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Understanding Critical Illness Insurance

Critical Illness insurance is a type of insurance that benefits you while you are alive, not just upon death. Having some knowledge about this insurance can help you assure your financial security.

Who may be at risk?

Almost everyone knows someone who has survived a heart attack, cancer, a stroke or kidney failure, or who has undergone life-threatening surgery ranging from coronary arterial bypass to a major organ transplant. We see friends and relatives survive critical illnesses, only to lose their homes or jobs, or to suffer a decline in their quality of life.

With every passing year, it becomes increasingly likely that you will undergo a serious operation or contract a life-altering illness. The good news is that advances in medical science mean your chances of survival are greater than ever, but how well will your finances survive? Consider the costs of maintaining your current lifestyle:

Mortgage, car loan, childcare, children’s education, weddings, as well as your retirement.

Now imagine these costs added to your financial burden:

Convalescence, private nursing, medical equipment, refitting your home and car, relocating to a more suitable location, reduction or permanent loss of income and retraining for a change of profession.

Not life insurance – lifestyle insurance.

Money from a Critical Illness plan can buy you the time to recover from your condition, without lifestyle compromises. It pays cash benefits directly to the insured individual, typically after 30 days’ survival following the diagnosis of a covered condition. You receive the benefits of your Critical Illness insurance, and you decide how it will be spent. Most likely, you will have some very important uses for it:

As many of the newest treatments are not available locally, and are not funded by your provincial health plan, having the funds at hand to be able to travel to get necessary medical attention will be extremely important.

Critical Illness insurance benefits can help you pay your mortgage and other debts when you can’t work, along with new expenses such as housekeeping, private nursing, physical therapy, and medical equipment.

Retraining for a new job, moving to new accommodations, or keeping your family secure may all be necessary and with Critical Illness Insurance, affordable.

Critical Illness Insurance provides a tax-free lump sum benefit in the event you are diagnosed with one of the covered illnesses. It gives you the financial security you need to focus on getting better and not worry about finances during your period of recovery. There are many types of policies available with options such as: refundable premiums if an individual passes away while insured and no claim has been paid, or get up to 100% of paid premiums when coverage ends if no claim has been made.

More information is available at our office including different policies and benefits available to meet your needs and suit your budget from various insurance companies now offering these plans.

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