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Introduction to critical illness insurance

A critical illness can strike anyone at any time. In today's world of modern medicines and superior technology, critical illnesses are often survived, but getting back on your feet can be pricey and time-consuming.

In the event that something does happen to you, critical illness insurance will provide a lump-sum payment. This should help secure your finances until you are able to go back to work and produce a salary.

You purchase critical illness insurance, like term life insurance, for a specified amount of time. Your annual critical illness premium will remain the same for the duration of your critical illness insurance.

If you are diagnosed with a covered critical illness, you will be given a lump-sum payment. The funds from critical illness insurance can be used for lots of things, including:

  • Help preserve your family's lifestyle
  • Alternative medicine
  • Treatment overseas
  • Pay off mortgage
  • Pay off debt
  • Relocate or remodel your home
  • Restore lost income resulting from time off work
  • Keep your savings and assets (e.g. RRSPs) from being spent on recovery

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