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Read This Before You Think Critical Illness Insurance Is Not Worth Your Money

No matter how much you try, you cannot predict the future. The unpredictability of life makes it difficult to predict what is waiting for you around the corner.

A Critical Illness Insurance plan can provide you valuable financial support in case you or any one of your family members is diagnosed with a serious illness, like cancer, stroke, or heart attack. The following are some of the key benefits of Critical Illness Insurance in Mississauga, Toronto, Canada.

  1. A Critical Illness is not too unlikely – it happens more than you think

For most Canadians, especially the ones who are young and healthy, the idea of getting diagnosed with a critical illness like heart attack, cancer, or stroke can seem too unlikely.

But, at the same time, about 3 in 4 Canadians have known someone with a critical illness. The Cancer Society of Canada reports that about 1 in 2 Canadians will have Cancer at some point in life.

There are also about 50,000 strokes and 70,000 heart attacks in Canada every year.

  1. A Critical Illness have a serious impact on your finances and your family

Modern medical advancements have made it possible for most people to survive cancer and other critical illnesses. That is great news, but what will happen to your finances if a critical illness takes away your source of income for a certain period of time?

A critical illness insurance plan can help you and your family prepare for the tough times ahead, helping you maintain your lifestyle during your recovery.

  1. Your work group benefits may not act as a cover for critical illnesses

Many Canadians think that their critical illness coverage comes through their work group insurance or their province’s healthcare plan.

But that may not exactly be the case – while some group insurance may offer critical illness coverage – yours may not be the same. Even if yours do, you will lose the coverage as soon as you leave the job.

The Canadian Government may cover some of your medical expenses when diagnosed with a critical illness, but not all of them. This can turn to be a huge problem if you need to go through expensive treatment or are prescribed costly medication.

  1. Critical Illness Insurance allows you to focus on your health rather than your finances

With a critical illness insurance plan, you do not have the added stress of choosing what’s the best for your family over what’s the best for your health.

If you are critically ill, you may receive a lump sum payment that you can use as needed to help you recover. You can hire a caregiver to help you around the house, you can take a break from your work to recover at your own terms, or you can pay for medical expenses not covered by your employer or provincial health plans.

  1. If you wait for long, it may turn to be costlier than what you can imagine

It is easy to dismiss the idea of ​​a disease that changes your life when you’re young, healthy, or both. But keep the following points in mind:

  • If you wait, you might have a hard time qualifying and the cost will likely increase.
  • Your ability to qualify for critical illness insurance is affected by changes in your health. It could also be affected by changes in the health of your parents and siblings.
  • The cost of critical illness insurance depends on your age and the likelihood that you will be diagnosed with such an illness. The prices generally increase with age.
  • People may not consider purchasing critical illness insurance until a family member has a critical illness. Such an event could make coverage more difficult.

Get in touch with us for the best and affordable Critical Illness Insurance in Toronto and Mississauga, Canada

Trust Life & Investments is all about providing affordable insurance options for our customers in Canada. We have over 30 years of experience providing expert insurance and investment advice for both businesses and individuals. Check out the video below and get in touch with our expert financial advisors to know more about affordable insurance plans.