One of the most important products you can get to compliment your personal financial plan or group insurance plan is Critical Illness Insurance. The fact is the majority of us are living longer now, but we are likely to deal with one critical illness in our lives, it may not kill us, but it can make us financially and physically dependent for a period of time.
Enter Critical Illness protection. What is it? Critical illness insurance, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy. The most basic of policies provides coverage for 4 leading health risks facing Canadians – cancer, stroke, heart attack and coronary artery bypass surgery. There are more enhanced policies as well that cover over 20 illnesses.
The lump sum then can generally be used for anything you wish, maybe you need help with health care costs, income supplement, or generally anything you wish to use it for. As with all insurance products you really want to do your research and talk to a trusted advisor to get the right product for you and your family, or you and your employees.
Please contact us if you would like to learn more about Critical Illness insurance.