Things To Know Before Choosing A Critical Illness Insurance in Kitchener

 What is a critical illness Kitchener?

Diseases that can leave a patient’s body permanently or semi-permanently damaged forcing them to be financially, emotionally, and physically dependent for the rest of their lives come under critical illness Kitchener.

What are the critical illnesses covered by an insurer?

The critical illnesses covered under the critical illness insurance policy vary from insurer to insurer. Critical illness insurance in Kitchener provides a lump sum upon diagnosis of the condition. It also provides double claim benefit which means that you can claim for the covered conditions even if you have filed a claim under another policy. This benefit of critical illness insurance in Kitchener is irrespective of the actual treatment cost.

Who should buy critical illness cover and why?

Critical illness insurance in Kitchener is ideal for every working individual. Since health conditions may get affected due to unknown reasons and medical expenses can use up life-long savings.

What are the points to be considered while buying Critical Illness Insurance in Kitchener?

Check for diseases covered by the Critical Illness Insurance policy bought

As types of diseases covered differ from company to company, it is advisable to conduct a self-assessment to choose a  Critical Illness Insurance plan suitable to your health-care needs. Take record of your hereditary health profile, medical history, and your lifestyle to get an idea about the type of diseases to which you might be vulnerable.

Consider your present financial situation

If you have considerable financial support to tackle an unexpected medical issue, you can opt for smaller coverage from your critical illness insurance in Kitchener. However, as the health care costs are rising at an unprecedented rate, only depending on savings might hurt your finances acutely.

Choose adequate cover size

You should consider the cost of the specific ailment for which you are buying the critical illness insurance in Kitchener, to decide upon the optimum cover size. We know, heart and cancer related conditions are on a rise these days.The treatments available  tend to be very costly. A normal health insurance cover cannot help meet the expenses in its treatment. So opting for a critical illness insurance that provides adequate cover for the treatment of such critical illnesses is necessary. 

Some Exclusions

It is also important to see what is not covered under your critical illness insurance policy. After the policy is bought there is a waiting period during which no claims can be made. This waiting period differs from insurer to insurer, so it is advisable to conduct a comparative study for the same.

Getting Rider vs Standalone

A critical insurance policy can be bought as a rider or add-on to your existing insurance policy or as a standalone product.

A standalone critical illness plan covers specific critical illnesses. It provides a lump sum upon diagnosis of different severities of the covered critical illness.

While buying critical illness Kitchener insurance, do not consider price as the sole criteria to decide the critical illness insurance plan, consider factors like service quality of the insurer, claim settlement ratio, number of ailments covered, additional benefits, etc.