If critical illness interrupts your life, who will pay the bills?
Being unable to work and trying to manage with a life-altering condition can be very expensive. Would you be able to take care of your regular bills, plus things like in-home care, home or vehicle modifications, travel expenses to receive treatment, and medication not covered by private health or government plans?
Critical illness insurance can be a lifeline if you have been diagnosed with a serious condition. Imagine the relief of receiving money that can be used to lighten your family’s financial burden.
What is considered a critical illness?
A critical illness is a life-threatening condition. There are 25 conditions that fall under the category of critical illness including heart disease, cancer, stroke, multiple sclerosis and Alzheimer’s Disease, paralysis, major organ failure, and Parkinson’s Disease.
What is critical illness insurance exactly?
Critical illness insurance fills the gap between disability insurance and life insurance. It protects your quality of life after the onset and survival of a serious illness. If you’re diagnosed with a life-threatening illness and meet the conditions of your policy, you’ll receive one lump sum of money, which will enable you to get the care and treatment you need to recover.
In most cases, you must have survived thirty (30) days following the date of diagnosis. You require a physician’s statement in order to make a claim.
There are no restrictions on how you spend your critical illness Insurance payout. It is entirely up to you. You can use the money to:
- Receive treatment
- Pay off debt
- Pay monthly expenses such as mortgage payments
- Recuperate outside of Canada
- Make house or vehicle modifications, or purchase special devices/ furniture
- Pay for in-home care
- Hire a housekeeper or child care provider
Once you collect on your critical illness insurance, your policy is terminated. You are entitled to collect the entire benefit amount even if you make a full recovery.
Who is critical illness insurance for?
The average age of people who make a claim on critical illness Insurance is 49 years of age*, but anyone can be stricken with a serious illness at any time. Critical illness insurance is for:
- Anyone who relies heavily on their pay cheque to survive (e.g. single-income household, lower-earning spouse, high monthly payments, little or no savings)
- Business owners and key employees
- Anyone concerned about protecting their assets during recovery
- A parent or a grandparent looking to provide lifetime protection for children or grandchildren
Critical illness insurance can help you and your family survive a devastating diagnosis that can threaten your security and your life. Talk to your Western Financial Group advisor about a policy that makes sense for you today.
*Source: Munich Reinsurance Co. 2005