Critical Illness Insurance

Critical Illness coverage provides a monetary payment if you get knocked off your feet by cancer, stroke, heart attack, etc. In addition to the possibility of a leave of absence from your job, a critical illness can sometimes leave you with recovery costs. When you set up your policy, you choose the amount of coverage you want, as not everyone’s recovery costs and expenses are the same.

It’s more common than you think, a serious life-altering illness affects one in three Canadians in their lifespan. The additional payments can help cover daily expenses and safeguard your retirement savings. With the monthly payment, you won’t need to dip into those RRSP or other investments.

Look at your income; how much might you lose if you need to take a prolonged time off work? Examine your current expenses and what additional expenses might be incurred. This can be your mortgage payment, groceries, credit card payment or addition of child care.

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Disability coverage replaces some of your income if you can’t work because of an injury or illness. The idea is to help you keep your standard of living the same until you can return to work. This monetary benefit will continue until the benefit period ends or you return to work.

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While having a $1 million life insurance policy sounds nice, you may not need that much coverage. One way to determine how much is enough is to consider future costs for things that are a priority, such as child care, paying off your mortgage, and settling any outstanding debts/loans.

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