Life Insurance is Great, but What Happens When You Get Sick?

August 15th, 2014 → 8:29 pm @ MacDev Financial Group| Stephen Devlin // No Comments

One of the features we like best about dividend-paying whole life insurance is that you don’t have to die to benefit from it. You can use its cash value for anything, including taking care of yourself, your family, and your bills when you fall ill.

But, Equitable Life of Canada has introduced a new option to guard against the financial ravages of illness: Living Protection™, a new simple issue critical illness insurance. No, it doesn’t take the place of good financial planning, but it could help when you need it most.

Did you know that your existing medical insurance probably doesn’t cover all of the financial costs that come with critical illness? I’m not talking about co-pays, I’m talking about paying the necessary bills when you are physically unable to work, or perhaps to even take care of your family. This is when the right kind of supplemental insurance policy can come to the rescue.

How Simple Issue Critical Illness Protects You & Your Family

• Provides a lump sum payment of between $10,000 to $20,000 if the insured is diagnosed with one of four illnesses: heart attack, stroke, cancer, and heart disease requiring coronary artery bypass surgery.
• Available to people between the ages of 18 and 65.
• Just the right amount to cover additional expenses incurred due to illness, like paying a few monthly bills.
• Inexpensive premiums make this a very affordable option.
• A tax-free lump sum means you don’t have to worry about submitting receipts for reimbursement – you have the money when you need it.

The four illnesses Living Protection™ focusses on account for 89% of all critical illness claims in Canada. Frankly, if you’re going to fall ill with something serious, odds are, it’s one of those. Most insurance plans can help reduce medical costs, but when you’re dealing with one of these illnesses, there are many other financial concerns involved. How about mortgage payments? Childcare? If you need to, it’s even enough to allow you to stop working for a while.

Of course, you can’t know what the future holds, and there’s no guarantee that you’ll ever have to use your Critical Illness Insurance benefit. However, especially if you have a family history of one of these types of diseases, insurance can offer additional peace of mind.

One thing to consider is that this critical illness insurance only covers these four conditions. If you are diagnosed with another illness not included in the list, you won’t receive the benefit. Claims may be declined if the insured failed to disclose previous medical conditions, or if their diagnosis doesn’t meet the definitions covered by the policy. This policy doesn’t require medical checks, so it’s up to the applicant to report anything that might result in rejected claims.

Yes, dividend-paying whole life insurance and the “Bank on Yourself” concept is one of our favorite ways to prepare for the future – whatever the future may hold. But if you need an affordable policy to help you get through the toughest times, ask us about Living Protection™.

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