What is critical illness insurance?
Thanks to modern medicine, more people survive a serious illness. Unfortunately, the costs associated with recovery can place a strain on the financial resources of you and your loved ones.
Consider this: one in 2.2 men and one in 2.4 women living in Canada will develop cancer in their lifetime. However, 63% of Canadians diagnosed with Cancer will live to fight another day.
Critical illness is a form of protection that can provide you with a tax-free lump-sum payment to use however you need while you are recovering from a life-altering illness.
Who will need critical illness insurance?
Critical illness can be suitable for anyone seeking ﬁnancial protection to help cover the costs of recovering from a life-altering illness. Many people will think they are too young to beneﬁt from having protection for critical illness but the fact is, critical illness doesn’t discriminate on age, gender, or race. We all need to take the steps to be prepared and be in the best ﬁnancial position possible in a time where we will need it most.
How will critical illness beneﬁt me and my family?
The physical and emotional strain of a critical illness like heart disease or cancer can be severe and hard to overcome. When you combine that with the ﬁnancial impact, the result can be devastating. You will most likely face additional costs beyond maintaining your current lifestyle things such as child care, expensive medications, or modiﬁcations needed to make your home more accessible. You need to assess how realistic it is to rely on options such as your spouse, your retirement funds, or even the sale of assets to help meet these additional expenses. Critical illness protection can put you in a position where you don’t need to put an extra ﬁnancial strain on your family or dig into savings that are meant to last the rest of your life.
Critical illness insurance provides a lump-sum payment that is available for you to use at your discretion while you are recovering. Talk with an advisor today.