Would you be able to meet your financial needs if you were to fall seriously ill? Critical illness insurance offers coverage for a wide range of illnesses that are common among Canadians. Here’s everything you need to know about how this insurance can protect you.
What Are the Benefits of Critical Illness Insurance?
Peace of Mind
This coverage offers several key benefits to ensure you’re protected if illness strikes:
- Non-Taxable Benefit
The payments you receive for treatment and recovery are non-taxable, allowing you to focus on your health without worrying about unexpected tax liabilities. - Financial Protection
Your bills won’t pause if you need time to recover. Whether it’s your mortgage, school fees, or daily living expenses, the benefit payments help you maintain your lifestyle while you’re on leave from work. - Healthcare Coverage
Use your benefit to cover medical costs that may not be included in your group insurance or public healthcare plan. No need to submit medical proof of your illness for these payments, making the process simpler when you need it most. - Hospitalization Reimbursement
If your illness requires hospitalization, you can use your insurance to pay for your room and other related costs. - Preserving Your Assets
Avoid tapping into your savings or TFSA. Critical illness insurance helps cover medical costs so you can save your money for other future plans.
Which Illnesses Are Covered?
Most critical illness insurance policies provide coverage for major illnesses, such as:
- Heart attack
- Cancer
- Stroke (Cerebrovascular accident)
Depending on your chosen policy, other conditions may also be covered, including:
- Severe burns
- Cystic fibrosis
- Parkinson’s disease
- Multiple sclerosis
- Coma
Fixed-Term vs. Permanent Critical Illness Insurance
- Fixed-Term Insurance offers coverage for a set period, such as 10 or 20 years, or until age 75.
- Permanent Insurance provides lifelong coverage, ensuring peace of mind for as long as you hold the policy.
Protect Yourself and Your Future
Don’t wait until it’s too late. Critical illness insurance provides the financial safety net you need during tough times. Contact Finance with Yomi today to speak with me, explore your options, and safeguard your health and wealth for the future. I am here to help you every step of the way!