Critical Illness Insurance - Is it worth it?

In recent years, medical advances have led to increased life expectancy and the ability to recover from various illnesses, but they have not led to the disappearance of critical illnesses such as heart attack or cancer. 

Critical illness insurance – is it worth it? The chance of getting diagnosed with cancer or having a heart attack is heightened for people over the age of 40. Medical insurance helps reduce costs, but most health insurance plans don’t cover all of the expenses related to treatment. To help deal with this, critical illness insurance provides the funds necessary to pay for whatever you need.

A critical illness can happen to anyone: there are an estimated 70,000 heart attacks in Canada each year, between 40,000 and 50,000 strokes in Canada annually, and an estimated 3,075 Canadians are diagnosed with cancer every week. Despite these staggering numbers, there are options. Critical illness insurance – is it worth it? Yes, because it gives you the peace of mind that can be found when you know that you and your family are protected in the case of a critical illness.

Critical illness insurance – is it worth it? First of all, what is critical illness insurance? Critical illness insurance offers you the financial help you need to pay the costs associated with a life-altering illness, such as a heart attack, a stroke, or cancer. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment – and you decide how to spend the money. Rather than monthly payments, the lump sum payments allow you to make crucial decisions that help with your financial future. 

Critical illness insurance can be incredibly flexible, as there are no constraints set on how you spend the money, which is typically given after only 30 days. You are not required to submit receipts, or even spend the money on medical expenses. It is completely up to you. You can use the lump sum to pay for alternative treatments, specialist visits, or in-home medical care. The ability to choose how to spend the money also makes it incredibly important in the event that your illness prevents you from earning your regular income.

In the case of your death while the policy is in force, a refund of 100% of the premiums that you paid into your critical illness insurance policy is given to your beneficiary.

Critical illness insurance – is it worth it? Well, what is covered? Your critical illness insurance policy can be customized, but the typical illnesses covered by most policies may include: heart attack, loss of limbs, major organ transplants, severe burns, stroke, multiple sclerosis, coma, Parkinson’s disease, cancer, deafness, blindness, loss of speech, kidney failure, heart bypass surgery, or Alzheimer’s disease.

So, critical illness insurance – is it worth it? If you find yourself diagnosed with any of these illnesses, critical illness insurance gives you the ability to focus on your recovery by eliminating the financial stress that often accompanies many of these illnesses. Your critical illness insurance also allows you to pay for those medical costs incurred that may not be covered by the government or by your employment health benefits. Yes, it is definitely worth it!

For more information on how critical illness insurance can benefit you in the future, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.wecoveryou.ca