Critical illness insurance can help you:

  • Reduce debt and other financial concerns while you cope with your illness
  • Replace any reduced or lost income for you and your spouse who may wish to take time off work to care for you
  • Bring in additional help at home for you and your family
  • Consider new medical treatments and medications not covered by private or government health insurance plans

Critical Illness insurance

What is critical illness insurance?
Thanks to modern medicine, more people survive serious illness. Unfortunately, the costs associated with recovery can place a strain on the financial resources of you and your loved ones.

Consider this sobering statistic: one in 2.2 men and one in 2.4 women living in Canada will develop cancer during their lifetime.1 However, 63 per cent of Canadians diagnosed with cancer are expected to survive.2

Critical illness insurance is a form of protection that can provide you with a tax-free lump sum payment to use however you need while recovering from a life-altering illness. You can use this money in whatever way you need while you recover.

Who is it for?
Critical illness insurance can be suitable for anyone seeking financial protection to help cover the costs associated with recovering from a life-altering illness. It can also be suitable for those looking to protect loved ones in the event they experience a critical illness.

How does it work?
You receive the tax-free lump sum payment if you meet the survival period requirement for a covered critical illness and are free to spend money as you choose — 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.

How does it benefit you and your family?
The physical and emotional strain of a critical illness like heart disease or cancer can be severe. When you combine that with the potentially damaging financial impact, the result can be devastating. You might face additional costs beyond maintaining your current lifestyle – things such as childcare, medication or home modifications. You need to assess how realistic it is to rely on options such as your spouse, your retirement savings, the sale of assets or even the government to help meet these extra expenses.

Coverage for uncovered expenses 
Canadians benefit from a stable, well-funded healthcare system. But it doesn’t cover everything. You may be required to pay for certain drug prescriptions, or other treatments out-of-pocket. Critical illness insurance can help offset some of those costs.

 

1 Canadian Cancer Society, Canadian Cancer Statistics, 2014.

2 Canadian Cancer Society Advisory Committee on Cancer Statistics, 2014.

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Death Benefit: How to choose the amount for you.

Typically clients choose an amount that will pay off their mortgage and other debts to free up your survivors of these burdens. An additional $100,000 or more is then added to cover funeral expenses and children's education.  One last key criteria is to consider lost income, which our licensed life insurance agent can help you validate

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I went to one of Jaret’s “Life Insurance Uncorked” events where he spoke about the various types of coverages available. Highly recommended!

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You will not be sold a product you do not need when dealing with Jaret. He’s honest and upfront about everything he talks about. I decided on an Term 20 policy because it was right for me.

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Jaret explained to my wife and I the different types of Life Insurance available. After we talked, I feel very confident that my family is truly covered ‘just in case.’

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