CI insurance is a lump sum benefit that pays out 30 days after diagnosis of a CI such as cancer, heart attack or stroke (there are 22 to 24 conditions that are covered). Typically the option of an early intervention amount prior to the 30 days in the event your need surgery is also available. This amount is usually limited to 10% of the prescribed benefit. Most benefit amounts you can apply for range from $25,000 to $2million. The different types of CI insurance vary from term (price changes at the end of the term) to permanent (fix price). If you go with the permanent option you do have the choice of return of premium at expiry which is usually the age of 75. This means that if you never experience or claim a CI your premiums will be returned to you at the age of 75 (a.k.a forced savings).
There are available cancer treatments that not covered by our public system. If you became ill wouldn’t you want every option possible? CI insurance gives you the flexibility to explore those options that would not otherwise be available if you did not have the money.
Some things to think about if you were to become critically ill. You will most likely have to go on disability if it is provided through work or a private plan. The disability benefit amount may be just enough to cover your current living expenses and mortgage costs. Additional expenses that may arise such as non-covered medication, private surgery, paying an employee to cover you while off work, gas for those trips to the hospital, etc. If you don’t have a disability plan or additional savings you will have to either liquidate assets or go into debt to pay them. This may mean selling your house which you worked so hard for.
CI insurance gives you flexibility regarding financing medical decisions so that hard choices become easy ones. Everyone’s situation is different and making sure you seek out the right professional to explain CI insurance is important.
For more information on how Critical Illness Insurance or Life Insurance could work best for your family please contact:
Robert Ng-A-Fook B.Sc Econ
Investia and Hyland West Financial Services
Investment Funds Advisor/Independent Insurance Broker
Cell: 604-290-1764
Phone: 604-688-5158
Investia and Hyland West Financial Services
Investment Funds Advisor/Independent Insurance Broker
Cell: 604-290-1764
Phone: 604-688-5158
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