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Recent advancements in medical technology have made the access we have to treat is unprecedented, but that doesnu2019t mean this makes going through a critical illness any easier u2013 emotionally or financially. If youu2019ve been diagnosed with an illness like cancer, or need to have major surgery, the toll it will take on your family will be exhausting. In addition to emotional stress, there may be significant financial costs that can add a lot of strain to a family.
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How does Critical Illness Insurance differ from Medical Insurance? Critical Health Insurance
You may have access to extended benefits through your employment, but sometimes those benefits only go so far. Instead of having to submit for reimbursement of costs, a critical illness insurance plan gives you a one-time, lump sum payout. It is up to you, and your family, how you spend this money and it doesn’t just have to be just for medical expenses. How does Critical Illness Insurance differ from Medical Insurance?
What Critical Illness Insurance covers? While there may be some difference in what the actual coverage amount is, depending on the policy you choose, there are some commonalities across most policies. For all critical illness policies, should you need to make a claim you will be paid out in a one-time lump sum amount, after the minimum survival period has passed. The lump sum amount can be used in any way you would like, and can help alleviate some of the financial stress a critical illness brampton may bring to a family by way of replacing household income.
As a holder of a universal life insurance policy you have options on the terms of the contract you sign. You can select a policy that allows you to take a loan against the cash value the policy has accumulated. You can also, potentially, withdraw some or all of the cash value of the policy. Contact Us Address : Canadian L.I.C. Inc, 2969 BovairdDr East, Unit 2 Brampton , ON L6S 0C6Toll Free : 1 844-552-4678 E-mail : info@CanadianLIC.com
