5 Reasons Way You Should Go For Critical Illness Insurance

A critical illness can happen to anyone. Canadian Cancer Society estimates that 196,900 Canadians will develop cancer in 2015. About 2 in 5 Canadians will develop cancer in their lifetime. Heart and Stroke Foundation’s report shows 1 in 2 Canadians has been touched by heart disease. The incidence of critical illnesses has become more common. Can you bear the costs associated with becoming critically ill? How would it affect you if you were to withdraw savings to bear the illness burden? Would it do you any good to be stressed with money worries while you or your loved ones are battling a life-altering illness?

Majdoub Financial Planners, Ottawa tell you why it is advisable to get critical illness insurance.  Critical illness insurance can help families survive the financial burden caused by having a major illness such as cancer, a heart attack or a stroke. Here are the top 5 reasons why critical illness insurance is a good idea.

Expensive medical services

Dealing with a life-threatening critical illness can be physically, emotionally and financially challenging. A critical illness insurance policy ensures you can handle the monetary burden that comes with a critical illness, says Meiz Majdoub of Majdoub Financial Services at Ontario.

Drain on savings

The expenses on a critical illness can be a huge drain on your accumulated savings and the money you have set aside for your children and other loved ones. Your savings or pension may not even be sufficient to cover the medical expenses. Critical illness insurance helps to keep your life savings intact without affecting your medical treatment. It also gives your family a safety net in case you get sick.

Add to your health insurance

Your health insurance may not be enough for certain illnesses or treatments. Getting the right critical illness coverage can add to the health insurance you already have. An experienced financial planner such as Majdoub in Ontario can help you decide which critical illness insurance plan and how much coverage is right for you.

Flexibility

Critical Illness policy premiums can be quite flexible. Your policy can be designed to cover you to age 65, 75, or to age 100. You may choose the amount of coverage you want, and you can even add a “return of premium” waiver. This waiver allows you to get back as much as 100% of premiums if you do not claim by a predetermined anniversary, making this an affordable option for everyone.

Peace of mind

Insurance experts at Majdoub Financial Planners tell us that most people underestimate the need for Critical Illness insurance thinking their health insurance would cover it. But that is not the case. Imagine a person who needs to undergo chemotherapy immediately but the wait is about a month long. The same treatment is also available instantly if you pay, say $40,000. Critical illness insurance takes care of that. Not only that, critical illness insurance can be used to pay piling bills while you fight and recover from a life-altering disease.