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Q & A - Critical Illness Insurance

Cyndy Batchelor, Financial Advisor

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


Critical illness insurance

No one plans for unexpected health problems. An illness can throw your financial stability off track. Did you know that not all bills are covered by your provincial health plan? In comparison to the past, many more people survive illnesses like cancer and stroke, however, the path to recovery may be long and may mean that you are not able to work and provide income for your family. One in two people will develop cancer in their lifetime. More than half will survive, and that number increases each year. How can Critical Illness Insurance help you?


Q: What is Critical Illness Insurance?


A: Critical Illness Insurance is a living benefit policy that will pay out a lump sum one-time payment to the insured/owner of the policy if you are diagnosed with a covered critical condition. Conditions can include heart attack, stroke, life-threatening cancer, MS, Coma, Dementia, and Kidney failure, among others. You can check with your Advisor to determine which illnesses are covered.


Q: What can Critical Illness money be used for?

A: Anything you want. This means it can be used to cover medical expenses outside the provincial or your health plan coverage, to cover your other everyday costs like mortgage, groceries, or vehicle, to access private out of country medical treatment, to supplement your lost wages and even cover your business operating costs if you are self-employed. You can also use it to take a family vacation to reconnect with your loved ones.


Q: What else does my Critical Illness Policy Include?


A: Access to Best DoctorsR. This is a network of world-renowned medical experts who can give expert opinions and find the right diagnosis and treatment information. This expert advice can be used anytime in your life for yourself, dependent children, parents and parents-in-law.


Q: What if I do not make a claim on my policy?


A: If you add the return of premium option when you commence your policy, and are not diagnosed with a critical illness, when your policy matures, you can get back up to 100% of your premiums.


Contact your advisor today to find out more about Critical Illness Insurance and how it can protect your income and your savings.





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