Critical Illness Insurance

Critical Illness Insurance is a type of health coverage that provides you with a tax-free, lump-sum payout in the event that you contract a serious illness. It helps you pay for things that aren’t covered by OHIP such as alternative treatments, home modifications and certain debts that you will be unable to pay due to time off work. Critical Illness Insurance can also be added as a rider to your life insurance policy.

Qualifications
You must fill out an application and answer medical questions. Fluid testing may also be required, along with other underwriting requirements.

Things that can be covered
Critical Illness policies protect against specified medical conditions. Depending on the policy that you choose, you can be covered for 3 - 23 types of illnesses.  The most common illnesses covered in Canada are cancer, heart attack, stroke, blindness, Alzheimer's, multiple sclerosis, organ transplants, kidney failure, and paralysis. It would be best to explore your options and see what works best for you.

Premiums based on
Your  current age and smoking habits, health status, amount of desired coverage and your family’s health status.

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