Did you know that about one in every two Canadians expects to be diagnosed with some form of cancer in their lifetime?
What about the fact that nearly 2.5 million Canadians are currently living with some form of heart disease?
While we know that it's deeply unpleasant to think about what might happen if you develop a life-threatening critical illness, planning ahead can ensure that you and your family don't end up in a financial crisis as a result of an unexpected illness or health emergency.
One of the best ways that you can be prepared? By investing in critical illness insurance.
In this post, we'll tell you about one of the most popular critical care insurance policies: Manulife critical illness insurance.
Read on to understand what it is, and whether or not it's the right choice for you.
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What Is Critical Illness Insurance?
Before we get into the specifics of Manulife critical illness insurance, let's first make sure you know what critical illness insurance actually is.
In a nutshell, critical care insurance is there to make sure that you can afford care, medical equipment, make your payments if you're unable to work, and much more in the event of a sudden unexpected illness or injury.
Unlike with provincial health insurance, you are able to use critical care insurance to fund just about anything that you need. For example, if you find that you need to refit your car to allow for the wheelchair that you now need to use? Critical illness insurance can help you to pay for it.
Additionally, the benefits of critical illness insurance will be paid out alongside the benefits from other health insurance coverage. Unlike with disability insurance, which is only paid if you can't work, you'll be able to get your critical illness benefits even if you still can work in some capacity.
The payments will also go directly to you, as opposed to your beneficiary.
This can help you to improve your quality of life, get the care that you need, and stop you from feeling like you've become a burden to your family members because you've become ill or injured.
Now, let's discuss some of the finer points of Manulife critical illness coverage.
Manulife Critical Illness Insurance (for Canadians): What You Need to Know
First, let's break down the most essential aspects associated with the Manulife Critical Illness Insurance plan.
Though Manulife insurance offers a wide variety of policies, let's take a look at the critical care one specifically.
You'll get a lump sum benefit that is also tax-free, just as soon as you've waited for thirty days after you've been diagnosed with an illness. You'll be able to choose from coverage of $25,00, $50,000, or even $75,000.
You'll be protected all the way up to age 75 -- even if your health condition improves or if you're able to go back to work. When you first buy the insurance, you'll also be able to enjoy the security offered by a thirty-day money back guarantee.
As long as you are over the age of 18 and live in Canada, both you and your spouse are eligible to apply for this kind of coverage.
You can also choose to add additional options to your plan. One of the most popular allows you to get 100% of the premiums returned to you if you reach the age of 75 years without needing to make any kind of claim on the policy.
Now, let's talk about what Manulife defines as a critical illness.
Emergencies as Defined by Manulife Critical Illness Coverage
So, which type of conditions actually fall underneath the definition of a critical illness?
You might be surprised to learn just how many of them actually do.
- If you have cancer that's defined as life-threatening by a medical professional, you will be eligible for coverage.
- The same goes if you've had a heart attack or a stroke.
- If you find that you will need to have some kind of aortic surgery?
- If you need to have coronary artery bypass surgery, then you can also get the benefits that are associated with Manulife critical illness coverage.
Remember that you use the money for any type of medical care that you wish. It can help you to pay for in-home care, to replace lost wages, or even to put you in a nursing home if needed.
This is an excellent alternative to having to spend your retirement savings, take out another mortgage on your home, or even face bankruptcy.
It's simply something that's worth having.
Is Critical Illness Insurance Right for You?
We hope that this post has helped you to not only better understand what critical illness insurance is, but also whether or not Manulife critical illness insurance is a good fit for you.
The truth is that you never know when a sudden medical emergency will completely change the course of your life.
The sooner you start preparing -- especially if you have a family history of health problems or if you're at risk for other reasons -- the better off you'll be.
We know that you likely have additional questions about critical illness insurance.
You may also be interested in learning more about the other types of plans that Manulife has to offer.
We can help you with that.
Spend some time on our website to learn more about Canadian life insurance, health and dental insurance, and much more.