Critical Illness Insurance Coverage in Ontario and Who Needs it!

Critical illness insurance coverage in Ontario protects individuals in the event they suffer a heart attack or stroke, are diagnosed with cancer, blindness, hearing loss, kidney failure, Parkinson’s disease, multiple sclerosis, a major organ transplant, Alzheimer’s disease and more. 

When you die you are gone, but suffering a critical illness is a life altering event. Not only will it change the quality of life for you and your family but it also impacts your income and will trigger a number of new expenses. Believe it or not, even in Ontario where we have “free” health care, once suffering a critical illness you may quickly realize that the health care you receive is not sufficient to service your needs. You may require supplemental health care services and you may even want to pursue treatment options not available in Canada. Expenses such as private in-home nursing and modifications to your home or vehicle to improve your mobility will not be covered under your provincial health insurance plan. If you have disability insurance with your employer, they also may not be covered under a typical employer-sponsored health plan. 

Critical illness in Ontario is a very real problem that Canadians face every day and impacts individuals young and old.

In Canada, one in three Canadians will develop a life-threatening cancer, one in two will suffer heart attacks under the age of 65 and each year 50,000 Canadians will suffer a stroke and 75% of them will be left with a disability. 

When arranging any insurance coverage, time is your enemy. The older you are, the higher the insurance premiums you will have to pay. In addition, changes to health can occur at any time. A change to your health may impact your ability to qualify for critical illness insurance coverage in Ontario and may also cause your critical illness insurance premiums to skyrocket. Considering critical illness insurance coverage when you are young and healthy enables you to achieve the most cost savings. 

You can arrange critical illness insurance coverage in Ontario one of two ways; through a term policy or through a whole policy. A term policy carries a term and no cash value, whereas a whole critical illness policy provides tremendous incentives. Whole policies for critical illness insurance coverage in Ontario not only guarantee the critical illness coverage for life but also have a side financial benefit. When you purchase a whole critical illness insurance policy, once 15 years has passed if you have not suffered a critical illness, you are entitled to receive 100% of your premiums back. This means that not only are you protecting yourself in the event you suffer a critical illness but you are also betting on good health too. 

Critical illness insurance coverage in Ontario has become an essential insurance that everyone should have and in the optimal circumstance should be arranged at a young age. Critical illness insurance has become very popular because of all the events that it covers, in addition to the value that a whole critical illness insurance policy carries. 

For more information about critical illness insurance coverage in Ontario please visit www.wecoveryou.ca or call Independent Financial Concepts Group at 416-849-1653.