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Understanding Coverage, Benefits, & Exclusions in Critical Illness Insurance Plans
What makes the best critical illness insurance plan? This is a question you may be asking yourself, if you’re interested in getting critical illness insurance coverage in Canada, but you’re not sure where to start.
Not to worry, because this page will walk you through what to expect from the best critical illness insurance plans, as well as critical illness coverage exclusions and ways it can protect you and your loved ones in times of need.
Only you know what your family history looks like, which is why it’s important to start thinking ahead to the future when you’re as young as possible.
Not only does this help make your critical illness insurance coverage in Canada more affordable, but it also ensures that you and your loved ones are protected in the event of the worst.
Even though Canada’s healthcare system is always improving, the cost of certain treatments and medications for conditions can become an enormous, financially crippling expense when you’re not prepared for it.
Critical illness insurance offers a blanket of financial support during health crisis situations, so you and your loved ones don’t need to stress about paying bills, keeping food on the table, or maintaining your mortgage, while you take the time to manage your illness.
This way, you can take your focus off of finances, and put all your energy into getting better and spending quality time with loved ones.
Critical illness insurance plans function exactly like it sounds: It’s a type of coverage that pays out a lump-sum, in the event that you’re diagnosed with one of the illnesses that are covered by your plan.
It’s important to remember that not every critical illness insurance plan in Canada will include coverage for the same conditions.
Currently, Blue Cross Life’s Critical Illness Insurance plans include 27 fully covered and 17 early stage conditions, which protects you against a wide range of different illnesses (i.e., heart disease, cancers, stroke, etc.).
Depending on the amount of coverage you’re looking to achieve, the best critical illness insurance plans don’t necessarily need the most coverage; especially if you’re trying to find the most cost-effective policy.
Blue Cross Life offers critical illness insurance coverage in Canada in amounts from $10,000 up to $1,000,000.
As an example, with coverage of $50,000, these funds can be used to purchase medical supplies such as a hospital bed for home use, a wheelchair or add a ramp to stairs in the case of a stroke or acquired brain injury. These funds can also help with paying the mortgage, utility bills or anything else you need to take care of financially. Ultimately, how you use the money is up to you, but the financial security available if the unexpected happens can make things just a tiny bit easier.
Early stage condition diagnoses allow you to make a claim for a percentage of your total coverage, without changing your payable critical illness insurance premiums. Plus, you can make up to 4 early stage claims per policy (only 1 per condition).
Our 27 fully covered conditions provide a single one-time payout if you receive a diagnosis.
The available coverage of Critical Illness Insurance policies in Canada covers various ailments vary by provider, but many cover the most common illnesses including heart conditions, cancers and autoimmune conditions. , Let’s dive a little deeper into some of the 27 fully covered by Blue Cross Life’s Critical Illness Insurance coverage in Canada:
Regardless of the condition that you’re trying to treat, early interventions tend to lead to better outcomes for patients.
That’s part of the reason why seeking assistance and protection as early as possible can make an enormous difference in controlling, and in some cases, even being able to recover from these conditions to live a long, full life.
For certain types of conditions, this is especially relevant. Heart conditions, like Chronic Obstructive Pulmonary Disease (COPD), or those recovering from strokes can see huge improvements by accessing early treatment options.
Neurological conditions, such as dementia, can also really benefit from early treatment, in order to help slow the progression of the disease and maintain a person’s ongoing quality of life.
It’s important to remember that there are some exclusions and limitations to any type of critical illness insurance coverage.
For instance, if you’re looking for coverage for a condition that isn’t included by a specific critical illness insurance plan, you won’t receive any coverage in the event that you contract that uncovered illness. As with all insurance policies, it's crucial to review your coverage in detail to be aware of what you may and may not be covered for.
There are some useful features that you can customize to fit your individual critical illness needs through Blue Cross Life, such as:
Blue Cross Life’s Critical Illness Insurance coverage provides you with financial protection in the event that you develop a condition you know you’re at risk for. You can start getting a quote in just a few minutes!
Or if you have any questions about what is covered, and what type of plan makes the most sense for you, you can always consult with one of our expert insurance advisors.
They’ll be able to give you any guidance needed to find the perfect critical illness insurance protection plan, so you can protect yourself and your loved ones in the event of a critical illness diagnosis.
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Term Life and Critical Illness Insurance products are underwritten by Blue Cross Life and distributed by PolicyMe Corp.
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