Critical Questions about Critical Illness Insurance

Mind the gap – that’s what many Canadians are thinking when they buy critical illness insurance. They’re worried that in the event of something catastrophic, they won’t be able to manage their family needs or their medical bills without additional protections and benefits. They’re concerned about the “gap” between the benefits that they do have and the needs that will arise when the unexpected occurs. It’s a smart line of thinking, and an important one.

The idea of critical illness insurance is that should some bit and unexpected healthcare event occur, this insurance will pay out to help cover expensive drugs, lost wages of an individual or their spouse, rehabilitation costs, living expenses and more. These are things that aren’t covered by standard health insurance, but which are hugely important when a crisis occurs.

Imagine what would happen to your family if you were suddenly diagnosed with a serious illness like cancer – how would you pay your bills and who would cover all of the extra expenses? This kind of insurance is what people reach out to when they have concerns about the question of all of the ancillary expenses that are associated with medical issues that come out of nowhere.

But does critical illness insurance actually do what you think it does? Will it cover the gaps in coverage and give you peace of mind in the event of a serious illness? Here are some critical questions to ask about critical illness insurance.

• Are the premiums too high?

Critical illness premiums need to be discussed with your insurance agent. Before buying a policy, take a long hard look at it to see how it can benefit you in the long run and provide peace of mind. Your agent can compare critical illness policies with several providers to ensure that the rates you’re paying are competitive and that you’re not signing on to conditions that are less than what you want. It’s also important to discuss any riders in the policy with your agent.

• What do benefit payments look like?

The idea of this kind of policy is that when a diagnosis is made or an event occurs that’s covered in the contract, a lump sum is paid out to the beneficiary, in this case you are the beneficiary. That money doesn’t go to the hospital or the doctor, but rather directly to you to spend as you see fit on whatever you might need. In this way, critical illness insurance is fundamentally different than other kinds of policies, and this is a big reason that it’s so appealing.

• What are the gaps in coverage?

Critical illness plans offer a wide variety of covered conditions. However if it turns out that the specific malady that you are suffering from isn’t on the list, then benefits could be denied, no matter how many years you’ve been paying on the policy. Covered conditions might include things such as cancer, heart attack, stroke, etc. You must understand the specific ways that your policy works in order to avoid any surprises. The definitions of conditions tend to be extremely specific, so it is best to go through this with your insurance agent as they have all the information you need to make an informed decision.

• When does the policy end?

For most of these kinds of policies, the end of the policy comes when benefits are paid.

• Is critical illness insurance all you need?

The answer here is absolutely not. Before buying a critical illness insurance policy, you should be sure that you understand your needs prior to purchasing as the following insurances are important also life insurance policy and disability insurance policy as well as a retirement nest egg to help you cover expenses in an emergency. All of these policies play a very important part in your future and your loved ones future. Affordability plays a key role in how you structure your future to cover risks.

Critical illness insurance is a great way to give yourself an extra boost, offering you peace of mind in the event that something should go wrong. The biggest issue that people run into is that they don’t fully understand the coverage that they’re getting. However if you work with a trusted insurance counselor then you’ll be poised to get coverage that will help you to be prepared for the unexpected.

For more information on critical illness insurance, contact Morgan National Corporation today at 1-866-595-3533.  Let us help you protect your future with an insurance policy tailored to your specific needs.