Do You Own Critical Illness Insurance?
You insure your car and your home…why not insure your health?
Long-term treatment of a critical illness can take months or even years and is likely to exhaust an individual’s or family’s savings.
It’s important to remember that both public and private health plans typically will not provide coverage for treatments, home care, daily living, or child care expenses related to the onset of a critical illness.
There are products (“Critical Illness Policies”) which offer coverage in the event of an onset of a critical illness. These products provide a tax-free benefit which allows you to cover your health care and living expenses including private treatment and/or treatment overseas.
If you’re young and healthy, the time to buy a Critical Illness Policy is now so you can take advantage of lower premiums. Many policies also have afeature whereby a Return of Premium rider can be added. In this scenario, one would pay more in regular premiums during the life of the policy, however, if no claim is made under the policy, one would receive their money back after a specific period of time had elapsed (for example, 20 years). In essence, you are not only protecting yourself in the event of a critical illness, but you are also creating a forced savings account. The return of premium payment you receive is tax free!
The amount of coverage you purchase should fit within your budget; you can purchase anywhere between $20,000 and $2,500,000 of coverage. Any coverage you purchase helps protect you. Each situation is different and should be analyzed with an insurance professional.
Please visit the following website for more information on Critical Illness. It includes a few short videos following Sandra who was suddenly diagnosed with Lymphoma and demonstrates how CI insurance helped her and her family through a difficult period in their life.
Link to the website:
Please feel free to contact me if you have any questions. I’m happy to have a consultation to review your specific situation and if appropriate, provide you with a quote for coverage. If you have an existing CI policy, I would be pleased to offer a complimentary analysis of the policy.
Client Testimonial – Harj Bath, Vancouver, BC
“I was always one of those individuals that spoke highly of Critical Illness coverage, however, did not have any coverage myself. Being in the Banking industry, I always tell my clients about the benefits of insurance, especially Critical Illness. Having CI coverage is crucial; it feels like every day we hear about people being diagnosed with some sort of illness. For me, it took a personal tragedy to finally meet and speak with Priya to discuss my options.
In February 2009, my father was diagnosed with ALS. He, unfortunately, lost his battle with this illness in 2012. It was a shock as he was a very healthy individual and this experience really made me realize that me being diagnosed with some sort of illness at some point in my lifetime…is a reality.
It was important for me to protect myself and my young family. I met with Priya and she listened to my needs and provided me excellent advice. She took into consideration what I wanted and not what she wanted for me. I purchased my CI coverage based on what works best for me and my family.
I now have peace of mind, that if I do get sick, my family won’t have to worry about expenses, because my coverage is in place.”Back to All Posts