Critical Illness
What is Critical Illness Insurance?
Critical illness insurance provides a tax-free lump-sum payment if you’re diagnosed with a serious condition like cancer, heart attack, or stroke. The conditions covered are clearly outlined in your policy.
How Does It Work?
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Choose your coverage: Decide how much financial protection you need.
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Pay your premiums: Keep your policy active with regular payments.
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File a claim: If diagnosed with a covered illness, submit your claim.
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Receive your payment: After a waiting period (if applicable), you’ll receive a tax-free lump sum.
Why Do You Need Critical Illness Insurance?
Serious Illnesses Are Common:
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One in three Canadians experiences a life-altering illness in their lifetime.
Cover Daily Costs:
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Use the payout for everyday expenses, medical bills, or even travel for treatments.
Protect Your Retirement Savings:
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Avoid dipping into your RRSPs or other investments to pay for unexpected medical expenses.
Focus on Recovery:
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Concentrate on your health without financial stress, knowing the benefit payment can help with your finances.
More Than Just a Payout
Access to Expert Medical Help:
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Gain support from top specialists who can:
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Provide second opinions.
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Explain medical conditions and treatment options.
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Help you navigate the healthcare system.
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Emotional Support:
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Recovery isn’t just about finances. Many policies offer additional resources to support your emotional well-being and medical journey.
How Much Coverage Do You Need?
The amount depends on your circumstances, including:
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Time off work needed for recovery.
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Expected medical and daily expenses.
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Your family’s financial needs.
What Happens If You Don’t Experience a Critical Illness?
You can add a Return-of-Premium Benefit to your policy. This option allows you to receive all or part of your premiums back if you don’t experience a critical illness after a set period (e.g., 10 years).
Critical Illness vs. Disability Insurance
Both types of insurance serve different purposes but often work well together:
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Critical Illness Insurance provides a lump sum for medical expenses and recovery needs.
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Disability Insurance replaces your income if you’re unable to work due to illness or injury.
Together, they offer comprehensive protection against financial hardship caused by health challenges.
Critical illness insurance is an essential part of protecting your financial future, giving you peace of mind and the ability to focus on what matters most—your recovery.
