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Toronto Classifieds

At its very best, critical illness insurance affords policyholders a secure peace of mind when faced with afflictions that can otherwise tax to the limit standard health plans, whether Canada’s federal coverage or supplementary private policies. The market for such policies aside, the security isn’t perfect. A critical illness insurance policy’s usefulness aside, getting the very most from one requires a certain understanding of how they work and how narrow their payouts can sometimes be. If you’re interested in purchasing coverage, do so under the guidance of a knowledgeable professional consultant that’s well-versed in these unique products’ intricacies. Before even shopping around for critical illness coverage – say, just for instance, starting with a no-cost Blue Umbrella Financial Services Consultation – take a few basic pros and cons into account to have some idea whether or not you might fall within consumers eligible for a policy.   PRO: Flexibity Standard health insurance – whether federal or private – ordinarily focuses strictly on direct medical expenses, such as preventative treatments, prescription expenses, hospice care and the like. Critical illness coverage aims to offset the next dominos to fall after the immediate expenses of a medical crisis: compensation for wages lost during medical leave from employment, keeping up mortgage obligations and even certain life-insurance considerations in the form of advances in death benefits for terminal patients. Consider also that critical illness insurance policies are designed to care after patients with certain illnesses that many other insurance products won’t cover: ·         Kidney failure ·         Alzheimer’s disease ·         Organ transplant ·         Deafness ·         Blindness ·         Multiple sclerosis ·         Paralysis ·         Parkinson’s disease ·         HIV/AIDS The thing is, a critical illness policy pays out directly to the policyholder, leaving the use of the funds to individual discretion. Though funds are often used for some of the key expenses listed above, some seek out the aforementioned cash advance in order to live out their last days fulfilling lifelong dreams after receiving terminal diagnoses. Many policies will also cover policyholders’ children for free, including lump-sum payments for successful claims.   CONS: Narrow Definitions Though advantageous to have, critical illness coverage payouts must often meet very strict definitions. Specifically, benefits typically don’t extend to musculoskeletal or stress-related afflictions. It makes sense, when you really give it some thought. If a company is going to make a cash payout to a policy holder, naturally, it only makes to be absolutely certain in verifying that it’s going to a person who is actually in serious medical peril. To pay out for lesser degrees of illness would be to deplete a company’s funding that could otherwise pay benefits to patients who are suffering from actual critical or terminal illnesses for which Canada’s federal coverage or other private plans won’t pay benefits. A critical illness insurance plan is a great supplement to other policies, but it’s no substitute for sound income planning with other insurances. In many cases, it may not be enough compensation to completely replace a lost salary. Before you make a decision about critical illness coverage, contact a Blue Umbrella Financial Services representative today. We can take your exact circumstances into account through a free-of-charge initial consultation, and then put you into contact with insurance companies from out network in providers specializing in this particular protection. One chat with us could clarify once and for all if this is a product worth pursuing.

Ad Info

ID: 25110
Posted on: 2015-12-31 07:43:36
Link (shortened):
Price: Free
Address: 25 Shephard Ave.West Suite 300, Toronto, ON, M2N 6S6 [See Google Map Directions]
Phone: 416-822-4783

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