Critical Illness Insurance

Many people don’t realize that their existing insurance policies don’t cover them completely in the event of a critical illness. Will your retirement goals still be met if you suddenly needed to take out an additional $50,000? When you get diagnosed with a critical illness, it’s important to be able to focus on your health, and not on your finances.

Key Benefits of Critical Illness Insurance

Peace of mind, a single lump-sum payment to cover costs, comprehensive coverage, no medical questionnaire required, affordable premiums.

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Origins of Critical Illness Insurance

Critical-illness insurance was created almost 30 years ago by the renowned heart surgeon Marius Barnard, who worked on the first human heart transplant with his brother, Christiaan. Dr. Barnard witnessed the emotional strain that many of his patients faced after surviving serious illnesses. Financial stress often worked against recovery or, in many cases, left patients struggling to pay bills as they resumed their lives; as a result, Dr. Barnard encouraged insurance companies in his native South Africa to create the critical illness insurance product. “You need financial independence when you’re ill,” said Dr. Barnard, “not because you’re going to die, but because you’re going to live.”

Frequently Asked Questions about Critical Illness

What are the Costs of a Critical Illness?

  • Absence from work: Even if you have disability insurance through your employer’s group benefits package, it might not be enough to provide adequate coverage for a life-altering critical illness.
  • Home care costs during a period of illness and recovery: Your working spouse may need to take a leave of absence to care for you or you may have to pay for private home care, while other costs can run high. For example, 75% of cancer drugs taken at home cost more than $20,000 annually.
  • Treatment outside of Canada or other medical costs: Are you confident that the health care system will continue to provide the same level of treatment and care that we have come to expect as the population ages and medical advances keep individuals living longer? Will you have the funds to obtain treatment outside of Canada or pay for experimental treatment not covered under a health care plan?
  • Children’s Education: Will you be able to continue to fund your children’s education?
  • Early Retirement: Can you afford early retirement or even a change in careers or reduced number of hours?
  • Unwanted Debt: Will you be able to pay off your existing debt should you have to take on more debt?

Which maladies does critical illness insurance protect me against?

What are my chances of contracting a critical illness?

How do I know if my employer’s group benefits package includes Critical Illness Insurance?

If I don’t get diagnosed with a critical illness, when do I get my money back?

How much coverage do I really need?

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