We all say, “It will never happen to me,” but the numbers indicate that a lot of Canadians will get afflicted by a severe disease at some point in their lives:
- Forty-six percent of US adults can believe in suffering from hypertension1.
- Around 2000 people die from cardiovascular disease each day1.
- 39% of males and women will be diagnosed with cancer at some point during their lives.
However, there are typically the high costs of treatments that can put pressure on a budget of families, such as co-pays, procedures that can not get covered by insurance, and medical expenses unrelated to the treatment of severe disease.
What Happens If I Am Affected?
The impact of critical illnesses can be detrimental to the financial wellbeing of families and individuals–even those who have health insurance. It is why necessary illness insurance is an increasingly popular type of supplemental insurance.
Find Out the Fundamentals:
Critical care insurance can provide benefits for a variety of acute diseases.
The gift can help pay for medical expenses that cannot be covered by primary medical insurance if you have the covered condition. Critical illness insurance gives a lump sum cash benefit that must get utilized to fulfill the insured’s needs according to the type of policy. The “big three” diseases covered by critical care plans include heart attacks, strokes, and cancer. Many policies also cover serious ailments, such as kidney failure, multiple sclerosis, and blindness.
A severe illness could significantly alter your lifestyle.
A severe illness can cause sudden, unexpected out-of-pocket medical or non-medical costs, which may include:
- Coinsurance, deductibles, and co-payments
- Specialists outside of the network
- Medical insurance cannot cover the treatment.
- Nursing care
- Prescriptions
- Rehabilitation
- Transport to and from the facility
- Pet care and child care
Income loss due to absences from work to recover or take care of the family member
As well as managing these expenses, individuals must still pay for regular household expenses, such as rent or mortgage payments and health insurance premiums. They also have to pay for car loans, tuition fees for school, and utility bills. You might not realize how much this can add to your budget, not to mention the emergency savings you have set aside.
Because of this, many think about critical care insurance to help them fulfill their obligations and obtain the treatment they require. They can concentrate on healing rather than worrying about the cost.
Do You Have a Risk?
There is no easy method of assessing risk, as numerous factors are involved in the equation, such as the lifestyle, family history, and the presence or absence of specific medical conditions. It is possible to start with 5 Tips to Lower Your Cancer risk. Use the health screenings you receive to speak with your doctors or nurses to reduce your chance of developing severe disease. Keep abreast of the latest health research.
It’s an excellent idea to meet with your insurance representative to determine your “fit” to an insurance plan for critical illness and answer all of your concerns. Contact an agent now!
The policy has limitations and exclusions. Read the policy on policy benefits, features, options, rates, definitions, rules, as well as exclusions.
Critical Illness policies get covered by Ottawa’s Ottawa Life Insurance Company across the entire country. The Ottawa Combined Life Insurance Company can provide necessary illness policies.
Ottawa Life Insurance Company is ready to assist you with all your personal and business insurance needs. Call us at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca for further information.
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