21 Sep Critical Illness Insurance
I am no stranger to long term illness. I counsel my clients from my personal experience of being diagnosed with a critical illness and receiving a tax-free benefit. Not having the financial means to pay the bills, receive proper treatment or support your family during your illness can be emotionally and physically devastating while you are trying to recover. Financial worries are the last thing you need at a time like this. Critical Illness insurance provides a tax free lump-sum payout should you become diagnosed with one of the 24 life threatening illnesses and survive the waiting period of 30 days, you are free to spend the money any way you wish — pay off your mortgage, out-of-country treatment, modify your home with medical equipment or even to pay off your credit cards. This lump sum payment can supplement your health insurance plan and any group/individual disability coverage you may have.
A critical illness can happen to anyone:
- It is estimated there are over 70,000 heart attacks in Canada each year.
- There are between 40,000 and 50,000 strokes in Canada each year.
- An estimated 3,075 Canadians will be diagnosed with cancer every week.
Statistics taken from Canada Life
Critical Illness Insurance Covers 24 Illnesses
|Alzheimer’s Disease||Deafness||Major Organ Transplant|
|Aortic Surgery||Heart Attack||Motor Neruon Disease|
|Aplastic Anaemia||Heart Valve Replacement||Multiple Sclerosis|
|Bacterial Meningitis||Kidney Failure||Occupational HIV Infection|
|Benign Brain Tumour||Life-Threatening Cancer||Paralysis|
|Blindness||Loss of Limbs||Parkinson’s Disease;|
|Coma||Loss of Speech||Severe Burns|
|Coronary Artery Bypass||Major Organ Failure on Waiting List||Stroke|
Would you like to know if Critical Illness Insurance is really worth it? Read the Globe and Mail’s article here.
To obtain more information or enquire about Critical Illness Insurance, contact me at 604-730-7917.