Read Carefully Before You Buy Critical Illness Insurance
We know how complicated critical illness insurance policies and claims can be. Even the most comprehensive policies may contain restrictions, complex terms and stringent procedures. It’s not always simple to understand and claim your allowable benefit.
Many Canadians are opting for critical illness insurance to bridge gaps in their health insurance coverage. Common worries include expensive drugs not being covered by medical plans and being able to pay for additional expenses such as rehabilitation costs or a spouse having to leave work to provide care.
The question is, is it worth the cost? The Toronto Star takes a closer look concluding that critical illness insurance can be worth it but you really have to understand how it works or you could be in for a nasty shock when a claim is submitted.
Glenn Cooke, a life insurance broker who runs Life Insurance Canada.com, explains that “Critical illness insurance is a great product but you have to understand the risks you are insuring and the exclusions.”
Here are three important things to know about critical illness insurance:
- You can end up paying a lot in premiums just in case you develop a limited number of conditions listed on the policy.
- An illness you think is covered may not meet the policy definition.
- A return of premium rider is a costly add-on that could double your monthly premiums and getting your money back is not a slam dunk.
If you or someone you know has been denied Critical Illness insurance benefits, our expert critical illness insurance claim lawyer can help you.