A critical illness insurance policy pays a one-time, tax-free, cash benefit upon being diagnosed with a critical illness. You can choose to spend this money however you wish.
Most common examples of critical illnesses are cancer, strokes and heart attacks. All critical illness products cover these core illnesses, often with the option to also cover the next 20+ most common illnesses people are diagnosed with.
Historically a critical illness diagnosis often resulted in death, however thanks to medical advances people are now surviving.
While dramatically improved survival rates is a certainly positive development, it presents a new problem - which is financial recovery and security. Often those faced with critical illnesses find they struggle financially during and after recovery from a critical illness.
A one-time cash benefit payment that you can use for whatever you need.
Some plans offer second opinion services so you can access opinions of world's top experts.
Some plans offer counselling and other services from professionals during your recovery.
The chances of a critical illness occurring are greater than all other causes combined (i.e. dying before a certain age, or developing a long-term disability). Being diagnosed with a critical illness can be financially draining, and may hinder your long term financial security.
One in three Canadians is diagnosed with a life altering critical illness.
Use your payout to help with your medical expenses while you recover.
Your retirement savings are earmarked for retirement, not medical bills.
Recover easier knowing you're financially secure and have cash to pay for proper care.
This will depend on your unique personal circumstances. Generally, you want to have an impactful amount, while keeping premiums affordable and sustainable.
Here are a few examples of things to consider:
A professional advisor can assist you with calculating your insurance needs.
Some critical illness plans offer the option of adding a return-of-premium benefit to your critical illness insurance policy. For example, with return-of-premium, if you don’t experience a critical illness within a certain time frame, or should you terminate your policy prematurely, you can choose to get your money back. Ask your advisor about return-of-premium options.
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