A critical illness can happen to anyone. And it does happen to many.
Canadians are more likely to experience a critical illness than they are to die before the age of 75.
For most people, the diagnosis is just the beginning.
Click here to watch video about Dr. Marius Barnard, the creator of Critical Illness Insurance.
If you become ill, your focus should be on recovery and regaining your health.
Critical illness insurance pays a lump sum benefit (certain terms apply) following the diagnosis of one of the covered illnesses. It offers you choices and allows you to recover on your own terms.
Your benefit could allow you to:
- avoid withdrawing money from an RRSP or other savings or investments
- pay down debts such as your mortgage or loans
- choose medicine and treatments not covered by group, personal or government plans
- replace lost income so you have choices – for instance, your partner can take time off work to help you
- maintain your business by hiring a person to run it until you return to work
Not all critical illness policies are the same.
Before choosing any critical illness insurance policy, it is important to seek professional advice and guidance to ensure that you choose the best available policy for your situation.