Everyone knows someone affected with a critical illness. You probably know colleagues, relatives, or friends you went to school with who have undergone chemotherapy or radiation treatment for cancer, or who have had heart surgery. They have survived the critical illness and may be working, traveling and enjoying life again. But their lives, and those of their families and business associates, have often been profoundly affected.
When you survive 30 days following the diagnosis of a critical illness, critical illness insurance provides you with a lump sum tax free cash benefit.
Critical Illness Insurance was developed by Dr. Marius Barnard (brother of Christian Barnard, who performed the first successful open heart transplant surgery) in South Africa in 1983. Dr. Barnard saw a need for insurance that paid a "living benefit" to those who survived a major illness to offset lost income and pay additional expenses. Critical Illness insurance is a form of protection that provides immediate funds to you upon diagnosis of a covered condition, like cancer, stroke, or a heart attack. Unlike other types of insurance that provide income replacement if you are seriously ill, critical illness insurance provides a lump sum tax-free benefit that can be used in any way you choose with no restrictions or claw-backs to benefits.
Some Immediate Financial consequence when you suffer from a critical illness include:
Absence from work - You may be covered under disability insurance program and receive a portion of income each month you are not able to work. Disability insurance helps you to cover household expenses, but serious critical illness could be life altering. Receiving only a portion of your income may not be enough. Critical Illness can fill the gap.
The costs for home care during a period of illness and recovery - Your working spouse may need to take a leave of absence to care for you or you may have to pay for private home care. With shorter hospital stays, you may find that home and private hursing care services are required to speed the recovery.
Treatment outside of Canada or other medical costs not fully covered under the provincial health plan - Critical Illness insurance can enable you to obtain treatment outside of Canada or pay for experimental treatment not covered under a health care plan.
Children’s education - A life altering illness can impact your ability to save for your children’s education. Critical illness insurance can fund your children’s education.
Early Retirement - If a critical illness results in early retirement or even a change in careers or reduced number of hours, your RSP savings may not be enough to support you
Grouped Critical Illness Insurance - allow the employer to put together a common plan whereby two or more employees are covered by individual Critical Illness policies. This is NOT a group insurance plan, as it does not consist of a single contract with several insured employees. As the employer, you are the owner of the plan and pay the premiums for the individual policies for your employees. These premiums are tax-deductible. Each employee is covered by a policy and is also the beneficiary. The premiums you pay are not taxable to the employee. The employer will determine the type of coverage and amount of the benefit received should an employee be diagnosed with one of the covered illnesses.
This information is generic and you should look at your quote and policy conditions before purchasing. Ektos Financial offers a selection of Critical Illness Insurance Plans that offer protection to you and your loved ones.
What make us different?
We listen and we wait for our turn to speak.
We are committed to establishing a relationship based on keeping promises, respecting boundaries, communicating and understanding what you want to accomplish in life.
We design and implement financial plans that integrate cash flow and debt management, insurance and investment planning, as well as retirement and estate planning.
Moreover, we will create a financial plan that coordinates the work of financial, banking, insurance, investment, accounting and legal professionals.
Check the About Us page for more details.
Getting Started:
Contact Jose Cid at 604 229 2332 or fill the contact form below.