Life costs money, and with medical expenses exceeding the ability of people to pay them, you need financial protection more than ever in the world of medical catastrophe. While traditional health insurance will usually pay a chunk of your medical expenses, it doesn’t tell you how to pay the myriad costs of a serious diagnosis. That’s where critical insurance in Oakville can help out — a financial safety net meant to catch you when you need it most. Let’s dive deeper into this blog below to learn its significance.
Understanding Critical Illness Insurance
Critical illness insurance pays you a lump sum if you are diagnosed with a severe health condition that is covered by your policy. Common illnesses include heart attack, stroke, cancer, kidney failure, and major organ transplants. Unlike traditional health insurance that pays hospitals or doctors directly, critical illness insurance pays you — how to use the funds is entirely at your discretion.
5 Key Reasons to Get Critical Insurance in Oakville
Safeguard Your Finances During Emergencies
Financial support is one of the biggest benefits of critical illness insurance. A serious illness can take you out of the workforce, resulting in lost income. A single payout gives you the freedom to pay for daily expenses like rent, groceries, and bills without touching savings. This type of support is particularly important for those who are self-employed or have no long-term sick leave from their jobs. You can also get life insurance in Oakville to secure your family’s financial health in the event of any emergencies.
Covering Non-Medical Expenses
Most people don’t know that the costs of a critical illness go well beyond hospital bills. The expense of travel for treatment, rehabilitation, childcare, home modifications, and alternative therapies can also mount. And if you’re facing the prospect of any of these, critical insurance in Oakville can be used for any of them — offering you flexibility and peace of mind when the only thing you want to devote your time to is recovery.
Support for Your Family
When someone is diagnosed with a serious illness, it doesn’t just affect that person, it affects the whole family. Having a financial cushion can alleviate that pressure from your loved ones — who will inevitably have to take time off work to be with you, or help with household chores. It allows your family room to be there and supportive, not worried about finances.
Improved Recovery with Reduced Stress
Stress can really influence how you recover. Having a financial buffer means you can concentrate on your treatment and recovery rather than on how you are going to pay the rent. This sense of security and optimism about the future can have a positive impact on health, as many people with critical illness insurance are generally healthier than those who do not have coverage.
Peace of Mind
Critical illness insurance tends to be less expensive than people realize, particularly when you buy it when you’re younger or still healthy. In some cases, you can even add it as a rider to your current life insurance, making it even more affordable.
Eric Gruscyk Desjardins Insurance & Financial Services is the one-stop destination whether you need life insurance in Oakville or any other insurance policy. Get in touch with us today.
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