​Nobody wants to dwell on “what-ifs” or think about getting sick, but conversations about critical illness insurance are necessary to protect your family and prevent income loss. Being proactive now can save you so much financial stress in the future.

According to the Canadian Cancer Society, nearly 1 in 2 Canadians (45% of men and 43% of women) is expected to develop cancer during their lifetime. The Canadian Chronic Disease Surveillance System reports that 2.4 million Canadian adults age 20 and over live with diagnosed heart disease.

Fortunately, your odds of living a healthy life after the diagnosis of a serious disease like heart disease or cancer are continuously improving. But if your income stopped tomorrow because you got sick, how long could you pay your bills?

Get peace of mind with critical illness insurance

You’ll pay a monthly premium based on how much coverage you need, and get a one-time, lump-sum payment should you contract one of your policy’s “covered” illnesses. (Most policies cover over 20 illnesses.)

There are a few common myths that keep people from buying critical illness insurance:

• My work has me covered. The reality is that while your workplace may provide a disability benefit (reduced monthly income), the majority of workplace benefits do not include critical illness.
• My expenses will be lower if I’m sick. There are often unexpected out-of-pocket medical costs. For example, following a stroke, you may need the installation of a wheelchair ramp or a bathtub lift.  And what about costs like childcare and homecare, and parking at the hospital or clinic?
• The government will take care of me. The amount each province covers varies, so you could be on the hook for certain hospital and physician services costs.

If you’re not sold on the idea of paying monthly for critical illness insurance, keep this in mind. If you add a “Return of Premium” option to your policy and keep your policy until a certain age or timeframe, you will get all your premiums back (minus any claims paid). This is an excellent way to create a savings plan while still protecting yourself. 

Get expert advice

Critical illness insurance lets you focus on your recovery from an illness, rather than on loss of income.

One of our Licensed Life Insurance Advisors can help you understand which plan is right for you and work with you as your needs change. Book a free consultation.

Island Savings Wealth Management is a division of FW Wealth Management Ltd. which is a wholly owned subsidiary of First West Credit Union. 

FW Wealth Management Ltd. is a licensed life insurance agency offering financial planning, life insurance and investments. All insurance products are subject to the limitations, terms and conditions in the applicable policy or insurance contract in force at the time of purchase or enrollment and applicable legislation. The products sold through FW Wealth Management Ltd. are not guaranteed or insured by a deposit insurer.