Critical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied. The physical and emotional strain of a critical illness can be severe and when you combine that with the potentially damaging financial impact, the result can be devastating.
That’s where the critical illness benefit comes in—you are free to spend the money as you wish—such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.
The coverage you need to help protect your lifestyle and recover from a serious illness or condition
Facing a critical illness can be one of the most difficult challenges in life. There is so much to consider—making decisions about your care, remaining financially stable, meeting your family’s day-to-day needs, coping with the emotional stress and more. Critical illness insurance from RBC Insurance® is designed to help you when you need it most.
Why do you need critical illness insurance?
While healthy lifestyle choices can be your best defence against some health risks, a critical illness such as cancer, stroke or heart disease can strike anyone at any time. Consider the following:
- Almost half of Canadians will develop a cancer.
- One in two heart attack victims are under 65 years old.
- Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75% will be left with a disability.
Expenses such as private nursing or modifications to your home or vehicle to improve your mobility won't be covered under your provincial health insurance plan and may not be covered under typical employer-sponsored health plans. Then there are the other challenges that critical illnesses bring—such as finding the best medical care, meeting day-to-day needs (like caring for your children), and managing the stress and anxiety.
Critical illness insurance from RBC Insurance provides a lump-sum benefit to help support you financially, if you are diagnosed with and survive a covered critical illness. You can use this benefit payment to supplement your health insurance plan and any group disability coverage you may have:
Reduce your financial burden: Pay off or reduce your mortgage, credit cards or other debts. Help keep your business running.
Maintain your independence: Modify your home or vehicle to improve your mobility. Hire domestic help during your recovery. Fund a leave of absence for yourself or your spouse.
Access cutting-edge medical services: In Canada, pay for medications and treatment not covered by provincial health plans. Outside Canada, pay for treatment that may not be available at home, in addition to your family’s travel and lodging expenses.
Assist in your recovery any way you choose: Spend more time with your family or use the benefit in other ways that can help you focus on getting well.