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Critical illness insurance is a form of health insurance that provides a lump-sum payment should you become seriously ill.Although they differ from company to company, typical illnesses and diseases covered by critical illness insurance may include:

* cancer
* heart attack
* stroke
* blindness
* Alzheimer’s
* multiple sclerosis
* organ transplants
* kidney failure
* paralysis

Coverage can also vary according to the degree of severity of, or conditions associated with, an illness or disease.  For example, if you are diagnosed with a type of cancer that is treatable and that results in minimal “down time”, you may not be eligible to make a claim.Coverage cannot be purchased for a pre-existing condition or illness.

It is important to read your policy carefully.  In addition, be sure to ask your insurance representative to provide you with a complete explanation of your coverage. In determining your need for critical illness insurance, you should consider benefits that may already be available to you through other insurance policies, such as life insurance and group health insurance.  For example, the benefits offered through your employer’s group disability plan may provide appropriate and adequate coverage in the event of a critical illness.

You should also consider your personal circumstances and the added financial strain that could be brought about by dealing with a serious illness or disease.  Public and private health insurance plans typically do not provide coverage for day-to-day living expenses such as travel to and from treatments, home care and child care.

Generally, the younger and healthier you are, the lower the premium (cost).  However, the cost varies depending on your age, medical condition, the amount of coverage, the number of illnesses covered by the policy, and the insurance company.

It pays to shop around to get the best rate.  When shopping for a critical illness plan, you should consider your income, financial obligations, dependents, and health care needs.

You can make a claim if a physician, licensed to practice medicine in Canada and specializing in your particular illness, diagnoses you with a critical illness or disease covered by your policy.

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