Blog Article

28 Mar 2024 | Critical Illness

The Critical Importance of Critical Illness Insurance: Protecting Against Life’s Unforeseen Challenges

-Cancer accounts for 30% of all deaths in Canada.
-Approximately 35,000 cardiac arrests occur annually.
-Stroke affects 62,000 people each year.
-Dementia-related costs reach $33 billion, making it the most expensive illness in the country.
-73% of Canadians aged 65 and above have at least one common chronic disease.

I’m a firm believer in the power of Critical Illness insurance. Here’s why it’s so crucial in our lives. Before I became an insurance advisor, I witnessed my friend Rob’s life-changing battle with cancer at just 33 years old.

We rallied together, organizing fundraisers that barely scratched the surface of his mounting bills. The costs for things like hospital parking, car maintenance for appointments, and those “experimental” cancer drugs, priced at a staggering $3,000 a pill, became insurmountable barriers. Rob simply couldn’t afford them.

This experience ignited my passion for becoming an insurance advisor because I never want to see another family endure what Rob and his loved ones went through.

Here’s a little history: Dr. Marius Barnard, a heart surgeon who played a significant role in the first human-to-human heart transplant, created the Critical Illness policy. Dr. Barnard recognized the financial hardships that patients faced despite surviving critical illnesses, inspiring him to develop this invaluable insurance.

So, how does it work? If you’re diagnosed with one of the covered conditions, you receive a tax-free lump-sum payment that you can use to alleviate the financial burdens caused by your illness.

When should you consider Critical Illness protection?

Here are three key scenarios:
1️. If your employee benefits program only offers Long Term Disability, which often has a waiting period, Critical Illness coverage can bridge the gap.
2️. Without employee benefits, consider coverage that matches the length of time you’d need to recover fully from a critical illness.
3️. Business owners, protect your key personnel with policies owned by the company, ensuring financial stability during their recovery. These key individuals should also have personal policies for added security.

The cost—it depends on factors like age, gender, health, and benefit amount.

Some policies even offer a Return of Premium option, which I personally find valuable. It means that if you’re fortunate enough not to be diagnosed with a critical illness, you can get all your money back.

Investing in a Critical Illness policy is a decision that should align with your financial goals and peace of mind. It’s about protecting yourself and your loved ones when life takes an unexpected turn.

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The views expressed in this article are for informational purposes only and do not constitute insurance advice. Readers are encouraged to contact a representative from Benchmark Insurance Ltd. directly for personalized insurance solutions tailored to their individual needs. Benchmark Insurance Ltd. is a niche insurance agency offering Life, Critical Illness, Long-Term Disability, and Group benefits to individuals and businesses across Ontario. To learn more about our services and how we can assist you, please reach out to us at info@benchmarkinsurance.ca or call 647-955-1242.
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By: admin

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