top of page
Website Photos (4)_edited.jpg

Critical Illness Insurance – Protecting your Lifestyle

By Cyndy Batchelor, FMA, BCom

Financial Advisor, O’Farrell Wealth & Estate Planning | Assante Capital Management Ltd.

A critical illness is more common than you think. A serious, life-altering illness affects one in three Canadians in their lifetime. One in two Canadians will be diagnosed with some form of cancer in their lives. How are you able to manage the risk protection against a serious illness? A Critical Illness Policy allows you to manage this risk and protect yourself, your family, and your assets against the unpredictability of getting critically sick or injured.


Critical Illness Insurance can allow you to focus on your recovery knowing that you have the money to help with costs of a serious illness.


A CI policy is an excellent complement to the provincial health care plan because the amount paid can allow you to:

  • Replace your income, or even your spouse’s income so that he or she can take time off work to accompany you during your treatments

  • Pay for assistance at home

  • Pay for medications not covered by provincial health insurance

  • Pay the costs of treatment abroad

  • Continue repaying financial obligations such as your mortgage

  • Take a much-needed break after medical treatment before returning to work full-time

Additionally, a CI policy can ensure that you don’t have to dip into your retirement savings or investments to cover these extra costs. Some Critical Illness policies will also offer additional benefits to holders and family members of the policies. These include access to expert medical assistance. This expert assistance can help you by:

  • Providing a second opinion on your diagnosis

  • Helping you to understand medical conditions

  • Explaining your treatment options and

  • Helping you navigate the healthcare system


Supplementary assistance can also be provided and include:


  • Counselling services

  • Family support services (childcare or home care)

  • Legal and financial consultations

  • Nutritional advice


I am often asked, is a Critical Illness policy really worth it? What happens if I don’t get sick? My favourite benefit that can be included as an option in a Critical Illness policy is known as a return-of-premium benefit. If you remain healthy and don’t have the need to use your policy, after as early as 10 years, you may choose to get your money back. If you do elect to use this option, your policy then expires. Contact your Financial Advisor today to discuss Critical Illness Insurance options.


We welcome questions so please reach out! See our ad in this week’s North Grenville Times and follow us on Facebook @OFarrellWealth.


Cyndy Batchelor is a Financial Advisor with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact her at 613.258.1997 or visit ofarrellwealth.com to discuss your circumstances prior to acting on the information above. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

16 views0 comments

Commentaires


CIPF.png

*Mortgage products and services are provided by Assante Capital Management Ltd. through its

strategic partnership with Bank of Montreal.

We collaborate with you and each other to deliver unbiased advice that meets your personal and business needs.

 

Important Disclosures

Assante Capital Management Ltd. (“ACM”) is a member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. 

 

                              


 

Know your Advisor: IIROC Advisor Report

Assante Financial Management Ltd. (“AFM”) is a member of the Mutual Fund Dealers Association of Canada (“MFDA”) and MFDA Investor Protection Corporation.

 

 

www.mfda.ca

Stocks, bonds and mutual funds are provided through ACM. Mutual fund products are provided through AFM. Only those services offered through ACM are covered by the Canadian Investor Protection Fund, and only those services offered through AFM are covered by the MFDA Investor Protection Corporation. For more information please visit http://www.assante.com/legal or contact our office for clarification.

 

To research the background, qualifications and disciplinary information on advisors at IIROC regulated firms please generate an IIROC Advisor Report.

Employee benefits and pension consulting services, Mortgage lending services, and insurance products and services are provided through O’Farrell Financial

Services Inc. (“OFSI”). OFSI is an independent company unrelated to ACM and AFM.

For further Assante Wealth Management important legal and compliance disclosure, please visit www.assante.com/legal

For more information on our privacy policy, please visit http://www.assante.com/privacy-policy

RegulatedByIIROC_ENG_2col_CMYK.png
MFDA English Logo_PNG.png

© 2023 | All Rights Reserved

bottom of page