Critical Illness
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Critical illness insurance is a type of policy that pays out a lump sum (or sometimes staged payments) if you are diagnosed with a serious disease listed in your policy
These policies typically cover conditions like cancer, heart attack, stroke, major organ failure, paralysis, and more
The lump sum is not restricted to medical bills—you can use it however you want (income replacement, paying debt, home modifications, travel for treatment, etc.)
Why Is It Important?
Why Is It Important?
Critical illness insurance is important because:
Financial Protection: A serious illness can bring huge costs—not only medical expenses, but also loss of income, rehabilitation, and non-medical costs. The lump sum helps ease that burden
Healthcare Gaps: Even in countries with universal healthcare (like Canada), not all costs are covered (e.g., private treatments, travel, or specialized care).
Peace of Mind: Knowing you have a financial cushion can reduce stress if you face a major health crisis.
Growing Need: The incidence of major illnesses like cancer, heart disease, and stroke remains high, driving demand for this type of protection.
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