Critical illness is something you think happens to other people. But it can happen to you, and the better prepared you are for it, the better off you and your family will be. While you’re healthy, you should consider how your life and finances will be affected if you can’t work for an extended period.
Critical illness insurance provides you with the financial support you need when you’re seriously ill and have to forgo your income for a while. This article will discuss your financial needs if you get critically ill and how critical illness insurance can help.
1. There Is Always a Risk of Critical Illness
Although there are some risk factors that you can control, there is still a chance that you will be diagnosed with a critical illness at some point in your life. We all know of someone who had a healthy diet, exercised regularly, and didn’t have any bad health habits but wound up with an illness that seemed to come out of nowhere. The good news is that the odds of recovering from a critical illness continually improve as research into treatments and cures advances. This reduces everyone’s chances of passing away, but it also means that people are spending more time in treatment and recovery, creating a need for additional temporary financial support.
2. The Cost of Being Critically Ill
We have excellent health care in Canada, but it doesn’t cover all the extra expenses you will have if you become critically ill. Some of the things you may need funding for are:
- Income replacement
- Lost income for your caregiver if they have to take a leave of absence to look after you.
- The part of your medications not covered by your benefits or government plans
- Travel to and from treatments
- Overnight accommodations if you need to travel for treatment
- Special foods or nutritional supplements
- Extra childcare or pet sitting/pet walking services
- Alternative therapies such as acupuncture and massage
- In-home nursing care or personal care services
- Assistive aids such as walkers, wheelchairs, and grab bars
- Assistive technologies such as screen readers and specialized software
- Help with everyday household tasks such as mowing the lawn, shoveling the driveway, doing grocery shopping and meal preparation
- Mental health care
The added stress of paying for these expenses can make recovery more difficult. Having a safety net is the best way to get the peace of mind you need to focus on getting well.
3. Work Benefits May Not Cover Everything
Even a comprehensive benefits plan will likely cover only some of the extra things you’ll need when you’re critically ill, and they will only pay for them after you’ve already spent the money. You’ll need to keep all your receipts and argue for the necessity of each item or service before you can get reimbursed.
One significant advantage of Critical Illness Insurance is that you receive a lump sum when you’re first diagnosed. Unlike your work benefits, you get the money before paying for anything and don’t have to account for what you spend. You can spend it on whatever you like, even a family vacation, to get some stress relief and relaxation.
4. Critical Illness Insurance Is Affordable
Today, there are many options for Critical Illness Insurance. Insurance companies have recognized the utility and popularity of this type of insurance and have rallied to develop their products at attractive price points.
Some providers will offer a discount if you bundle your Critical Illness Insurance with other insurance products, such as Life Insurance or Homeowners Insurance. Check around for the best rates, given your current insurance portfolio.
5. Leave Your Savings Untouched
If you’re critically ill and need extra funds, it’s natural to want to dip into your savings, add to your credit line, or borrow against your home to get you through. After all, what are savings for if not for emergencies? Leave your equity in your home where it is and continue to save for your retirement by getting Critical Illness Insurance now while you’re healthy and can make unhurried decisions.
6. It's Not Just Insurance: It's Peace of Mind
With the right mix of insurance products, you’re not just buying a financial safety net but investing in peace of mind for you and your family. That peace of mind is invaluable when you need breathing space to concentrate on yourself and your health. Without that added protection, you will debate every purchase in your mind and weigh it against the other things that money could be doing. Put that worry out of your mind by filling in any gaps in your insurance coverage.
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Critical Illness Options with Canada Protection Plan
Canada Protection Plan offers several Critical Illness Insurance plans for the most common serious illnesses.
- Cardiac Protect
It covers you when you’ve had a heart attack or stroke or if you have aortic surgery, coronary artery bypass surgery, heart valve replacement or heart valve repair.
- Cancer Protect
It covers you if you get cancer, aplastic anemia, or a benign brain tumour.
- Cardiac AND Cancer Protect
Covers the illnesses in Cardiac Protect CI and Cancer Protect CI. If you make a claim on either group of illnesses, the rest of the plan stays in effect at a reduced premium.
- Cardiac OR Cancer Protect
Covers either the cardiac illnesses covered by the Cardiac Protect plan or the cancers covered by the Cancer Protect plan. You can also get a renewable version of this plan.
All of the plans offered by Canada Protection Plan are No-Medical, meaning that you don’t need to have a medical exam, give fluid samples, or answer extensive questionnaires to qualify for coverage. You can even get insured if you already had a critical illness.
Want to chat more about your Critical Illness Insurance needs? Call one of our licensed brokers today to review your coverage and what you might need to fill the holes in your safety net.
In addition to Critical Illness Insurance, we also offer Life Insurance, both term and permanent, Health and Dental Insurance, and Travel Insurance. Count on us for all your No-Medical and Simplified Issue insurance needs.
421599 CAN (02/23)
