of-pocket expenses to consider.
3: You’ll Be Required to Make Mortgage Payments – As with any data collection, if you’re young, you’re more likely to become crippled from disease than to pass away. Like most people, you’ve got a life insurance policy that will pay off your mortgage if you pass away. A lump sum payment can cover the mortgage payments while you recover. Imagine the tranquility that could result from knowing that your family will be able to continue living in your home despite your inability to work.
4: Make Changes to Your Home or Vehicle – Certain critical illnesses can limit mobility. Retrofitting your car or house will restore some; however, it can be costly. Wheelchair-accessible doors may need to be broad, and in some home rooms, ramps may need to substitute with steps. A van that provides accessible wheelchair access for the driver’s seat and hand controls can be costly.
5: Maintaining Your Lifestyle – Everyone is used to a particular way of life. If a critical condition affects your life, it could create emotional stress for everyone in the family. The health insurance policy can remove the worries of losing income during severe disease with the money you’ll get.
In Summary
Your family will be in peace of mind. You can focus on your recovery when adequately prepared for severe disease. Being confident that insurance will cover your financial needs following the diagnosis of a critical illness will ease the financial strain and help you recover.
For more information on critical illness insurance or to discuss any other health insurance needs, get in contact with us. Contact Ottawa Life Insurance if you have additional questions about critical illness or other health insurance requirements. For information, contact us by phone at (613) 454-1424 or by email at info@ottawa-lifeinsurance.ca.
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