
Critical Illness coverage offers financial compensation to protect your income and stability.
Such illnesses such as cancer, stroke, heart attack or other debilitating illnesses can sometimes require recovery costs and even force a leave of absence from work.
Click on one of the below topics to unpack your critical illness insurance:
Critical Illness 101
Why You Need it?
Pros and Cons of CI
Disability Coverage
Personal Health Plan
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How does critical illness insurance work?
Critical illness insurance is designed to cover costs that are not included in traditional insurance policies. The policy provides a lump-sum payment that can be used for non-medical expenses related to the illness, such as transportation, child care, and more.
The pricing of the policy is influenced by various factors, including the amount and scope of coverage, the age, gender, and health of the individual insured, and their family’s medical history. When you set up your policy, you choose the amount of coverage you want, as not everyone’s recovery costs and expenses are the same.
How much critical illness coverage do I need?
Firstly, consider your income. What would be the potential loss of income if you or your partner could not work?
Review your current expenses, such as your mortgage or rent, loans and debts, groceries and utilities, credit card payments, and other living expenses.
Finally, remember that you may have additional expenses, such as healthcare costs (hospital accommodations, drug expenses, etc.), travelling for treatments, childcare during treatment and recovery, and domestic help (live-in nurse).