You might be familiar with critical illness insurance, sometimes called cancer insurance, or maybe not. No worries! We're here to break it down and reveal some key insights you may not know.
Critical Illness Insurance
Medical science has made remarkable strides, transforming once life-threatening events like heart attacks into manageable situations. However, surviving such events doesn't always mean returning to life as usual. You might require home modifications or experimental treatments. Maybe you want to go on a relaxing post-recovery vacation. Dr. Marius Barnard, part of the pioneering team behind the first human heart transplant, recognized the gap left by traditional life insurance, leading him to create Critical Illness insurance.
Insight #1:
Critical Illness originated from a doctor's concern, not an insurance company's profit motive. Dr. Barnard witnessed the financial struggles of survivors firsthand and acted to ease their burden.
Insight #2:
Initially, critical illness policies covered only major conditions like heart disease, stroke, and cancer, acknowledging their significant impact. Today, these policies have expanded to cover over 20 conditions, and policies can be highly tailored to the individual's needs. While comprehensive coverage is available, not everyone requires it, and most claims still revolve around the primary four conditions.
Insight #3:
Canada boasts some of the world's best critical illness products, offering unmatched price guarantees that provide stability and predictability. Unlike in other countries, where rates fluctuate annually like car insurance premiums, you can purchase a critical illness policy in Canada with rates locked in until age 100.
Bonus: Critical illness benefits' tax implications vary based on ownership, payments, and benefits structure, a complexity our experts navigate with you to avoid surprises.
Remember, prevention is paramount, and lifestyle choices significantly impact health outcomes. That's why we've partnered with Care2Talk, offering a dedicated team of healthcare professionals to support your well-being, regardless of location or schedule.
These insights might not be secret, but they're often overlooked. Our goal is to change that. Connect with one of our advisors today to learn how to safeguard your earnings against life's uncertainties!