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Critical Illness Insurance

Posted 6/18/2018

Critical illness insurance is best described as a Tax-Free Health Care Plan. It provides you with a tax-free lump sum of money if you get one of the illnesses covered by your policy. Most policies have 25 covered illnesses, but the Big 3 are Heart Attack, Stroke and Life Threatening Cancer. Over 80% of claims on CI policies are for those 3 illnesses.

People are starting to realize that they should have some protection, because younger and younger people are getting these dreaded diseases. An estimated 206,200 new cases of cancer and 80,800 deaths from cancer occurred in Canada in 2017. This means that 125,400 people survived and had to struggle to pay bills and keep their lives a float while battling this terrible disease. More and more people are surviving which is wonderful news, but how can they afford to live? Most people take money from their RRSP's (if they're lucky enough to have them), but why should your retirement suffer? Protect your retirement funds and buy a Critical Illness Policy. 
People without a nest egg are even more at risk. I recommend Critical Illness Insurance to all of my clients because whether you have money or you don't an unexpected illness will upset your financial plan and a tax-free lump sum of cash is just what the doctor ordered. You don't need the extra stress at that point. Put your mind at ease and protect your finances!

Insurance services are provided by Kirk Edward Davidson.