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Critical Illness Insurance
A critical illness can happen to anyone. About 40% of Canadians will develop cancer throughout their lifetime, and there are over 70,000 heart attacks in Canada every year. When diagnosed with a critical illness, one will not be able to work, so family income will be decreased. Financial burdens may also arise due to the cost of medical care. Critical illness insurance will pay a tax free lump sum of money when an individual is diagnosed with a critical illness. Most policies cover over 25 types of illnesses, and certain policies may return all the premiums on expiry should no claims be made. This type of insurance is a powerful risk management tool, while potentially acting as a means of savings as well.
