What is critical illness insurance and how can it help you?

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In 1960, life expectancy in Canada was 71.13 years old, today it is over 80. While we may like to think we are living longer because we are healthier than our parents and grandparents were, the reality is that medical advances have dramatically improved survival rates of people who suffer from a critical illness.

Critical illness insurance will pay out a lump sum payment if you are diagnosed with a condition covered under your policy. The exact coverage definitions may vary from one insurer to another, but generally critical illness insurance covers 5-25 conditions including heart attack, cancer, stroke, and coronary bypass surgery and are available in amounts of $25,000 to $2,500,000. This type of insurance exists to assist in the expenses that arise in relation to a covered condition and to allow you to focus on recovery.

This payment can then be used at your discretion to ease the burden that the illness may have caused – including seeking out alternative treatments not covered by your medical plan, completing renovations to make your home wheelchair accessible, covering lost income of your spouse as they take time off to care for you, or paying for additional help at home for you and your family.  

If you would like more information about the benefits of critical illness insurance, a full list of the covered conditions, and how it might fit within your financial plan, please speak with your Rogers Group Financial advisor.