Blog Article

24 Feb 2023 | Life Insurance

MAKE INSURANCE WORK FOR YOU
PART 5. CRITICAL ILLNESS

$18,500 a month! That is the cost for a client’s targeted Chemo pills in 2023. $18,500 a month!

I make no bones about the fact that I am a huge fan of and advocate for Critical Illness insurance. The reason is very simple. Long before I became an insurance advisor my best friend Rob, at the age of 33, was diagnosed with liver, lung, and lymph node cancer.

Because he did not have any insurance, ultimately, he and his wife had to move into the basement of his grandmother’s home where they lived on her CPP and OAS pension.

Rob very quickly came to terms with his illness. Where he needed the most support was money. I remember him telling me about “experimental” drug treatments. Experimental, because, at the time, they were not covered by the provincial health care program. When he was going through this, 20 odd years ago, they were $3,000 a pill. He did not have $300 extra dollars. Let alone $3,000. Now, the same, are $18,500 a month.

This is the reason I became an insurance advisor. I don’t want to see families go through what my friend and his family went through.

The statistics.

Cancer is responsible for 30% of all deaths in Canada. (Source: Canadian Cancer Society)

Cardiac Arrest 35,000 occur in Canada annually. (Source: Heart and Stroke Foundation of Canada)

Dementia is presently the most expensive illness in the country. Medical expenses and lost earnings equal approximately $33 billion (Source: Alzheimer Society of Canada)

Stroke 62,000 cases every year. (Sources: Ontario Stroke Network, Newswire.ca, Heart and Stroke Foundation of Canada)

When you should have Critical Illness protection.

There is a very old cliché that insurance people say. The best time to get it is 10 years ago. The second-best time is now. Any time I hear this, it sounds so phony and so salesy I cringe. Here are 2 practical times to put this in place.

  1. If you have an employee benefits program that only offers Long Term Disability. Expect to start to receive benefits about 180 days after the event. Critical Illness is a great bridge until this starts.
  2. If you don’t have employee benefits. You are at the greatest risk for financial difficulties should you be diagnosed.

Cost.

As with all insurance policies the cost comes down to the person’s age, gender, smoking status, overall health, and benefit amount. You should also ask about Return of Premium. This is what I have. If I am diagnosed, I receive a large amount of money tax-free. If not, at age 75 I can receive all the money back.

Does that option cost more? Yes. Is it worth it? To me, absolutely!

Please remember. When you decide to invest in a Critical Illness policy it’s important to first understand what you’re trying to accomplish.

Our Services:

Benchmark Insurance Ltd, is a niche insurance agency providing Life, Critical Illness, Long-Term Disability, and Group benefits to individuals and businesses throughout Ontario.

By: admin

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