Critical Illness Insurance
Critical Illness Insurance provides you a financial benefit at a time when money worries can be overwhelming. In the event of a major illness like cancer, heart attack or stroke, this non-taxable lump sum cash benefit will be a certain relief . With to-day’s medical advancements you can survive a serious illness. Critical illness insurance assures you survive it financially, as well.
Don’t put your retirement savings at risk
You’re investing a lot of time and effort in building up your retirement savings. Why take a chance that a serious illness could set you back, possibly jeopardizing the retirement lifestyle you are saving towards?
No one ever expects to become critically ill. But unfortunately it happens. The good news is that you are very likely to recover. The bad news is that treating a critical illness can be a huge financial burden.
Many Canadians assume the provincial government will pay all the costs to treat an illness. But in reality, you may be required to pay for a lot of your treatments, prescriptions and services yourself. Plus you and a family member may need to take time off work without pay.
How would you pay for treatment? If you need to dip into your retirement savings, it could have a significant impact on your retirement plans.
Critical illness insurance covers conditions that pose a threat to your health and a potential financial challenge. If you’re diagnosed with one of the covered conditions, and survive the waiting period, your critical illness coverage will provide you with a lump-sum cash benefit.
You can use the money you receive however you want. For example, it can help you pay for:
- The best treatment available anywhere, including medical and travel costs
- A nurse, caregiver or cleaning service to help out at home
- Mortgage or rent and household bills
- Renovations you need to make to your home because of your illness
And while you’re focusing on getting better, your retirement savings continue to grow.