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Common Assumptions of Critical Injury Insurance

Updated on Aug 06, 2015

Many Canadians are purchasing critical injury insurance to help fill holes in their health insurance coverage.

Critical illness insurance provides a lump sum of money if you suffer a critical illness listed in the insurance contract. Common illness that are covered include cancer, coronary artery bypass surgery, heart attack and stroke. The insurance policy ends when the lump sum is paid.

However, it is important to understand the critical illness insurance your are purchasing. Some common assumptions of critical injury insurance can leave holders is deep trouble.

1) Critical injury insurance creates peace of mind. – It is great that you will have a large amount of money to help cover unexpected expenses when you get sick, but you could be paying high premiums for a limited amount of conditions listed in the policy.
It is important to pair critical injury insurance with great disability and life insurance. That way you are covered from multiple angles. It is also recommended to have an emergency fund set aside.

2) You have a condition, you are given the money. – As stated earlier, it is assumed that if you suffer one of the conditions listed in the policy, you will be paid a large lump sum. However, it is important to check the policies definitions of each condition. Insurance policies may also require additional tests to make sure your illness was not present before you purchased the insurance.

3) My premiums will be reimbursed if I stay healthy. – It is true that you can get critical health insurance that will pay you back premiums if you never suffer a critical illness however many provide steep premium increases as the holder gets older. Also, leaving the policy early may result in reduced payout than expected.

A good insurance broker can help you through the process of being completely covered in case of a serious illness. Blue Umbrella Financial services can help.

You can find the full article at The Star.

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