Critical Illness Insurance Explained

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A critical illness can happen when you least expect it — and employer benefits may not be enough. Learn how Critical Illness Insurance protects your finances when you need it most.

Critical Illness – Are You Protected?

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Critical Illness insurance was invented by Dr. Marius Barnard. Marius assisted his brother Dr. Christiaan Barnard in performing the first successful heart transplant in 1967 in South Africa. Through his years of dealing with cardiac patients, Marius observed that those patients that were better able to deal with the financial stress of their illness recovered more often and at a much faster rate than those for whom money was an issue. He concluded that he, as a physician, could heal people, but only insurance companies could provide the necessary funds to create the environment that best-promoted healing. As a result, he worked with South African insurance companies to issue the first critical illness policy in 1983.

Strategies for Multi-Generational Planning

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The Sandwich Generation, coined by Dorothy Miller in 1981, describes adults caring for both aging parents and their own children. This dual responsibility is emotionally and financially draining. Effective financial planning is crucial, involving open discussions about family resources, life insurance needs analysis, disability and critical illness coverage, long-term care insurance, and drafting a living will. Addressing these issues can alleviate stress and ensure financial security for all generations.

Insurance Planning for Incorporated Professionals

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For incorporated professionals, making sure your business is financially protected can be overwhelming. Incorporated Professionals face a unique set of challenges when it comes to managing risk. Insurance can play an important role.

Is Critical Illness Right for You?

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It is probably the most disturbing news an individual can receive during a routine checkup: you have a critical illness and you must receive treatment for it. Thankfully, Canadians have access to healthcare and can receive treatment without spending an arm and a leg out of pocket. But what if the doctor’s orders also require taking a significant leave from work, leading to income loss? Or what if the rare but recommended treatment requires expensive travel to a clinic across the continent or even out of the country?

Juvenile Critical Illness with Return of Premium – Protection if you need it. A refund if you don’t.

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Most of us have experienced or known someone whose family has been greatly impacted by a parent being diagnosed with a life-threatening disease or condition. But what about when it happens to children?