How to Cope Financially with a Critical Illness

Every three minutes Cancer picks a fight with another Canadian.  Becoming critically ill is something none of us want to think about; but we all know families whose lives have been dramatically affected by this terrible disease.  

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 22 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:

·        Best Doctors - a service that provides access to the best medical care by connecting you to world renowned specialists to confirm the right diagnosis and right treatment plan option without you having to leave home.

·        Daily Living Assistance – If you’re having trouble managing day-to-day activities, in one simple phone call, you can get information on the local services available to you.  These services can help you manage daily activities that can become challenging during an illness.

·        Healing the Whole Person – This program provides emotional support for you and your family and helps deal with the feelings often associated with a critical illness

·        Return of Premium – an option whereby if you stay healthy and never make a claim; the insurance provider will return all of your premiums

 

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:  Canadian Cancer Society

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