Becoming critically ill is something none of us want to think about; but we all know families whose lives have been dramatically affected by chronic disease. In fact, 1 in 3 Canadians currently live with a chronic disease; 1 in 2 Canadians will develop cancer in their lifetime and 1 person dies every 5 minutes from a heart condition, stroke or vascular cognitive impairment.

Some of you are lucky enough to have a great disability plan through your work, for many of us we don’t have that luxury. Personally, I own a Critical Illness Insurance policy.

Critical illness insurance pays policy holders a lump sum (tax free) payment should you be diagnosed with a critical illness, to spend however you wish. You can choose to be covered for the five most common illnesses; cancer, heart attack, stroke, coronary artery bypass surgery and aortic surgery; or choose full coverage which includes up to 24 different conditions. The money can pay for non-covered medical expenses, keep a business running, or perhaps afford to have a spouse take time away from work to help during the recovery period. The policy is designed to eliminate financial stress during a very stressful time.

Beyond the lump sum payment insurers have added other benefits into critical illness plans that policyholders have found helpful, for example:

• Medical Second Opinion from WorldCare – Provides advice to the insured and their physician if they have received a diagnosis for a serious condition. It helps to ensure they have the correct diagnosis and treatment plan, leading to better health outcomes and faster recovery.
• Recovery Benefit – Insured can receive an advance payment of 10% of face amount (up to $10,000) before waiting period is satisfied.
• Return of Premium – an option whereby if you stay healthy and never make a claim; the insurance provider will return all your premiums.
• Age 100 Benefit – For term to age 100 policies the face amount will be paid out without a claim at age 100.

If you have any questions on this type of insurance or would like to review your current coverage, please do not hesitate to give me a call.

Yours in good health,

Tracey

Source: Connected by the numbers | Heart and Stroke Foundation, Lifecheque Highlights

Please note: Insurance is not a business of Security Financial Services but is placed through an AGA, Capital Insurance Services via Qualified Financial Service.

Photo by Priscilla Du Preez 🇨🇦 on Unsplash