Illness insurance

Do you need critical illness insurance? It can be hard to imagine yourself in a position where you might need to file a critical illness insurance claim; however, it is important to note that the most important thing to prepare for is not the possibility of being affected by a critical illness, but the emotional, physical, and financial costs of surviving that illness.

Canadians especially for illness insurance

Despite all of these probabilities, many people – Canadians especially – underestimate the financial impact a critical illness can cause. Why is it so common for Canadians to overlook their need for critical illness insurance? Well, we have free healthcare, right? So why should we need to invest more money in the financial securities we already have in place?

Your last test revealed that you have cancer and you need chemo therapy right away. In Ontario, your wait time to start retrieving treatment is four weeks or you could go to Buffalo and start treatment there tomorrow, but it will cost you $40,000. Critical illness insurance could help you pay that expense, and perhaps even the travel costs of getting to Buffalo for your treatment.

Financial implications for illness insurance

But that isn’t all. As we’ve already pointed out, your illness comes with other financial implications-like your sudden inability to work. All of a sudden, your day-to-day living expenses have become a lot more stressful, and all of this is compounded by the fact that your partner is also taking time off work to take you to medical appointments.
Many people feel they can rely on their spouses, retirement savings, sale of assets, or government assistance in the event that they find themselves in need, but you don’t want to be left in a position where you have to hope that these options come through for you in a timely enough manner. In most cases, it just isn’t realistic to rely on these options. Plus, critical illness insurance provides you with additional benefits, like:

Providing coverage for illness insurance

Critical illness insurance can help offset some of the costs of certain drug prescriptions or other treatments that you would otherwise have to pay for out-of-pocket. Reduce debt and other financial concerns while you cope with your illness Replace reduced or lost income for you and your spouse

Protecting your retirement for illness insurance

You don’t want to eat into your retirement savings to accommodate the costs of your illness-those savings have their own purpose, and you don’t want to sacrifice your future lifestyle or your ability to retire when you want. Critical illness insurance offers the financial relief you need to prevent the necessity of dipping into those savings so you can keep your retirement plans on track.

Additionally, critical illness insurance is designed to:

Don’t Overlook this Coverage
Critical illness insurance can provide you with the financial support you need to ensure that the costs of your illness don’t become devastating. For more information about how to get a critical illness insurance quote.

 

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