Is Critical Illness Insurance Worth It in Canada?
Table of contents When it comes to insuring ourselves and our loved ones, we often ask ourselves: Is it worth it? This is particularly true when it comes to critical illness insurance, which pays out a lump sum if you are diagnosed with a critical illness such as cancer, heart attack, or stroke. In this […]
How Much Critical Illness Insurance Do You Need?
Serious illnesses can significantly impact our lives, from causing emotional distress to financial strain. While we can’t always prevent these health issues from occurring, we can take steps to protect ourselves and our families from their potential consequences.
One such step is getting critical illness insurance, which provides financial support if you are diagnosed with a covered illness. But with so many options available, it can be challenging to know how much coverage you need.
In this post, we’ll explore the factors you should consider when determining the appropriate level of critical illness insurance coverage so that you can make an informed decision about your insurance needs.
What Does Critical Illness Insurance Cover In Canada? (With Definitions)
You may know that critical illness insurance covers cancer and heart attack, among several other conditions. But did you know you have to satisfy the definitions of the illnesses covered to qualify for the lump sum payment?
What are these definitions? And do they vary between insurance companies?
In this post, we provide the definitions for all 26 critical illnesses covered. So if you want to know if a specific cancer diagnosis is covered, you’re in the right place.
What Is Critical Illness Insurance?
Critical illness insurance protects your financial plan if you are diagnosed with cancer, heart attack, or another covered illness. It’s crucial in ensuring you have the financial means to endure a severe illness. But what is critical illness insurance, and how does it work?
Read on to learn how critical illness insurance can provide a financial safety net in the event of a serious illness.
Critical Illness Insurance Vs Disability Insurance
Disability and critical illness insurance are a vital part of a sound financial plan. One protects you if you become disabled, while the other does if you become critically ill.
But how exactly do they work? And if you had to choose, which one should you prioritize?
In this post, we explore the key differences between disability and critical illness insurance.
Critical Illness Insurance: The Definitive Guide (Updated in 2024)
This is the definitive guide to critical illness insurance (CII).
You are going to find out how exactly how CII works, what’s covered, how much it costs, and whether or not you should buy it.
So if you’ve ever wondered about adding CII on top of your existing life insurance for complete insurance coverage, you’re in the right place.
Why you should read the fine print of your critical illness insurance policy
Nobody wants to read fine print. It can be a chore squinting to read thousands of tiny words when the vast majority of its content isn’t applicable to you. But when you purchase something as important as a house, car, or insurance policy, it’s in your best interest to comb over the fine print. What you find may surprise you.
The History Of Critical Illness Insurance
In Canada, the total premium of in force CII policies was $86 million 15 years ago. This number has skyrocketed to close to $1 billion as of December 2017.
What caused this tremendous growth over the past 15 years? To answer this question, we have to look back to the beginning of critical illness insurance.
You probably think CII – like all other insurance products – was created by an insurance company.
Actually, it was a doctor named Marius Barnard who was credited with the invention of CII.
This post touches on the origins of CII and how its significance changed the lives of millions of people.
Insuring the different stages of life
As we travel through the journey of life, our financial needs and obligations undergo constant change. For example, your financial obligations increase once you are married, and continue to do so as your family grows in size. It should come as no surprise that insurance varies in importance at different stages of life. Proper planning at each stage of life is necessary to ensure that you and your dependents are protected. Without knowing the risks and a plan to minimize the risk, you are potentially exposing your family to a financial disaster. Here are which types of insurance you should be aware of at each stage of life.
Assuris: Protection For Your Insurance Policies
Have you ever wondered what would happen to your insurance policy if the insurance company became insolvent?
No? Maybe it’s just me.
But in case you’re worried, you’ll be glad to know that your policy is protected by an organization called Assuris.
What is Assuris and how much is the guarantee? Read on to find out.
