Most people know they need life insurance. Far fewer have planned for something that is statistically more likely: surviving a serious illness such as cancer, a heart attack, or a stroke.
Critical illness insurance pays a lump sum if you are diagnosed with a covered condition. That money is yours to use however you need, including mortgage payments, private treatment, hiring help at home, or taking time to heal without financial stress.
What Does Critical Illness Insurance Cover?
Most Canadian critical illness policies cover 24 or more conditions, including life-threatening cancer, heart attack, stroke, coronary artery bypass surgery, multiple sclerosis, kidney failure, and major organ transplant.
How Is It Different From Disability Insurance?
Disability insurance replaces a portion of your income if you cannot work. Critical illness insurance pays a one-time lump sum upon diagnosis, regardless of whether you are able to work. The two products serve different purposes and often work best together.
How Much Does Critical Illness Insurance Cost?
Premiums depend on your age, health, coverage amount, and whether you choose a return-of-premium option. The earlier you apply, the better your rates are likely to be.
Is It Worth It?
The Canadian Cancer Society estimates that roughly 1 in 2 Canadians will develop cancer in their lifetime. Statistics like this are why more Canadians are adding critical illness coverage to their financial plans.
At SJ Financial, we help you understand whether critical illness insurance fits into your overall plan and which policy structure makes the most sense for your budget and goals.
Call 416-707-9900 or visit us at 26-241 Clarence St, Brampton.