Critical illness insurance: why is it important?

Critical Illness Insurance is designed to complement disability insurance and provide a non-taxable, lump sum benefit should the insured be diagnosed with a critical illness. While disability insurance protects one’s income, Critical Illness Insurance helps manage the extra costs associated with an illness and therefore allows an employee to maintain or rebuild their lifestyle. The benefit provides financial assistance while coping with an illness.

For example, the Critical Illness benefit can be used for:

  • Out of country health care
  • Avoiding hospital waiting lists
  • Covering non-insured health expenses
  • Offset lost income
  • Home renovations
  • Debt elimination
  • Long-term care
  • Supplemental monthly income

Critical Illness Insurance provides coverage for a variety of illnesses, such as:

  • Heart Attack
  • Lou Gehrig’s Disease
  • Stroke
  • Parkinson’s Disease
  • Life Threatening Cancer
  • Paralysis
  • Major Organ Transplant
  • Renal Failure
  • Coma
  • Major Burns
  • Coronary Artery Bypass Surgery
  • Loss of Speech
  • Multiple Sclerosis
  • Blindness
  • Alzheimer’s Disease
  • Deafness

Unlike disability insurance, the insured does not have to be disabled to make a claim and can continue working on a full-time basis. Also, in contrast to disability insurance, Critical Illness Insurance can be purchased on a permanent basis. These policies can therefore continue to provide protection after retirement.

To learn more about Critical Illness Insurance, we invite you to reach out to us.

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BFL CANADA Consulting Services Inc.
1-844-299-0759