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Imagine for a moment what it would be like if you had suffered a serious heart attack last month… and survived! Could you continue to work and provide for your family? Would your life style or financial health be compromised? There is a solution that takes away the worry of surviving a critical illness…
It’s a fact that one out of every three Canadians will contract a life-altering illness during his or her lifetime. And with today’s advances in medical science, the chances of survival are greater than ever.
But will your finances survive? Few of us are prepared for the financial burden that can threaten both our lifestyle and our security. Convalescence, Private nursing costs, Reduction or permanent loss of income, A change of profession, Child care, Medical income, Medical equipment or home refitting, Mortgage and other debt payments, Even relocation of your home to a new locale or climate.
Many people who survive critical illnesses face serious financial constraints as they attempt to recover. Now there is a solution that takes away the financial strain of surviving a critical illness: Critical Illness Insurance.
It is a new type of insurance that lets you protect yourself against the high cost of rebuilding your lifestyle following critical illness. It can provide a lump sum benefit just 30 days after the diagnosis of one of the following critical illnesses:
Alzheimer’s, Blindness, Coma, Coronary Artery Bypass Surgery, Deafness, Heart Attack, Kidney Failure, Life Threatening Cancer, Loss of Speech, Major Organ Transplant, Multiple Sclerosis, Paralysis, Parkinson’s, Severe Burns, ALS, Stroke. You choose the level of coverage that meets your needs. Should you contract a critical illness, the lump sum payment will help you maintain your lifestyle and your financial health.
If you die without making a claim before the policy ends, your beneficiary can receive all the premiums you have paid. You can only claim once on the policy.
Disability Insurance (Income Replacement)
Most of us depend on our income for our living. To earn that income, we have to be healthy. But accidents happen, and people do get sick. That’s when it’s important to have a good disability income policy.
What are your chances of becoming disabled for a period of more than 90 days before you reach the age of 65? And if your disability did last 90 days, what would the average length of your disability be?
The following table shows your chances of being disabled more than 90 days, and the average duration of your disability if it does indeed exceed 90 days.
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Chances of Being Disabled (past 90 days) |
Average Duration of Disability (past 90 days) |
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Long Term Care
This includes: Long Term Care Facility Care, Adult Day Care, Home Care, Home Health Care, Respite Care, Hospice Care, the rental of Durable Medical Equipment and the rental of an Emergency Response System.
Where will the money to live on come from if you're
disabled?
Let's consider the Sources:
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Savings... |
If you saved 5% of your income each year - six months of total disability could wipe out ten years of savings. |
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Borrow... |
You might have difficulty securing a loan when you're disabled. And where will the money come from to repay the loan? |
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Spouse Works... |
Can one person be spouse, parent, private nurse and employee all at the same time? |
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Liquidate Assets... |
Can you get a fair market price when you are forced to liquidate? |
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Disability Income Plan... |
If you qualify. |
There's only one logical answer: An adequate amount of disability income protection, if you can qualify.
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