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Our provincial health plans do not allocate funds to help patients who face a critical illness recover financially. They are established, not to build or replace wealth, but to provide basic health care. If you have no money, these plans would pay you only a subsistence-level disability benefit.
1. Lump-sum benefits are paid: Critical Illness Insurance (CI) offers a lump-sum payout of cash if you are diagnosed with a critical illness covered by the policy (such as stroke, heart attack, or cancer). Its purpose is to provide a considerable amount of money (referred to as a living benefit).
2. Allows time to convalesce: The CI insurance capital can help you convalesce over longer periods and in the company of loved ones, without a concern that the expenses related to a previously enjoyed lifestyle must be immediately eliminated. After all, there may be an extended time necessary to recover before you can return to work.
3. Money for exceptional health care: CI insurance can fund expensive drugs or out-of-country health care. You may need to employ a private nurse to live in your home, hire a nanny, receive physical therapy and/or renovate your home to meet accessibility needs related to the illness. CI can help pay these bills.
4. CI enables a career change: Due to medical advances, many people totally recover from critical illnesses and re-enter the work force. Unfortunately, many others live the rest of their lives partially disabled, unable to do the same work. There may be a need to finance training for a career and search for new employment. Before you establish a new source of income, where will your money come from? CI insurance keeps you financially stable through a critical illness.
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