CRITICAL ILLNESS INSURANCE
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Critical Illness isn’t something any of us like to think about, but unfortunately it happens. Despite our progressive healthcare system, we still are faced with increased waiting periods and out of pocket expenses for additional equipment and alternative treatments. Critical illness insurance can take some of the burden off you and your loved ones so that you can focus on the things that are most important to you. Critical illness insurance provides a tax free benefit allowing you to spend the proceeds however you wish.
How you can get Critical Illness insurance to work for you
Critical Illness insurance is unlike any other living benefit in that it is not related to your earned income and it does not pay out a monthly benefit for a specified period of time. Critical Illness insurance is a lump sum benefit payable due to the occurrence of a life altering illness (according to the definition of the insurance carrier). The benefit is paid after a specific waiting period (30 days in most cases). Another important element is that there are no restrictions on the use of the benefit.
Common uses include:
- Out of country treatment
- Alternative treatments
- Medications which are not covered by public health system
- Home or vehicle modifications
- Debt repayment
- Home care
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Get the most out of Critical Illness insurance
While there are many emotional issues to deal with when someone is diagnosed with a critical illness, one issue that often gets overlooked is the financial burden it can place on family and loved ones. Critical Illness insurance allows you to focus on the things that are most important to you and takes the worry out of your financial future.
To learn more about Critical Illness insurance or receive our complimentary publication on the subject, please contact your Investment Advisor.