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What is Critical Illness Insurance?
Critical llness Insurance provides you with a tax free lump-sum payment after a critical illness is diagnosed. As a result, you can devote 100% of your energies to your recovery, without worrying about the financial impacts of the illness
Who Needs Critical Illness Insurance?
Anyone who wishes to be protected against financial concerns resulting from a critical illness. Financial concerns are anything from basic living expenses to expensive medical treatments and special care.
Medical breakthroughs, and advances in patient care mean that most people have a greater chance of surviving a critical illness. In most cases life, health, and disability insurance do not cover all the income lost recovering from a critical illness, and cannot protect RRSPs, retirement and other savings, or your business.
As as result of being diagnosed with a critical illness, you may have unexpected expenses plus a decline in your regular income due to inability to work or reduced hours, this financial stress is counter-productive to your overall health and ability to get better. With critical illness insurance you are given the ability to stay home longer to recover. After just a 30 day wait period you are given a tax free lump-sum payment to be used however you see fit.
This insurance is available through a couple of providers, each covering a different amount of illnesses. An example of the most common illnesses covered are: heart attack, cancer (all forms) and stroke; however the total illnesses covered varies from each carrier. We can discuss which plan is best accustomed to you.
Critical Illness is not expensive, although it's premiums are on the rise due to the increased demand due to high critical illness rates but we can set up a plan that is affordable to you and covers your needs at the same time
- You receive a tax free lump-sum payment
- Only a 30 day wait period
- Proceeds from a critical illness policy can be used as you wish.Unlike traditional disability insurance, when you make a claim on your critical illness policy, your benefit is paid in full according to the terms of the insurance policy.
Email Jane: jane@hffn.net to set up an appointment with Sue Hood for a confidential and personal review of your needs. Alternatively, you may call: 613-968-5127
