CRITICAL ILLNESS Info (Cancer, Heart Disease, Stroke, etc.)
Fact: 1 in 3 Canadians will suffer at least one critical illness in their lifetime, but most people do survive. A critical illness may have a big financial impact at a time in a person’s life when they can’t afford a big financial hit.
Critical illness is usually a singular event that can wipe out years of savings and hard work.
If diagnosed with a critical illness, how will you pay for and survive the critical illness?
What are some of the costs?
No pay cheque.
Time off work.
Cost for home care.
Possible home renovations to accommodate the illness.
Lost assets for retirement.
No further investment contributions.
Solution: How will you take care of yourself and where will the money come from?
A critical illness insurance benefit is a lump sum of cash for you, generally given 30 days after being diagnosed with a listed critical illness. You’re able to use the money in any manner you wish.
A critical illness policy can save your financial well-being and increase your odds of survival. It can mean less stress, better and timelier treatment.
Recommendation – Insure your assets and financial well-being against a critical illness occurring which could offset your retirement plans.