In addition to the above, the Critical Illness Insurance also includes 5 childhood illnesses that are eligible for a full-benefit payout. Coverage for these conditions expires once the kid reaches the age of 24.
There are 8 critical conditions eligible for a partial payout covered under the Critical Illness Insurance. The treatment for these illnesses is considered to be less severe in comparison to others, yet very effective.
The illnesses covered under partial payout are eligible for a benefit payment up to 15% of the CII coverage or a maximum of $50,000. Each illness can be claimed once to a maximum of 4 illnesses.
In today’s fast-paced scenario, nobody is immune from the mentioned severe illnesses. In addition, while suffering from a major illness, you may require longer time off from work, or in certain cases, you may even be required to resign from your position. Your spouse may also not be able to work since he/she needs to take care of you.
Not all health conditions are covered under the Ontario Health Insurance Plan (OHIP). Critical Illness Insurance provides necessary financial protection from a few defined illnesses, allowing you to focus on treating and managing your health without worrying about the impact the loss of income would have on your lifestyle, your family’s well-being, and the need for any required alternate treatment.