Critical Illness Insurance can protect your income and financial stability.
Such illnesses such as cancer, stroke, heart attack or other debilitating illnesses can sometimes require recovery costs and even force a leave of absence from work.
Click on one of the below topics to unpack your Critical Illness Insurance:
Critical illness insurance was created in 1996, recognizing that surviving a heart attack or stroke could lead to overwhelming medical expenses and financial hardship for individuals and families.
It also provides peace of mind during recovery, knowing that financial assistance is available if diagnosed with a severe illness. The policy outlines the specific illnesses covered, by some common examples that are typically included are: cancer, heart attack, or stroke.
Critical illness insurance is a crucial investment you should consider as it is more prevalent than you may realize. Studies indicate that one out of three Canadians will experience a severe, life-changing illness at some point in their lifetime.
With the payout you receive from this insurance, you can cover your expenses during your recovery period without having to dip into your RRSP or other investments to pay for any additional medical expenses.
Critical illness insurance offers a lump sum payment upon diagnosis of a covered illness. This payment can be used for various expenses, including non-medical needs like mortgage payments, equipment, and travel expenses. Additionally, the premiums for this type of insurance are significantly lower than those for a standard health insurance policy.
However, it is crucial to consider the limitations of critical illness insurance carefully.
Disability coverage replaces some of your income if you can’t work because of an injury or illness. This monetary benefit will continue until the benefit period ends or you return to work.
It can help you and your family pay for necessary expenses like your mortgage, car payments, utilities, groceries, etc.
Get a customizable health insurance plan that helps replace or fill the gaps in your provincial or workplace benefits, whether you’re looking for individual or family health insurance that best meets your needs. A Basic Plan Includes:
- Accidental Dental
- Ambulance
- Diabetic Supplies
- Health Practitioners
- Hearing Aids
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We work with a variety of leading insurance carriers to design customized plans that fit your budget and specific needs, including:
- Health: Medical, dental, vision, and prescription drug coverage.
- Life: Accidental death and dismemberment coverage.
- Disability Insurance: Short-term or long-term disability coverage.
- Retirement Plans: And other retirement savings options.
- Wellness Programs: Employee assistance programs (EAPs), wellness initiatives, and more.
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How does critical illness insurance work?
Critical illness insurance is for costs not included in traditional insurance policies. The policy provides a lump-sum payment that can be used for non-medical expenses related to the illness, such as transportation, child care, and more.
The pricing of the policy is influenced by various factors, including the amount and scope of coverage, the age, gender, and health of the individual insured, and their family’s medical history.
How much critical illness coverage do I need?
Firstly, consider your income. What would be the potential loss of income if you or your partner could not work? Review your current expenses, such as your mortgage or rent, loans and debts, groceries and utilities, credit card payments, and other living expenses.
Finally, remember that you may have additional expenses, such as healthcare costs (hospital accommodations, drug expenses, etc.), travelling for treatments, childcare during treatment and recovery, and domestic help (live-in nurse).
Term Life Insurance vs Whole Life Insurance.
Term life insurance gives you protection for a predetermined period. For example, a 20-year term life policy locks in your premiums and coverage amounts for the entire 20-year term of the policy. After that, unless you cancel, the policy renews annually with new rates.
Permanent life insurance gives you coverage for your whole life, not just a period of time. It differs from the term life insurance because it typically accumulates cash value, and premiums usually don’t increase as your health and age change.
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