Solutions for your future needs.

Book a meeting


(647) 867-7809

 

Can insurance protect my financial security if I have a Critical Illness?

Article Licenses: LI
Advisor Licenses:

Compliant content provided by Adviceon® Media for educational purposes only.


Our provincial health plans do not allocate funds to help patients who face a critical illness recover financially. They are established, not to build or replace wealth, but to provide basic health care. If you have no money, these plans would pay you only a subsistence-level disability benefit.

shutterstock_69171412 MEDIUM SIZE

1. Lump-sum benefits are paid:  Critical Illness Insurance (CI) offers a lump-sum payout of cash if you are diagnosed with a critical illness covered by the policy (such as stroke, heart attack, or cancer). Its purpose is to provide a considerable amount of money (referred to as a living benefit).

2. Allows time to convalesce:  The CI insurance capital can help you convalesce over longer periods and in the company of loved ones, without a concern that the expenses related to a previously enjoyed lifestyle must be immediately eliminated. After all, there may be an extended time necessary to recover before you can return to work.

 3. Money for exceptional health care:  CI insurance can fund expensive drugs or out-of-country health care. You may need to employ a private nurse to live in your home, hire a nanny, receive physical therapy and/or renovate your home to meet accessibility needs related to the illness. CI can help pay these bills.

4. CI enables a career change:  Due to medical advances, many people totally recover from critical illnesses and re-enter the work force. Unfortunately, many others live the rest of their lives partially disabled, unable to do the same work. There may be a need to finance training for a career and search for new employment. Before you establish a new source of income, where will your money come from? CI insurance keeps you financially stable through a critical illness.

 


Legal Copyright Warning: Adviceon® retains all legal rights and copyright to the contents of this article, libraries and all media on this website. The unauthorized reproduction or distribution of this copyrighted work is illegal. Criminal copyright infringement, including infringement without monetary gain, will be investigated and may result in legal liability. Content is for online use with the original Internet url used and is only for educational guidance, and is not to be edited or reposted elsewhere, which is tracked online via by Adviceon®. Please read Agreement of Copyright Use & Legal Notice which applies to all who use this website with content provisioned for educational purposes only by Adviceon®. Email editor@adviceon.com

Publisher's Copyright & Legal Use Disclaimer Replication is prohibited beyond the use of this website. The publisher does not guarantee the accuracy and will not be held liable in any way for any error, or omission, or any financial decision or purchase or use of a financial product, including investment or insurance products, and suggest that a professional advisor’s counsel is sought, especially with regard to Segregated Funds which have investment risks. Not to be copied or republished as all rights are reserved by the publisher © Adviceon®

Website Disclaimer This website and information is provided for your general information only, and is not intended to provide specific personalized advice, including, without limitation, investment, insurance, financial, legal, accounting or tax advice; and any reference to facts and data provided are from various sources believed to be reliable, but we cannot guarantee they are complete or accurate; and it is intended primarily for Canadian residents only, and the information contained herein is subject to change without notice. References in this Web site to third party goods or services should not be regarded as an endorsement, offer or solicitation of these or any goods or services. Always consult an appropriate professional regarding your particular circumstances before making any financial decision.

 

A A
Financium.getAdvisorInfo()=miss Financium.getPage()=miss Financium.getPage()=miss Financium.getPage()=miss Financium.getPage()=miss