Group Critical Illness insurance offers plan members a non-taxable lump sum benefit in the event they are diagnosed with a covered critical condition. The lump sum benefit helps a plan member manage the financial impact of an illness and may be used for items such as:
- Medical costs not covered by Government programs or private health insurance
- Cost of personal or dependent care
- Mortgage payments while away from work
- Transportation to and from treatment.
Some covered conditions include cancer, heart attack, stroke, MS and paralysis. Coverage is typically guaranteed medically up to a certain threshold and additional protection is often available.
How Group Disability Insurance and Critical Insurance Can Help Markham Businesses and Employees – A critical illness or disability can happen to anyone. Every day people are faced with the challenge of maintaining their current lifestyle after suffering from a major health issue.