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The “survival period” is the length of time you must wait after your critical illness diagnosis before you can collect your benefit money. For most critical illness insurance carriers, this period of time is 30 days, but individual providers may specify a different amount of time.

Once you have been diagnosed with a covered critical illness, you submit a claims form to your insurance provider for review. After the survival period has passed, your insurance company will send you your benefit check, which should arrive about a week after the company mails it.

Your critical illness insurance benefit check is a lump sum, available for whatever you need. Supplemental insurance is not limited to medical expenses like surgery costs and hospital stays: your benefit check can also be used for food, childcare, living expenses or even a vacation with your loved ones.

Common covered critical illnesses include heart attack, stroke, multiple sclerosis, kidney failure and organ transplant. (Covered conditions may vary with individual providers.) If you believe you may be at risk for a serious illness, you should take out a critical illness insurance policy to protect your financial future. CancerPlans.com allows you to compare and quote a wide variety of top-rated supplemental insurance providers.

(1) http://www.sunlife.ca/Canada/sun+aff/Insurance+products/Critical+Illness+insurance/Common+questions?vgnLocale=en_CA#i