Are you aware of critical
illnesses? If you ignore them, they can lead you to a worrying and traumatic
time. The condition gets worse for you when you are not able to make ends meet
when you are not able to work due to your critical illness. And because of you,
your family members suffer. If you take critical
illness insurance In Alberta, you will be able to afford your
treatment and save your family from starvation.
What
is Covered Under Critical Illness Insurance and How Does It Work?
●
Although it is a basic question, there is no simple
answer since different policies have different definitions of a "critical
illness ."Before deciding on a particular insurance, you should closely
examine the list of specified illnesses. As a general rule, of course, the more
restricted the list, the cheaper the premiums are likely to be. This also means
that there is likely to be a policy available to suit your pocket.
● Whatever
the coverage of critical illness insurance in Alberta, however, it might be noted that
most policies exclude certain types of cancer and that some claims might be
subject to your medical examination and assessment of the condition or illness.
● The
principles are straightforward, and you need to pay a fixed premium each month
and, in the event of your being diagnosed with a critical illness, a single,
tax-free, lump sum benefit is paid out to you. The way in which such a benefit
is spent is entirely up to you, and you might use it to replace your lost
income from work, to fund any alterations that might be needed to the current
living arrangements for your illness, or for buying in specialist nursing or
health care.
● A medical
insurance service in Alberta provides you cover for an
agreed term - which might typically be as short as five years or longer.
However, some insurers may offer you a greater degree of flexibility by
allowing renewable term cover, by which you are able to renew the policy at
various intervals.
Combined
Critical Illness And Life Insurance
At present, an increasing
number of insurers offer the option of combining critical
illness insurance In Alberta with
life cover. With such a combined policy, a single monthly premium covers the
policyholder not only against the risk of being diagnosed with a critical
illness but also the guarantee of a benefit paid to the policyholder's
nominated beneficiaries in the event of his or her death. Although the single
premium is probably lower than the cost of insuring against critical illness
and purchasing life cover separately, policies are likely to be restricted to a
single payout.
Briefly Put!
If you want to secure your life
during illness, opt for criticalillness insurance In Alberta. Through it, you will be able to
bear the expenses of your treatment and, at the same time, support your family.
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