Why does critical illness cost so much?
What is Critical illness insurance?
Critical illness insurance is a type of health insurance that if you get sick with the listed illness under the contract, you get paid a lump Sum?
What is disability insurance?
Disability insurance is another type of health insurance that pays out a monthly sum of money if you experience a short-term or long-term disability. The payments can have a short or long-term payout depending on the contract. Yes, you need to meet the criteria to receive it?
Different names for Critical illness and Disability?
Sometimes different names are used to help you understand what you are getting. Some companies also have research to show the top illness and Disability, so they target those areas.
For example, Experior Medical recovery Benefit
But why does it cost so much to get critical or disability insurance?
The issue is about risk; when we buy such products, we transfer some risks to the insurance company. You get sick, and the insurance company pays out.
Critical illness or disability insurance costs so much because there is a higher reality of having to payout. A higher reality of needing it.
Would you like a quote?
Steps to get a quote?
1)Set up a meeting with me click here
2)Do a Financial Analysis to determine the need (insurance companies and regulations need this. Looking to show the need and ability to pay a premium)
3)Get you a quote
“Nearly 1 in 2 Canadians (45% of men and 43% of women) is expected to develop cancer during their lifetime.”
https://action.cancer.ca/en/research/cancer-statistics/cancer-statistics-at-a-glance