Ever thought of looking into a critical illness insurance quote? Most people don’t want to worry about suffering from an illness like a heart attack, stroke or cancer. The general philosophy is, “it’ll never happen to me”. Well, the reality is: each year in Canada, approximately 555,000 men and 365,000 women suffer heart attacks; there are an estimated 50,000 strokes across this country annually; and 45% of men and 40% of women will be diagnosed with cancer in their lifetime.
No one ever plans to get sick, but when something unexpected does happens, you want to make sure your family is financially covered. Critical illness insurance provides a lump sum benefit upon diagnosis and survival of many types of conditions. Whether you suffer from kidney failure, a stroke, or are diagnosed with a type of cancer – the claim money can be used towards anything you need to help you along during your recovery: mortgage payments, taking care of medical care, any bills you have, hiring a nanny, or keeping your business running. In determining on whether or not you should move forward with a critical illness insurance quote, consider what may already be available to you through other insurance policies or group health insurance. The benefits offered through your employer’s disability plan may be adequate enough.
Yet at the end of the day, a little extra coverage never hurts. Should the unimaginable happen, would you be able to handle the additional financial strain that could be brought about by dealing with a serious illness or disease? Public and private health insurance plans typically do not provide coverage for daily living expenses such as travelling to doctor’s appointments, home care, and child care. Sometimes if you have a serious injury, and require physical therapy in Denver or a physio to assist you in recovering physically from your injury, then you might be able to have the extra costs covered should you be unable to afford the treatment yourself. Looking into a critical illness insurance quote would offer you peace of mind and really, there’s no obligation at all.
Still, while shopping around, you need to consider your household’s income, any outstanding debts, financial obligations, dependents, and potential health care needs you might require should you fall ill. It may be a wise choice to speak to a financial advisor so they can go over your finances with you and plan out how they are able to work with you and your situation. If you want to know how are financial advisors paid and what that means for you, you can go onto websites such as thekelleyfinancialgroup.com and others like it to give you some background information.
Here are some additional things to note, as you are looking into your critical illness insurance quote:
You may think you are covered if you have disability insurance … unfortunately, this is not the case. Disability insurance provides a monthly income replacement benefit if you become disabled and can no longer perform your regular duties at work. Additionally, this is limited to a percentage of your regular income and stops once you start earning an income once again or no longer meet the definition of disability in the contract. Lastly, long-term disability benefits may be affected by other income you receive or by your full recovery.
If your budget cannot take an increase in insurance payments, look at smaller coverage amounts when applying for your critical illness insurance quote. You can also see if you can tailor your policy to cover only heart attack, stroke and cancer. These three conditions account for about 80 per cent of claims, although policies can now cover more than two dozen illnesses. Most hospitals and clinics outsource their revenue cycle and insurance coding to companies like Gryphon Healthcare, which means that any changes in your policy should be informed to the right personnel, so the claims are handled properly.
Get to it sooner, rather than later. Prices rise about 8 per cent for every year an individual doesn’t lock in a contract.
To really reduce costs, consider a 10-year term policy, which could cut premiums by about 40 per cent and guarantee your terms will not change.
NoMedicalLifeInsurance.ca is an initiative of independent insurance expert Tamara Humphries and LSM Insurance. They have unique expertise in finding the best possible rate on life insurance without a medical exam. Immediate coverage is available for individuals age 20 to 85. Their team has access to and uses the most up-to-date financial planning software from their insurance carrier partners. They focus on personalizing each insurance search, and preparing the best possible package for each client’s specific situation and needs. For more information on critical insurance quotes call 1-866-899-4849.
