Financial Services: Critical Illness Insurance in Canada
Critical illness is one of those insurance coverages that are integral to have, given the protection they provide, but is something that no provider ever hopes you have to use. Critical illness insurance in Canada is designed to help with the expenses that may result from an unexpected and severe medical emergency, such as a stroke or heart attack. Critical life insurance, in the event of a qualifying illness, grants a single payment - “a lump sum”- which is typically used to cover any expenses that are associated with a critical illness, such as modifying your home, treatments, and rehabilitation, but there’s no cap on what you can use the money for. Some families may choose to use the amount to fund a vacation or to give to a charity.
Advantages of Critical Illness Insurance in Canada
Additional Expense Coverage
Critical illness insurance payouts, while designed to help with the expenses arising out of living with a critical illness, can be used for whatever you choose. You have the flexibility to choose what you wish to use your payouts for.
Critical illness, while it may have limited coverage next to other life insurance options, is relatively inexpensive and is designed to be affordable for Canadian families. This provides families with the peace of mind they need for expenses that are not covered by the universal healthcare program.
- Your employer does not offer an employee benefits package
- You want coverage for immediate medical expenses
- You want coverage for in-home care or other expenses, like treatments, modifying your home space
- Provides coverage beyond what traditional health insurance may include
- Low-cost policies
- Peace of mind for unexpected medical emergencies
What is critical illness insurance in Canada?
Critical illness insurance in Canada is a coverage plan designed to grant the insured a pre-set lump-sump payment if they experience a qualifying event. While critical illness insurance is technically designed to be used for medical expenses not covered by traditional health plans, the funds that are paid out from your critical illness insurance coverage can be used for anything - from treatments to travel or even donations to a charity of your choosing.
Our Critical Illness Insurance Partners
While Canada does have a universal health system that covers a wide range of medical expenses, critical illness insurance is designed to handle the expenses associated with living with a critical illness. Just think - if you lost your mobility, could you afford to modify your living space in a way that accommodates your illness? LMBF’s critical illness insurance carriers in Canada can help get you sorted with a plan that provides you the peace of mind you need. Critical illness insurance is a coverage plan we never hope you’ll need to use, but it’s always better off to be safe than sorry.