Having a critical illness is emotionally and physically devastating. Treating and coping with illness can lead to significant and unexpected costs that may not be covered by your provincial or employee health plans. Have you thought about how you will manage if you become seriously ill and have to stop working? Or what if you need help taking care of yourself?
This is where Critical Illness insurance can help. It’s designed to help you with the unexpected. It provides a lump sum cash benefit if you’re diagnosed with one of the covered conditions and you satisfy the waiting period. It can cover 24 critical conditions, including common types of cancer, heart attack, stroke and Alzheimer. Plus, it has an Early Intervention Benefit so you can receive some of your benefit for conditions that are not life threatening but will alter your life.
You can use the money for whatever you want to best suit your needs. For example, you can use it to:
- Help pay for your medical bills and prescriptions
- Find the best health care available anywhere
- Provide income when you can’t work or a loved one can’t work because they’re accompanying you to treatment
- Help make mortgage payments
- Hire a nurse or caregiver to help you out at home
Having a good financial plan means planning for the unexpected. This is why Critical Illness insurance makes sense. If you don’t need it, and you’re fortunate enough to live a long and healthy life, it has an option to give you back all the premiums that you paid to for the coverage. But if you do need it, you have peace of mind knowing it will let you focus on what really matters which is getting better. If you want to know more, I can introduce you to my trusted financial advisor.