How long could you afford to keep up with your monthly payments if you were to become critically ill and unable to work? Here are 3 reasons you need critical illness insurance and what it covers.


Up to a third of all Canadians will experience a disability that prevents them from working and earning an income for a period of time before they retire. Because illness can happen suddenly and without warning, this is one area that the motto “be prepared” is sound advice.

The 20/20 Critical Illness coverage is an addition to your mortgage life insurance and it’s called a policy rider. It pays out a lump sum of up to $300,000 if you suffer a specified critical illness which might include:

  • Heart attack
  • Acute stroke
  • Major organ transplant
  • Life-threatening cancer
  • HIV infection
  • Kidney failure

Want to learn more about Critical Illness Insurance or add it to your existing policy?

MORTGAGE INSURANCE CALGARY

 

3 Reasons You Might Need Critical Illness Insurance

1. You Have a Family History of Critical Illness

With modern advances in health care and medical treatments, more and more Canadians are surviving illnesses that used to be considered life-threatening. While your chances of survival are better than ever, a critical illness is life-altering. If you know you have a family history of critical illness it would be prudent to obtain coverage for yourself.

2. You are the Sole Breadwinner

If you are the sole or primary provider for your family, the loss of your income will have a significant impact on the wellbeing of your loved ones. In addition, there is the possibility that your spouse will need to remain at home for at least a period of time to provide care for you. Alternatively, you may require professional help in the home, all of which come with high costs.

3. You are Not Eligible for Disability Insurance

In many cases, you may have disability insurance from your workplace, but what if you are self-employed or work somewhere without benefits? If you do receive benefits from your workplace, there are some questions to consider in order to determine whether you are adequately covered:

  • How long will your benefits cover you?
  • What specifically will they cover?
  • Is there a deductible before you receive payments?
  • What is the waiting period?
  • Are you planning to remain in this job long-term?

3 QUESTIONS TO ASK BEFORE YOU DECIDE YOU CAN SKIP DISABILITY INSURANCE

 

What Does Critical Illness Cover?

In Canada, the health care system in each province covers the treatment of critical illness. However, are you aware that they do not cover the cost of some drugs? Fortunately, critical illness insurance was meant for just these types of expenses.

Critical illness insurance can also:

 

  • Provide for your family’s lost income due to your inability to work, so that you can continue to make mortgage and bill payments without needing to empty your savings or rely on credit to get you through an already stressful time.
  • Cover the cost of extra help at home, whether cleaning or nursing staff is needed for your recovery.
  • Pay for childcare, so your spouse can continue to work, or to provide respite for a spouse who has become a full-time caregiver.
  • Allow flexibility in choosing and obtaining treatments. It is possible that the best treatment for your particular illness is not available where you live, and you will need to travel.  Perhaps there is a new treatment that has proven successful but is not provided by your provincial health care system.  Critical illness insurance would allow you to take advantage of the treatment and cover the cost of travel.
  • Facilitate moving for treatments, support or a more appropriate home. Sometimes we need more help than we have in our current location. Maybe a move closer to family or to a facility that provides the necessary care is the best option for you and your family. Additionally, a home with modifications might be required. Critical illness insurance would help to cover the cost of such a move.

 

Call Today

Are you feeling like you need to learn more about Critical Illness Insurance? To find out more about our mortgage life insurance policies and critical illness coverage, call one of our licensed agents today at 1-844-974-2020 or fill in our online contact form.

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