Statistics tell us that critical illnesses happen every day. Advances in medical science have made it possible to survive these illnesses and resume meaningful lives. Yet the cost of recovery can have serious and long-lasting financial consequences.
Critical Illness Insurance is a living benefit that pays a lump sum (tax free) benefit usually 30 days after you are diagnosed with, or in some cases have surgery for a critical illness, such as a heart attack, stroke, life threatening cancer, and paralysis or kidney failure.
With Critical Illness you have the independence to make a meaningful decision about your physical and financial recovery and protect your standard of living. Unlike Disability Insurance, Critical Illness Insurance is not based on your inability to work. You collect the full amount of coverage, even if you make a full recovery.
This lump sum can be used to: protect your lifestyle, replace lost income, keep your business going during recovery, pay of mortgage and reduce debt, make renovations to a home, protect savings and assets, or travel.
The ability to earn income is the single most important asset of any individual during their working years. A disabling injury can devastate an individual or family’s financial resources. Disability Insurance is a living benefit designed to provide a monthly benefit to the insured person who is unable to work due to injury or illness. The benefit is usually paid as a percentage of income, and is paid for a specific time period after a covered illness or injury occurs and the disability continues.
Long-Term Care Insurance:
Canadians are living longer today than in prior generations. This creates a larger responsibility for financing long-term care required by elderly Canadians. Funding for nursing care is not covered completely by government plans. Long-term care insurance provides a monthly benefit amount to fund the cost of nursing care, home care or the cost of incidentals such as wheelchairs or the costs of therapy. Different long-term care facilities have varying costs and charge user fees for things such as private rooms or additional services.