The lawyers at Aaron Waxman & Associates are experienced with Disability, Personal Injury and Employment claims.
This blog post will take an in-depth look at critical illness (CI) insurance. In this blog you will learn about:
What is critical illness insurance?
Critical illness insurance is a type of life insurance. Critical illness insurance is meant to help cover medical expenses and ease the financial stress of a difficult situation. It is considered a “living benefit” insurance that offsets your lost income during your illness and its main purpose is to help pay for additional expenses incurred by those who survive a major illness (one of the “covered conditions” under the policy).
You can purchase an individual policy, or you may have critical illness insurance as part of your benefits package at work. It is always important to read your policy to understand what illnesses are covered and what exclusions might apply.
Critical illness insurance pays a lump sum amount if the policy holder is diagnosed and meets the survival period. The general idea is that the lump sum covers the amount of income that may be lost while the person is off work for treatment or recovering. It can also offset the cost of private nursing care, attendant care, medications or other such needs.
What do I need to know about critical illness insurance?
You should always review any insurance policy you have to make sure you understand the terms and conditions. Here are some key points about critical illness insurance claims you should keep in mind:
What is the difference between critical illness insurance and long-term disability benefits?
While LTD policies and CI policies have some similarities, there are also some key differences to be aware of. Here are some important points:
CI coverage terminates upon payout of benefits. You cannot make another claim under that policy. Under an LTD policy, you can make a claim for recurrent disability or for another condition that occurs.
What steps should I take before I file a claim?
Here are 5 important steps to take into consideration before filing a critical illness claim:
What are some reasons my claim might be denied?
Here are six reasons why a critical illness claim may be denied:
What can I do if my claim is denied?
If your claim has been denied, you should know that you CAN fight your insurance company’s decision.
In the event that your claim is denied, you should:
You can contact a lawyer to help you fight the insurance company’s decision. A lawyer can help you:
Receiving a denial letter for a critical illness claim is an additional stressor in an already difficult time. The lawyers at Aaron Waxman and Associates have experience representing clients whose critical illness claims have been denied.
If you have had your claim for critical illness denied, contact our office for a free, no obligation initial consultation with a licensed lawyer that can be scheduled at a date and time that is convenient for you.
* This blog is for informational purposes only and is not meant to substitute legal advice. Please read our disclaimer for further information.
* All of our lawyers are licensed by The Law Society of Upper Canada
* Office in Toronto and able to represent people in the province of Ontario