Critical illness insurance, is it necessary?

Critical illness insurance, is it necessary?


You are in the prime of your life. You feel so good you feel like you are invincible ... or almost. And suddenly you have the impression that your health is less good. Is this a sign of serious illness? Usually, serious illness occurs when you least expect it. And just because we were young, we had iron health that it follows us as we get older, on the contrary, it does not guarantee anything.

Of course, critical illness insurance can never keep you from getting sick, let alone having an accident. But in your misfortune, you will at least have financial security. Of course, critical illness insurance isn't mandatory, but is it necessary? The answer varies greatly from person to person. Is it a priority to focus on your recovery instead of worrying about your next mortgage payments?

The fact is that one in three people will develop cancer in their lifetime. And if it were you? Will you be able to support yourself and your family, even if you are sick? Because once you are sick, you will have costs that you would never have thought of, such as medication for the side effects of treatment, food supplements and vitamins, home help, prostheses and wigs. Like it or not, money is needed to cope with serious illness.

 

Learn more about critical illness insurance

What do we mean by serious illness? It is a disease that irreparably affects our quality of life, and even threatens it. We are thinking, of course, of cancer. But the list of risks is long. Stroke, severe burn, heart attack, dementia, kidney failure, multiple sclerosis or benign brain tumor, to name a few, are generally considered serious illnesses. The lot also includes some childhood illnesses (autism, muscular dystrophy, etc.).

 

What is critical illness insurance really used for?

Critical illness insurance is really about protecting you. Like any insurance, it gives you a predetermined amount if you are diagnosed with an illness listed in your policy. By benefiting from critical illness insurance, you will be able to:

    pay for health care that is not covered by Quebec health insurance;
    receive home care;
    reimburse other expenses caused by illness;
    allow someone to take care of you by compensating them;
    make up for your biggest financial losses.

 

How does critical illness insurance work?

On average thirty days after the diagnosis, the insurer will pay you a tax-free lump sum (predetermined when the contract is signed), allowing you to devote yourself entirely to your recovery. This payment can be used however you want, without any restrictions.

 

Who is critical illness insurance for?

Anyone who wants to protect themselves from the financial worries of critical illness can purchase insurance. To be able to benefit from it, however, you must be in good health when subscribing.