Surviving an illness like Cancer, a Heart Attack or a Stroke is likely, but it can be financially devastating.
Our Parents and Grandparents may not have purchased Critical Illness insurance, because 20 or 30 years ago it was much less likely to survive these illnesses. Therefore, these illnesses were appropriately “covered” by life insurance, as the insured didn’t survive, but their families were cared for.
However, now that we frequently survive these illnesses, we need to look after our families during our treatment and recovery! The CMHC reports that 48% of foreclosures are due to the impacts of a Critical Illness.
Critical Illness insurance provides a cash benefit to help you cover the expenses of treatment and recovery. Examples of uses of the funds:
- Alternative treatments
- New medications
- Hire in home care
- Cover unpaid leave for healthy spouse
- Fly in friends or family for support
- Post recovery vacation
- Protect your savings and investments
- Offset lost income
Contact me to discuss further!