It is almost a guarantee that someone you know will be diagnosed with or has survived a critical illness. It can happen to anyone, at any age and often affects some of the healthiest people we know. The healthier the person is the more likely they are to survive the initial critical illness and not need to use their life insurance; but they would certainly benefit from having a Critical Illness policy.
Critical illness insurance provides a lump sum benefit if you contract and survive one of the covered conditions, including cancer, stroke, multiple sclerosis, coronary heart disease and about 22 other conditions. The lump sum benefit you receive can be used to pay for the cost or your treatment and rehabilitation, or living expenses up to the face value of your policy.
The consequences of a critical illness can be both financial (unforeseen health care costs, supplemental income replacement) and emotional (stress on patient, family and friends). Apart from the lump sum benefit most insurers have a "Best Doctor's" or "Health Advocate" benefit which allows clients access to medical resource support, health counselling, and personal assistance services to guide them through treatment and recovery of a critical illness.
This insurance can be purchased as an individual policy or may be offered as an Employer-sponsored benefit.