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Round out your insurance plan with critical illness

Thanks to medical advances, more and more people are surviving a critical illness such as cancer, a heart attack or a stroke. The not-so-good news is that it may mean extra expenses for you and your family that are not covered by many types of insurance.

Disability insurance replaces an income stream (after a waiting period) when you can no longer perform your normal work duties due to a disability, while life insurance pays out a lump sum to beneficiaries on your death. But who funds the cost of medical treatment not covered by provincial health plans or a badly needed vacation in the wake of a serious, life-threatening illness?

This is where critical illness insurance comes in. Critical illness pays out a tax-free lump sum if you are diagnosed with a severe illness and survive a certain period, usually 30 days. No disability, permanent or otherwise, is needed to qualify for the payment. And in terms of how you spend the money, there are no restrictions at all. You can use it for anything from paying off debt, to retrofitting a car or house, to creating a savings fund for the future.

Be aware, however, that the illnesses and conditions covered by critical illness insurance vary by policy. Typically, these include cancer, heart attack, stroke, Alzheimer's, Parkinson's and multiple sclerosis, but it's important to look closely and to compare, particularly any exclusions.

As well, it's worth noting that critical illness is not a substitute for disability or life insurance. For many people, it serves as but one component of a comprehensive insurance plan structured to protect against a range of risks and needs.

Drawing on the expertise of our network of insurance specialists, we can help you assess your risks and find the right insurance solutions for you. Please call our office to arrange for a review.

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