What is Critical Illness Insurance?

Critical Illness Insurance is a product that's around 20 years old in Canada and that many have purchased. This insurance states that you will receive a defined lump sum in the event that you are diagnosed with a critical illness that significantly interferes with your day-to-day life. This insurance provides coverage for a long list of illnesses and conditions such as cancer or heart attacks.

While this seems straightforward and obvious, the policy has definitions around the severity of the illness and includes a lot of medical terminology. Each claim is also reviewed by expert medical consultants working for the insurance company. These experts find the claims open to interpretation, and the owness is often on the claimant to prove that their illness is crippling enough to secure a payout.

If you've been denied your Critical Illness insurance claim, visit the Critical Illness Insurance page to learn more. You're not alone in this. Share is there.