One in three Canadians will be diagnosed with a critical illness before the age of 75. How many people do you know who have suffered the tragedy of cancer and the effects on their loved ones? Was there a need for additional income?
Critical Illness Insurance provides a tax-free lump sum benefit payable to the insured upon diagnosis of a covered condition and survival of a waiting period that is usually 30 days.
What are the costs associated with a critical illness? Many health insurance plans provide caps on benefits and medical procedures for a critical illness. Consider the following benefits:
- Find the best health care available – anywhere
- Hire a nurse or caregiver to help you at home
- Make mortgage payments
- Subsidize your income
- Make sure your business survives!
Did you know that if you are a 45 year old and had to withdraw $50,000 from your RRSP you could lose $200,000-$300,000 of potential retirement earnings?
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Contact us for a more comprehensive look at your Critical Insurance Needs.
*** WealthStyles articles are provided courtesy of Manulife Investments.