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Critical Illness Insurance in Alberta - Is it your Best Option?
I think everyone will agree that life is unpredictable. While some sudden changes can be good, even exciting, but a sudden critical illness could significantly impact your finances.
In Alberta, critical illness insurance provides financial relief to people diagnosed with major illnesses. Do you need this type of insurance?
Read on to learn more about the benefits of critical illness insurance and how it can maximize your financial security.
Once you have understand how it works, you can start comparing insurance quotes free of charge to find the right insurance policy for you!
Fill out the short online form on this page to receive competitive offers from top insurers in Alberta!
How Critical Illness Insurance Works
Critical illness insurance pays a lump sum when you receive a diagnosis of a covered illness. These medical conditions generally include cancer, stroke, heart attack, etc.
The money can be used to pay medical bills not covered by government healthcare or company health insurance, medications, home modifications, and even daily living expenses while you are undergoing treatment.
Unlike other types of insurance, critical illness insurance gives flexibility in how the funds are used. Critical illness insurance can replace lost income, pay your monthly mortgage, rent, and home care.
Your regular life insurance policy will not cover your medical bills while you are still living. Hence, critical illness coverage will ensure that if you get seriously ill, you can get the medical treatment you need without worrying about your finances.
To qualify for benefits, the insured individual must meet the following:
- Confirmed diagnosis: The illness must be covered in the policy.
- Survival Period: Most insurers require that the insured survive for a set period, for instance, 30 days after the diagnosis, before receiving the benefits.
Certain exclusions or limitations may apply, including pre-existing conditions or some types of illnesses.
The Pros and Cons of Critical Illness Insurance
Being diagnosed with a serious illness can be life–changing and not in a good way.
Most likely, you will take time off work to receive treatment and recover.
After your treatment, certain modifications to your lifestyle and your home may become necessary.
Some of the benefits you can get from critical illness insurance are:
- Financial security: A tax-free lump sum payment will help with your medical expenses and other bills during recovery.
- Flexibility: You can use the cash benefits to pay for other expenses.
- Peace of Mind: You can focus on your treatment and recovery without worrying about the bills.
The best critical illness insurance policies cover conditions like heart disease, cancer, and other life-threatening diseases.
By getting this type of coverage, you will have financial support during a difficult time in your life.
Are there any drawbacks to buying critical illness insurance?
- Cost: The premiums are expensive, especially for older adults or those with pre-existing conditions.
- Limitations: Certain illnesses are not covered by most policies. A survival period is also required before payout.
Other insurance products such as disability insurance could provide similar benefits.
Explore your options by comparing multiple insurance quotes using our short online form!
How much is critical illness insurance In Alberta?
If you are considering critical illness insurance coverage to prepare for the unexpected, one of your most important concerns is the cost.
The cost of critical illness insurance varies based on factors such as:
Age: Young adults pay cheaper premiums than older adults.
Health Status: Pre-existing conditions or family history could increase your rate.
Desired amount: Higher coverage amounts will have higher premiums.
Type and Term: Long-term policies will have higher premiums.
Lifestyle: Smoking, alcohol, and high risk occupations or activities will increase your rate.
A fit 30-year-old non-smoker can expect to pay between $30 and $40 a month for critical illness insurance of $50,000.
A 55-year-old male, non-smoker, can expect to pay $130 to $150 a month for critical illness insurance of $50,000.
If you want higher cash benefits, expect to pay higher premiums.
How much do I need for critical illness insurance?
The needs of individuals vary but a good rule of thumb is to get coverage equal to 2 to 5 times your annual income. This will ensure you have adequate financial support to cover expenses during recovery.
You can speak with licensed insurance advisors or compare multiple quotes free of charge by filling out our short online form!
Is Critical Illness Insurance the Right Coverage for You?
The decision to get critical illness insurance should be made based on factors including your current insurance coverage, financial situation, and current health status.
It is a good option for individuals who lack savings for medical emergencies, inadequate life insurance coverage, the self-employed, and those with dependents.
Most life insurance policies don’t pay living benefits and will only provide cash benefits if the insured dies within the term of the policy. If you become critically ill, your life insurance policy might not provide financial support.
By contrast, disability insurance can provide income replacement while you are unable to work.
Review your existing insurance coverage including group life insurance from your employer. Understand the terms and conditions, inclusions, and exclusions, to determine what benefits you can expect to receive in case you become critically ill.
If you have come to realize that you don’t have sufficient coverage, critical illness insurance can be the ideal insurance safety net to protect your finances.
Our partners, experts at critical illness insurance in Alberta, can offer you the best options based on your needs and budget.
Connect with reputable insurance brokers to get the best rates for your insurance needs using our free online form!
When is the best time to buy critical illness insurance?
Albertans from age 18 to 65 can qualify for critical illness insurance. The best time to buy insurance is when you are young and healthy. This allows you to get significantly lower premiums and savings over time.
Unfortunately, most people don’t start thinking of insurance until they become older and prone to illnesses due to aging. By this time, the premiums are much higher and health conditions make overage difficult to get.
With that said, the best time to buy critical illness insurance is as soon as you can afford to pay premiums regularly. You can purchase a policy with a lower amount of coverage if that is what your budget allows. By getting your policy sooner rather than later, you can lock in your insurance premiums at the best possible price.
Now would be a good time to find out how much critical illness insurance coverage you can get based on your budget!
Fill out the free online form on this page to start comparing free quotes from top insurers in Alberta.
Who Does Not Qualify for Critical Illness Insurance in Alberta?
Not everybody can get approved for critical illness insurance. Persons who may be disqualified for coverage are:
- Those with pre-existing conditions: If you have cancer or heart disease, the insurer may decline to offer coverage. Every insurer will have their own criteria.
- Persons with high-risk lifestyles: Those who engage in high-risk or extreme sports or occupations may be denied coverage.
- Persons above the Maximum Age: Insurers set maximum ages for coverage, typically 65 to 70.
- Severe Mental Health Patients: Those with serious mental health diagnoses such as schizophrenia may be considered ineligible by insurers.
- Persons with Poor Medical History: Those with a history of chronic illnesses may be disqualified.
It is advisable to get insurance coverage as early as possible to protect your insurability. For hard-to- insure individuals, the last option is to get no medical insurance which has replasignificantly higher premiums.
Should you buy critical illness insurance if you have a pre-existing condition?
Most critical illness insurance policies don’t cover pre-existing conditions but you can still file a claim for benefits if you get diagnosed with another serious illness.
For instance, you may be ineligible for benefits for a heart attack due to a pre-existing heart condition but you could still claim benefits for a cancer diagnosis.
You can speak to our partner brokers and insurers to get valuable advice on your insurance options tailored to your needs and budget.
Fill out the online form on this page today to explore the best options for critical illness insurance coverage!
Life Insurance vs. Critical Illness Insurance
While both products provide important coverage, they are not the same. Understanding their key differences will help you determine if you need just one or both.
Key Element
| Life Insurance | Critical Illness Insurance |
Purpose | Provide a lump sum benefit to designated beneficiaries in the event of death
| Provide a lump sum benefit in the event the insured gets diagnosed with a critical illness |
Beneficiaries | Designated family members or other beneficiaries receive the death benefits
| The insured individual receives the cash benefits |
Use of funds
| Can be used to cover funeral expenses, mortgage, debts, or financial assistance to dependents
| Can be used to pay for treatment, medications, home modifications, home care, living expenses, or cover lost income.
|
Duration of coverage
| Can be for a specific term (10, 15, 20, 30 years) or a lock-inlifetime
| For a specific term such as reaching age 65 or 70 |
Payout Eligibility
| Upon the death of the insured | Confirmed diagnosis of a covered illness
|
Cost of premiums
| Less expensive than critical illness insurance
| More expensive premiums due to a higher chance of payout during the covered period
|
Do You Need Critical Illness Insurance if You Have Disability Insurance in Alberta?
Disability insurance and critical illness insurance offer benefits for 2 different purposes. You can choose to have only one or both, depending on your goals and needs.
Below is a comparison of these two types of insurance coverage:
| Key Element | Disability Insurance | Critical Illness Insurance |
| Purpose | Replace lost income in the event of a disability | Replace lost income and pay for other expenses in the event of a critical illness diagnosis |
| Type of payout | Generally, 60% to 80% of your previous income will be paid monthly | One-time lump sum payment |
| Duration of payments | Payments are made until you return to work, meet the maximum set limits, or retire. | One-time lump sum payment given after the diagnosis, subject to the required survival period |
Although disability insurance can give financial support if you ever stop working due to a disability, it can’t cover all extra expenses related to a critical illness.
Specialized treatments for cancer and other serious illnesses can be costly and long-term. Critical illness insurance can fill in the gaps through immediate financial assistance, allowing you to get the medical treatments you need and focus on your recovery.
Would you like to improve your insurance coverage with critical illness insurance? Compare competitive quotes from reputable insurance brokers today using our short online form!
Find the right Critical Illness Insurance Coverage with our Partners
A critical illness diagnosis can cause tremendous stress on you and your loved ones. Medical expenses, lost income, and mounting bills at a time when you are suffering from a serious illness can be a lot to handle.
Critical illness insurance coverage will minimize the impact of financial problems during a health crisis. Your cash benefits will allow you to focus on healing and recovery without negatively impacting your finances.
Buying critical illness insurance can be the smartest thing you can do for yourself and your dependents. Your premiums today will be lower than when your next birthday comes around!
Fill out the short online form below to receive competitive quotes for critical illness insurance in Alberta.
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