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Critical Illness insurance
Critical Illness Insurance Supports Financially If You Become Sick
You will receive a lump sum payment to spend on any needs if you are diagnosed with one of the conditions covered in the policy.
- If you need surgery or other procedures done in another country, that will help you cover the cost
- If you’re feeling unwell, you will be able to take time off from work to get better
- You will be able to cover the medical expenses which are not covered by Alberta Health (or another province or territory, depending on where you live)
- You will be able to take vacation, etc.
Each policy can be different, depending on what you choose and what kind of company you are dealing with.
You are eligible to apply for Critical Illness Insurance before you turn 65 years old.
You can choose the duration of coverage: 10 years, 20 years, until 65, 75, 100 years old.
All these factors as well as the medical history of the person applying for coverage and their family (parents and siblings) will affect the insurance cost.
Critical Illness Insurance for your child
Parents can also buy Critical Illness Unsurance for their children who are 30-days+ old, and coverage can be in place until the age of 25. Most insurance companies include extra 4-5 conditions for children such as:
- Cerebral palsy
- Congenital heart disease
- Cystic fibrosis
- Muscular dystrophy
- Type 1 Diabetes Mellitus
Please contact us to find out more about Critical Illness insurance, get a quote, and what condition can be covered. You will receive a free estimation.
What is the most important feature of Critical Illness Insurance?
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Providing Support To Your Family If You Need To take time off work
Taking time off work can be really stressful for you and your family. Disability insurance will help you to continue receiving your partial income (50% – 70%), if you injure yourself or get ill (subject to the specific insurance policy).
How does it work? If you are an employee and have benefits, your employer likely already provides some disability insurance for you.
However, it can be a smaller percentage from your income than you expected or the waiting period can be more than one year, in other words, you will start receiving your money if your condition takes longer than one year.
Disability insurance has different types of coverage depending on:
- What you do at work and your occupation (if you own the business or are a regular employee)
- Benefit period (e.g. 2, 5, 10 years, until the age of 65)
- Waiting period – when you will start receiving the benefit (immediately, after 3 months, after 1 year etc.)
- Level of guarantees, etc.
The evaluation of the amount that you may need will be based on your income or debt that you may have.
We can provide more details about this type of insurance, analyze your personal situation, the benefits you already have from your employer and what else can be added to provide decent financial support for unforeseen situations.
To find out more about what kind of policy you have from your employer, you can reach out to your HR department or office manager. If you are self-employed or you work for a small company you may have no coverage at all.
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Long-Term Care Insurance
what will happen if you become older and cannot independently perform two or more daily living activities?
For example, you could not dress yourself or move from your bed to the sofa. What if the government support would not be enough or you would not want to burden your family?
At that point, your children will probably have a family of their own who also need to be taken care of. It has become a sensitive topic for many Canadians.
How Long-Term Care Insurance works
You can purchase this insurance on a stand-alone basis or as a rider to Life Insurance or Critical Illness Insurance.
Long-term care benefits may be paid out via one of two ways: reimbursement (you pay first, then claim your expenses) or indemnity (paid directly to the care provider).
Usually, a contract will have a maximum daily and overall limit.