Is Amica Critical Illness Insurance worth it in 2024?

Amica Critical Illness Insurance is offered by Amica Mutual Insurance — a mutual insurance company based in Rhode Island, United States. Founded in 1907, Amica is the oldest mutual insurance company in the United States.

Amica offers a variety of insurance products, including auto insurance, home insurance, life insurance, business insurance, and critical illness insurance.

Does Amica offer critical illness insurance in Canada?

No, Amica does not offer critical illness insurance in Canada.

If you are looking for critical illness insurance in Canada, several other companies offer it. Some of the most popular providers include:

1. Blue Cross critical illness insurance
2. BMO critical illness insurance
3. Canada Life Critical Illness insurance
4. CIBC critical illness insurance

When choosing a critical illness insurance provider, it is important to compare the different policies that are available to make sure that you are getting the coverage that you need at a price that you can afford.  You can use our free comparator below to compare plans and get free personalized quotes.

You should also consider the following factors:

• The amount of coverage that you need
• The exclusions that are included in the policy
• The cost of the premiums

Once you have considered all of these factors, you can choose the critical illness insurance policy that is right for you. But first, let's learn some basics in the next sections.

What is critical illness insurance?

Critical illness insurance, also known as critical illness cover or dread disease policy, is a type of insurance that provides a lump sum payment if you are diagnosed with a specific critical illness.

It helps you cope with the financial impact of a serious illness, such as:

• Cancer
• Heart attack
• Stroke
• Organ failure (kidney, liver, etc.)
• Coma
• Multiple sclerosis (MS)
• Parkinson's disease
• Alzheimer's disease
• Blindness
• Deafness

The exact list of covered illnesses varies depending on the insurance company and policy you choose.

How does critical illness insurance work? 

1. You pay premiums: Just like any other insurance, you'll pay regular premiums to keep the policy active.
2. You're diagnosed with a covered illness: If you're diagnosed with one of the illnesses covered by your policy, you'll need to provide the insurer with medical evidence.
3. You receive a lump sum payment: Once your claim is approved, you'll get a tax-free lump sum payment. The amount you receive will depend on the amount of coverage you have and the severity of your illness.

Why do you need critical illness insurance?

So, is critical illness insurance worth it? Critical illness insurance is not for everyone, but it can be a valuable financial safety net that can help you in many ways, including: 

• Covering medical expenses: You can use the lump sum to cover medical expenses not covered by your regular health insurance, such as private treatment, medication, or travel costs.
• Replacing lost income: If you're unable to work due to your illness, the payout can help replace your lost income and maintain your lifestyle.
• Paying off debts: You can use the money to pay off debts, such as your mortgage or credit cards, reducing financial stress.
• Supporting your family: The payout can provide financial security for your family if you're no longer able to provide for them.

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Sunny Yadav Copywriter

Sunny has over six years of experience curating engaging content spanning across industries. Specifically in finance, his expertise is insurance reviews and lending and investment topics.