Isn't healthcare free in Canada? Why do you need critical illness insurance?
In Canada, critical illness insurance is getting more and more attention. On the one hand, the incidence of modern civilization diseases such as cancer and cardiovascular disease is getting higher and higher. On the other hand, with the development of medical technology, the survival rate after the disease is also getting higher and higher, which makes many people pay more and more attention on financial arrangements during recovery after illness. Take cancer as an example, the current rate of cancer in Canada is 40% for women and 45% for men. The data show that the death rate of cancer is decreasing significantly, and the death rate of many kinds of cancer is decreasing by more than 2% every year. Life insurance is caring for family members in the event of an accident, while critical illness insurance is mainly for recovery after illness and to reduce the financial burden on yourself and your family. Therefore, critical illness insurance is important in family financial planning.
The compensation method of critical illness insurance is: once the insured is diagnosed with any disease within the scope of insurance and meets the relevant requirements stipulated in the policy, the entire insured amount will be paid in one lump sum. Insurance benefits are tax-free. After compensation, the compensation will not be refunded if the critical illness recovers.
What diseases are generally covered by critical illness insurance?
- Cancer
- Heart Attack
- Stroke
- Kidney failure
- Paralysis
- Major organ transplant
- Blind and deaf
- Alzheimer's disease
- HIV Infection
- Motor nerve disease
- Benign brain tumor
- Severe burns
- Parkinson's disease
- Aortic surgery
- Total 18-25 diseases(depends on the Policy)