LIFE INSURANCE SOLUTIONS
LAURA GUERRERO - INDEPENDENT ADVISOR
CRITICAL ILLNESS & DISABILITY INSURANCE
1 in every 3 Canadians will suffer from a serious, life-altering illness during their lifetime.
protect your health
Did you know that, prior to retirement, you have a considerably better chance of getting very ill or injured than you have of dying?
Ask yourself if you would need financial support if you become too ill or injured to work for an extended period of time. If you answered yes, then critical illness and disability insurance can be good additions to your financial plan to safeguard your future and the future of your loved ones.
You'd be surprised at how frequent it is. One in every three Canadians will suffer from a serious, life-altering illness during their lifetime.
Critical illness insurance
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Coverage when you need it
If you or a loved one is ever diagnosed with a life-threatening illness, you can put your mind at ease knowing that you will have financial support while you focus on getting well.
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Tax-free payouts
A lump sum of money that can be put towards whatever expense you'd like.
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Access Health Professionals
You and your loved ones have 24/7 access to world-class medical care.
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Additional support
Professionals can help you get better by providing you counselling and other services.
What is insurance for a critical illness?
If you have a serious illness, you can get a tax-free payment from Critical Illness. Your contract will tell you what conditions are covered, but cancer, a heart attack, or a stroke are some examples.
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Pick the amount of coverage you want.
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Cover your premium's cost.
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If you have a critical illness, file a claim.
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Receive your payment. Depending on your health, you may have to wait a certain amount of time before you are eligible to receive payouts.
How does it function?
Let's design a plan for you.
Other things to consider…
It's possible that you'll need to miss some work due to your illness.
Let's take a look at your finances to see how much insurance you actually need.
Let's start with your income.
How much of your salary would you stand to lose if you were unable to work due to illness?
How much money would be lost if your partner had to take time off work?
Let's take a look at your present-day expenses:
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Rent or mortgage
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Groceries
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Utilities
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Credit cards
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Loans and other debts
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Additional living expenses
Plus, you should factor in additional costs that you may incur due to illness:
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Healthcare (emergency services, hospital room, drugs, etc.)
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Traveling to and from healthcare appointments
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Childcare while you recover
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Assistance around the house (for example, a live-in nurse)
Consider the costs above to help determine how much insurance to purchase. However, these expenses are just the beginning.
What if you don't experience a critical illness?
When purchasing critical illness insurance, you may add a return of premium rider.
After as few as ten years, you can request a refund if you haven't been diagnosed with a life-threatening condition.
In this scenario, your policy will no longer be active.
Which one do you need? Critical illness or disability insurance?
Although it's possible to get by with either critical illness or disability insurance, it's more common to purchase both in order to be properly covered.
Insurance against critical illness and disability complement each other and can cushion the blow of a significant health setback.
Give me call and let’s discuss your unique situation
