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Critical Illness Insurance

Critical Illness Insurance

Critical illness insurance is a type of protection designed to help you and your family members with the financial burden caused by life-threatening illnesses such as heart attack, cancer and stroke. If you are diagnosed with a covered illness in your policy and survive the waiting period, you will receive a lump-sum cash payment and it is you to decide how to spend the money received from the insurance company.


Some of the major key points on critical illness insurance are highlighted as below:

Critical illness insurance helps reduce debt and other financial issues while you cope with your illness.
The cost of critical illness depends on your age and the likelihood you will be diagnosed with a life-threatening illness so as you age, the qualifying and cost of purchasing such a policy will likely to increase.
Medical questions/exams are part of the process of applying for individual disability insurance. the extent of such questions/exams depend on your age, and some other factors. For basic group long-term disability insurance, it might not be required.
In case you needed to undergo an expensive medical treatment not covered by any private or provincial healthcare plans, the critical illness can be used to cover such expenses.
The waiting period, the amount of time you must wait before some or all of your critical illness insurance coverage comes into effect, is usually 4-6 weeks after the insurance company receives all your medical documentations as part of policy claim.
If you have a group insurance plan from your workplace, ensure that critical illness insurance is included in the plan. Otherwise, it is highly recommended to apply for your critical illness insurance from the insurance providers.

Due to the great variety of conditions and facilities in preparing and using universal life insurance, it is recommended that you consult with one of our insurance advisors before making any decision. Our expert team at Forever Insure is always ready to provide the right consultation to you and thus help you make the right choice.

For more information, please contact one of our advisors at Forever Insure for a free consultation.
  • 647-518-1390
  • info@foreverinsure.ca

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