Employee Benefits: Critical Illness
The following are benefits that provide coverage in the case of a serious illness. With advances in modern medicine, more people are surviving illness that would previously be terminal. This is the real benefit of critical illness insurance. It provides tax-free financial security.
Conditions that can be covered include:
- Cancer
- Renal (Kidney) Failure
- Burns
- Heart Attack
- Paralysis
- Coma
- Coronary Bypass
- Deafness
- Loss of Speech
- Stroke
- Blindness
- Parkinson’s Disease
- Multiple Sclerosis
Facing a critical illness can be one of the most difficult challenges in life. There is so much to consider:
- Daily life expenses related to recovery
- Payments for your mortgage, loans and other debts
- Alterations to your home or automobile to accommodate special needs
- Out-of-country or non-government covered treatment
- Specialized medical treatment or private nursing
- Maintaining your family’s lifestyle
- Funding a leave of absence
- Protecting savings and assets from expenses associated with recovery
Critical Illness recovery plans provide a lump sum benefit if you are diagnosed with a critical illness and satisfy the survival period. In the event of a serious illness, this benefit is paid while coverage is still in force. You can use this lump sum payment in any manner you choose.
