Critical Illness Insurance
Critical illness insurance is what we call a living benefit. It is a complementary service to life insurance, as it protects you against different forms of critical illness. Depending on the type of policy you take, you can be covered for up to 26 different critical illnesses. A critical illness such as cancer or heart attack can be devastating, both physically and financially, as medication, and treatments can all add up very quickly. Not to mention the time you have to spend away from work. Some of these illnesses require surgery, and sometimes the best surgeons are outside of Canada. Having critical illness protection can be a life saver, as receiving the face value as a lump sum payment, can insure that you get top of the line doctors, and treatment, even if it requires you to travel outside of Canada to do so. There are different plans of critical illness insurance, some of which you can pay for 15 years, and then policy becomes paid up, and you never have to pay again, even though the protection stays in force until you die. This is just one of the potential types of critical illness plans, as there are several types that cater to different needs/situations.
Critical Illness as an investment
For those who like to take a look at insurance as a possible form of monetary investment, critical illness coverage can be adapted to do just that. If you setup the insurance policy in a certain way, you can have all your premiums reimbursed to you, if you were lucky enough to never have to use the insurance. What does this mean to you, in essence, free coverage!
Contact Team Levine today, we’ll be happy to discuss how we can make this insurance work for you!