Search
  • Ben Campbell

What is Critical Illness Insurance?

Updated: Apr 23, 2019



Critical Illness


Critical illness insurance, also referred to as a "Healthcare Fund” or a "Lifecheque," provides a lump sum, tax free benefit in the event that you are diagnosed with one of the covered critical conditions. The policy allows you the freedom to spend the lump sum insurance benefit as you see fit.


For example, you may want to:

● Take time off work to manage your condition.

● Afford your spouse the opportunity to take time off work to care for you.

● Pay for extra medical costs and prescriptions.

● Provide extra income needed to maintain the current lifestyle for you and your family (most disability policies do not provide enough benefit to replace your income).

● Eliminate debt or preserve your savings while you recover.


Why Do I Need Critical Illness Coverage?

Most of us know someone who has suffered from a critical illness event such as cancer, heart attack, or stroke. According to the Canadian Cancer Society, 1 in 2 Canadians (49% of men and 45% of women) are expected to develop cancer during their lifetime.* Sadly, many Canadians are not prepared for the financial burden of such an event. The last thing you want to think about at a time like this is your finances. A critical illness policy, or an emergency "Healthcare Fund," removes this worry and helps provides you with financial peace in your time of need.


Depending upon the provider, there can be up to 26 covered conditions. Some commonly covered conditions include:

· Life-Threatening Cancer

· Stroke

· Heart Attack

· Coronary Bypass Surgery

· Aortic Surgery


Please note this is not an exhaustive list, but it serves to give a basic idea of conditions that may be covered by your critical insurance policy. If you have questions or would like a list of specific covered conditions, please contact one of our advisors and we would be happy to help!


______________________________________________________________________________________________________

*http://www.cancer.ca/en/cancer-information/cancer-101/cancer-statistics-at-a-glance/?region=ab#ixzz5fcSbGurq

24 views

© 2019 by CAMACO FINANCIAL GROUP

CERTIFIED FINANCIAL PLANNER
ADVLogo-ProudMember-RGB.png