Receive The Critical Illness Coverage: Stay Financially Secure and Emerge Victorious
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It can be said that critical illness insurance is like a financial shield that protects the insured during the ailing time. Critical illness insurance is a type of health insurance that ensures an insured receives a lump-sum payment if he/she gets critically ill. This benefit is a type of earning that proves helpful while the insured recovers from the illness and also acts as aid while covering healthcare expenditure. After taking the proper coverage, you can free yourself from the financial distress while dealing with any financial emergency. To learn more about the critical illness coverage, you must consult with the experts of Tamber Insurance.
All of us want to live a healthy, happy and successful life. Most of us even take proper precautions and stick to a health-conscious lifestyle, but illness is like an unwelcome guest. Serious illness not only ruins mental peace but also has a massive financial impact. Serious illnesses and diseases can occur at any age and time. Unfortunately, they adversely affect the quality of life and seriously destabilize the financial condition.
Some of the illnesses that are covered under the critical illness insurance:
- 8 partial-payout illnesses
- 5 childhood illnesses
- 25 full-payout illnesses
The 5 Childhood Illnesses
The critical illness insurance includes 5 childhood illnesses, all of them eligible for a full-benefit payout. However, it is important to note that conditions expire after the kids reach the age of 24 years.
- Type 1 Diabetes Mellitus
- Congenital Heart Disease
- Cystic Fibrosis
- Muscular Dystrophy
- Cerebral Palsy
The 25 Covered Conditions That Are Considered Eligible for the Full-Benefit Payout Includes
- Blindness
- Coma
- Benign Brain Tumors
- Cancer (life-threatening)
- Bacterial Meningitis
- Aplastic Anemia
- Deafness
- Heart Attack
- Loss of Limbs
- Loss of Speech
- Kidney Failure
- Alzheimer’s Disease
- Major Organ Transplant
- Heart Valve Replacement
- Aortic Surgery
- Major Organ Failure on the Waiting List
- Loss of Independent Existence
- Coronary Artery Bypass Surgery
- Paralysis
- Occupational HIV
- Multiple Sclerosis
- Motor Neuron Disease
- Severe Burns
- Stroke
- Parkinson's disease
8 Partial Payout Illnesses
Under the critical illness insurance coverage, there are 8 conditions that are eligible for the partial payout. In comparison to certain other diseases, the treatment of these illnesses is considered to be less severe. Each illness can be claimed once and a maximum of 4 illnesses claims can be made.
- Coronary angioplasty
- Cancer - Stage A (T1a or T1b) prostate cancer
- Cancer - Stage 1A malignant melanoma
- Cancer - Papillary or follicular thyroid cancer stage T1
- Cancer - Grade 1 neuroendocrine tumors (carcinoid)
- Cancer - Gastrointestinal stromal tumors classified as AJCC Stage 1
- Cancer - Ductal carcinoma
- Cancer - Chronic lymphocytic leukemia (CLL) stage 0
What are the Benefits and Importance of Taking Critical Illness Insurance?
In the modern era where most of us live a fast-paced lifestyle, neglect our health, it can be said that nobody is immune from the aforementioned severe illnesses. Those who suffer from a major illness have to take long leaves and sometimes resign from their positions, give up their work. There is also a possibility that your spouse may not be able to work either because he/she has to accompany you during hospital visits and constantly take care of you. Hence, it is a wise step to opt for a critical illness plan and prepare for the unexpected.
After you are present under the shield of the critical illness coverage, you can focus on your treatment, manage your work without worrying about the loss of the income, and family well-being. If you want some more help with the critical illness plan, we are present to help you.
There are a Few Additional Aspects That Prove Receiving Critical Illness Insurance is Always Beneficial:
- The monetary benefit received from the critical illness plan is tax-free.
- The critical illness coverage amount received from the critical illness insurance can be used in an unrestricted manner, and thus it acts as aid in covering the financial burden.
- After consulting with experts, you can customize the insurance to meet your individual needs, and it helps to find the most-suitable treatment. The insured gets peace of mind that his/her family’s financial security will not be jeopardized. It is important to take serious illness insurance to ensure the financial security of the family.
- Options are available that provide coverage to dependent children and spouses.
- The critical illness coverage provides aids such as providing financial support if there is a need for some professional medical assistance at home. However, to learn more about what is included in the policies, you must contact the experts of Tamber Insurance.
- The serious illness insurance is just like an investment. The critical illness insurance is available to be used till the age of 75. If nothing happens, and no claims are made, then, the policy simply matures under the money-back plan that includes two components or scenarios:
- ROPM: Return of premium on maturity
- ROPD: Return of premium on death
The premium amount is completely returned to the insured or his/her family on either death or maturity of the plan. The serious illness insurance is simply a compulsory saving that has nothing to lose.
Frequently asked questions (FAQ)
This is true that many healthy and young Canadians believe that critical illness insurance is non-essential. However, disease statistics clearly show that heart ailments, stroke, cancer can appear at any age, and such diseases can potentially restrict your ability to earn. Apart from deterioration of physical health, they also cause mental exhaustion. After taking the serious illness insurance, there is no need to worry about expenses. Canadians must seriously consider serious illness insurance coverage after crossing the age of 18. Start early, and your premiums will be low, and you will get proper financial protection. Contact the experts of Tamber Insurance to learn more.
In case the insured has developed one of the covered medical conditions or has undergone some covered surgical procedure, it can be expected that within 30 days, the money will be released. For more details and information, consult with the experts of Tamber Insurance.
The insured can use it for anything they want. For example, they can pay the price of prescription drugs, private hospital room bills, mental health counseling, paying hospital parking bills, hiring a house aid and even taking a vacation to spend quality time with loved ones during their recovery.
Yes, it is possible to cancel the critical illness insurance. You can cancel the insurance within the first 30 days of purchasing it, and you will also get a full refund. You can still decide to cancel it after a 30-day period, but there will be no refund for the paid premium. Consult with experts to learn more about the terms and conditions of the insurance policies.
Easily protect your future and get critical illness coverage today. After receiving the coverage, you can face tomorrow with complete confidence. Feel free to call the experts of Tamber Insurance and schedule an appointment.
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