Critical illness insurance

Woman reading in bed

The more you know about it, the more you’ll want it.

“When you live in Canada and you have a job with benefits, critical illness insurance doesn’t seem necessary,” says Chris Newell, a Lawyers Financial Advisor in Sudbury Ontario. “But once people understand how it works and what it pays for, the benefits become a lot more obvious and attractive.” 

You've dealt with a serious illness. Now, how will you deal with the costs? 

Surviving a serious illness can often lead to unexpected and very significant expenses that may not be covered by your regular health insurance benefits. Thankfully, there is a solution. When you receive treatment for any of the 25 conditions covered by your Lawyers Financial Critical Illness Insurance policy, you receive a lump-sum payment from $25,000 to $1,000,000 depending on the coverage amount you purchase. Benefits are tax-free and yours to spend however you choose. 

Some of that money may be needed for medications, home care, and therapy not covered by your Canada provincial health plan. “That’s why this coverage is so exceptional,” says Newell. “You are in complete control of how the money gets spent.” He also likes to advise clients that when you or a family member survive a critical illness, the number of unexpected expenses can add up very quickly and the emotional toll can be just as high. 

What critical illness benefits really pay for is the freedom to participate in the healing process without the burden of dealing with related expenses. “That,” says Newell, “is welcome relief at one of life’s most challenging times.” 

Fast Fact - Critical Illness Insurance from Lawyers Financial covers 25 eligible conditions and includes a built-in waiver of premium benefit. Coverage amounts range from $25,000 to $1,000,000, and coverage stays in force until age 75 provided premiums are paid when due.

What do benefits pay for? Anything you want.

Recovery from a critical illness takes time and survivors may be cared for in out-of-town and even out-of-country locations. Without Critical Illness Insurance, you and family members could be left with no option but to absorb all the expenses that can quickly add up to a significant amount. If someone has to take time off work and commute to and from the hospital, daily expenses including lost wages, fuel, parking (which is never cheap at a hospital), meals on the road and possibly overnight accommodations can quickly add up. With lengthy hospital stays, patients will likely want to upgrade to a private room and have the luxury of a rental TV. 

“Out-of-pocket expenses add up fast”, says Newell. “Now imagine you have all those expenses and responsibilities and a cheque arrives for up to $1,000,000. That’s what you get with critical illness insurance.” The money is yours to spend as you see fit. You can book a holiday when you’re ready to celebrate a full recovery, make modifications to your home if you need to, or use the funds to seek further treatment at a healthcare facility of your choosing. 

Money to cover expenses. Money to buy time off. Money to allow participation in the healing process. Three great reasons to talk to your Lawyers Financial Advisor about Critical Illness Insurance

Critical Illness Insurance

Critical Illness vs Disability Insurance

Find an Advisor

July 24, 2019