Critical Illness Insurance
While everyone is encouraged to maintain good health, any number of conditions can easily cause long-term implications, whether as a factor of genetics, unmitigated risk factors, or environmental exposure.
Surviving a life-threatening condition with effective medical treatment is just part of the total recovery. The true indicator is regaining lost quality of life while navigating the financial impact of critical illness in terms of ongoing medical treatment and care not covered by provincial health insurance, as well as replacing lost income for regular expenses.
Critical illness insurance shields you and your loved ones from the cost of recovery, ensuring a stable, healthy return to life as you know it.
What is Critical Illness Insurance?
Critical illness insurance is a lump-sum cash payment paid out to policyholders in the event of a diagnosed critical illness, such as cancer, stroke, and heart disease.
This benefit is awarded to policyholders who fall ill while covered by the policy and survive the initial waiting period — essentially, a survival fund for the ongoing care and recovery expenses, as well as replacing lost income.
Critical illness insurance helps Canadians diagnosed with severe conditions and their loved ones bear the financial impact of a life-altering illness by:
- Reducing debt and other financial obligations that need to be paid while you cope with an illness
- Reducing or replacing your or your spouse’s lost income as you recover and require care during this period
- Providing additional financial resources to help with your family’s expenses, such as childcare, monthly bills, necessary home improvements, and more
- Providing resources for exploring emerging medical treatments and medications that may not be covered under provincial health insurance.
I’m Young and Healthy – Do I Need Critical Illness Insurance?
One in every two men and women in Canada are diagnosed with cancer. As this statistic suggests, it doesn’t matter how old you are or how healthy you live — even with modern medicine; it only takes one diagnosis to change your life forever.
Critical illness insurance provides necessary financial protection and peace of mind to help families. You can take out a critical illness insurance policy for yourself or a loved one, especially if you have a family history of critical illnesses.
Critical Illness Insurance Benefits
A critical illness insurance policy pays out a lump-sum amount to qualifying policyholders who meet the survival period requirement.
Once the lump-sum payment is received, you are free to choose how it will be allocated for your finances, whether for income replacement, private care, medication, experimental treatments, and other recovery expenses.
The goal is to have enough financial resources for whatever you need as you strive to get better.
- No restrictions on how the benefit paid out must be used, allowing Canadians to use the money for any financial need, as it comes up.
- No additional qualifications for benefit payout, with the only requirement being diagnosis and survival during the required period.
- No strict definition regarding your ability to work and keep earning an income, unlike a disability insurance policy.
- Get 100% of your money back with a return of premium option if you are not diagnosed with a critical illness.
Coverage for Uncovered Expenses
While most medical expenses are covered under the provincial health plan, some expenses remain uncovered — and add unnecessary financial strain on you and your loved ones on top of dealing with the illness.
The lump-sum payment can be used to cover the cost of drug prescriptions and treatments, such as ongoing care and rehabilitation that are not covered by the provincial health plan.
The comprehensive protection from a critical illness insurance policy offsets those costs along with living expenses to ensure a smooth and successful recovery.
Protect Your Retirement
A severe prognosis will require you to take time off work and in the meantime, dip into your retirement savings for expenses. So even in remission and survival, your financial future could be at stake.
With the payout from a critical illness insurance policy, you won’t have to sacrifice your retirement, modify your lifestyle, or work longer to afford to retire.
The amount of the benefit is a welcome financial relief to help you recover — and enjoy the years ahead, living a full life after remission.
Support For Your Loved Ones
A critical illness insurance policy provides necessary financial relief from the devastating impact of a severe health condition.
With that provided for, your loved ones can obtain peace of mind knowing that your family has the necessary financial resources and support to get through this difficult time.
Critical illness insurance helps your loved ones look after the day-to-day, ensuring that you can maintain your lifestyle, look after the kids, keep your home, and afford to pay the bills as they come.
Trust Oegema Nicholson
Our insurance experts at Oegema Nicholson are committed to advocating for your needs during a particularly challenging time.
From lengthy treatments to extended recovery periods, your primary focus should be your health and well-being, not the stress of daily life and depleting financial resources. The last thing we want is to see you dip into your retirement savings or modify your lifestyle drastically to support the cost of recovery.
That’s why we work to craft a custom-tailored disability benefit that is affordable and easily accessible, so you can easily lean into it and ensure stability as you try to recover with an optimistic, hopeful outlook.
For more information on protecting your family and finances from the impact of a devastating prognosis, call Oegema Nicholson (613) 224-1455 or contact us here and learn how critical illness can help you make light of a difficult time.