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Critical Illness Insurance Scenario

Critical Illness Insurance

Maggie’s mother and grandmother had both passed away with cancer. Maggie realized that due to modern medicine, cancer was no longer an immediate death sentence. As she got older she reflected on the ways her mom’s long illness had affected her dad herself and her brother and sisters. She increasingly considered the possibility of her own illness and how it could be devastating to her own young family. Someone had mentioned critical illness insurance. Maggie decided to look into it, feeling that a monthly payment would be well worth the cost of peace of mind and security should her family be confronted with the possibility of her own critical illness.

Facts about critical illness insurance

Maggie knows first hand the toll a critical illness takes, not just on the sick person, but also on the entire family. Every day living expenses such as mortgage and rent payments, cannot conveniently be put on hold. The other partner may need to take extra time off work, resulting in a further reduced family income. Extra stress, plus visits to the hospital and other treatments mean less energy and less time at home for everyone. It means more money spent on eating out, transportation, parking passes, household help and care for young children. A lump sum amount would go a long way in easing the inevitable financial strain on her husband and young family, should the day arise that Maggie was diagnosed with a critical illness and unable to work.

What if the illness results in death?

As a child, Maggie and the rest of her family felt the trauma of her mother’s illness and eventual death. As part of her final decision on purchasing insurance, Maggie needs to be aware that critical illness insurance provides for the ill person while they are alive, and nothing at death. In situations where an individual dies before a certain amount of time after receiving diagnosis, the claim can be denied. The required time limit is usually 30 days.

If price is an issue

Critical illness insurance can be adapted to the needs of the individual policyholder. Although policies can cover a variety of illnesses, Maggie could keep premium costs down by requesting that her policy be limited to certain conditions. She can choose the amount of coverage her family can comfortably afford to pay per month. If she purchases a policy now she will pay a lesser amount than when she is older for the same coverage.

Buyer beware

The sale of any product, including insurance, is a business transaction. It is up to the purchaser to ask questions and make sure the insurance plan they choose will be suitable for their particular needs. Take the time now to do your research on different products and companies and agents. Your insurance premiums will add up to a significant amount of money over several years’ time. The best case scenario would be that you never need to collect. Should a critical illness occur it’s important that there is no confusion or disagreement between you and the insurance company in order to receive benefits you are counting on.

Kahler Personal Injury Lawyers specialize in insurance law and represent critically ill clients in wining benefit payouts when their critical injury claims have been wrongly denied. If you or a loved one have questions in this area, our experienced Critical Illness Lawyers are available to meet with you free of charge, no fees are ever collected until we have settled and won your compensation.

Please call us now toll free at (866) 739 7702

With Offices in Toronto, Barrie and North Bay, The Kahler Personal injury Law Firm services critical illness clients throughout  the province of Ontario.

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