Critical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied. The physical and emotional strain of a critical illness can be severe and when you combine that with the potentially damaging financial impact, the result can be devastating.
That’s where the critical illness benefit comes in—you are free to spend the money as you wish—such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.
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.
What is critical illness insurance?
Critical illness insurance offers help paying costs associated with life-altering illnesses. If an individual become sick with an illness covered by his/her critical illness policy and survive the waiting period, he/she receive a lump sum cash payment.
Should I go for Critical Illness Insurance
The question of need can only be answered by you. Being fully informed is the best tool you can have as you make your decision.
Ask yourself a few questions:
- Can you afford to shoulder the costs associated with becoming critically ill?
- Take a look at some of the possible costs and imagine the impact to your savings. What would the impact be over the long-term?
- Would your retirement goals be met if you were to remove, say, $50,000, from your savings plan?
- Would you have to postpone your retirement by a few years?
- Probably. Consider the effects of financial stress at a time when you should be 100% devoted to recovering from your illness. Do you think removing this stress would be a good thing?