At P.D. Foster Insurance we understand how the diagnosis of a critical illness impacts your life and your loved ones. Not only does it require difficult treatments taking months or years of care, but it also impacts your ability to continue earning an income to support your family. That is why we offer Critical Illness Insurance that provides financial support so you can focus on your recovery.
What is Critical Illness Insurance?
Critical Illness Insurance provides the financial support you need when undergoing treatment for a critical illness. We are all vulnerable to illnesses that can develop unexpectedly, leaving us struggling financially during treatment. However, with Critical Illness Insurance, you can focus on getting better without the worries of financial strain placed on you and your family. Your policy covers a long list of critical illnesses such as cancer, strokes, and heart disease offering peace of mind throughout your treatment and recovery process.
How is Critical Illness Insurance different from health insurance?
The main difference between the two is that you receive your policy payout as a lump sum of cash with Critical Illness Insurance, as opposed to being reimbursed for specific medical treatments and costs for health insurance. As a result, the cash helps supplement other expenses incurred during your illness including living expenses that can build up if you are unable to work. This reduces the financial burden placed on you or your loved ones.
Why do I need Critical Illness Insurance?
Critical Illness Insurance provides a safety net and financial support if you become seriously ill. It ensures you do not build up debt that can leave you in a serious financial crisis during or following your recovery. It helps supplement lost or reduced income while you receive care, while also allowing your family to hire in-home care providers to reduce stress and improve the level of care you receive. You can also help fund treatments and medications not covered by your provincial health insurance or other health insurance plans, so you receive the best treatment available.
How does Critical Illness Insurance work?
Critical Illness Insurance works in the same way other insurance policies work. We can help you find the right policy for your needs based on the amount of coverage you want or can afford. Your premiums are based on your coverage, and you pay towards your policy based on that amount. If you are diagnosed with a critical illness, you file a claim and receive your lump-sum payment based on the timelines outlined in your policy. If you lead a healthy life, your money is not wasted. We can discuss the option of a return-of-premium benefit which allows you to receive the money invested in your policy after 10 years of paying premiums. Once the money is returned, the policy expires.
How much Critical Illness coverage do you need?
The best way to calculate how much coverage you need for your policy is to look at your income and any supplemental insurance you might receive if you can’t work. This amount can also be compared to your monthly expenses, and how your lost income would impact your ability to cover those costs. Your spouse/partner’s income can also be considered, as depending on your situation, your partner might need to take time off work to help support your recovery.
Although the government does offer insurance benefits when caring for a loved one, this is only available to those who pay into employment insurance for a limited time. Other considerations include your level of debt and the expenses incurred to help you recover. We can help you assess your finances and other coverage you might receive, and calculate the ideal coverage to improve your income during your recovery.
Why Choose P.D. Foster Insurance
At P.D. Foster Insurance we have been offering Critical Life Insurance to our customers since 1949. We understand how devastating a diagnosis of critical illness is on families, and the risks it presents for your financial security. We provide comprehensive Critical Illness coverage and can help you find the right coverage to support you through your recovery. Our goal is to find the right policy for your needs, so you can focus on getting well with little disruption to your income.
For more information about Critical Illness Insurance, speak to our team today.