It happens more often than you think...
Many of us think that a critical illness is something that only happens to other people. The statistics are staggering and can be rather disturbing. They show that an increasing number of Canadians will suffer from a critical illness during their lifetime, and at an increasingly younger age.
As you have heard on radio and seen advertised on television, Critical Illness coverage provides an individual with a tax-free lump sum amount of money, should they contract a condition that is covered by the plan.
Critical Illness coverage provides protection by allowing the individual access to immediate funds, often within 30 days of diagnosis. This allows the individual to focus on their recovery, not on the lost income and additional expenses they will have to meet.
Most plans cover between 18 - 24 illnesses with over 85% of claims emanating from heart attack, stroke and cancer alone.
Covered Illnesses may include:
||Loss of Limbs
||Loss of Speech
|Benign Brain Tumour
||Motor Neuron Disease
The individual can utilize the proceeds from the Critical Illness coverage however they choose, for example:
- Specialized medical treatment
- Modification to your home and/or automobile
- Pay your mortgage, business loans or other debts
- Protect your financial resources by providing access to immediate funds
- Preserve your RRSP's and other Assets
Above all, Critical Illness protection provides peace of mind at a time when it is needed most.