With the increasing prevalence of critical illnesses in Canada and the substantial costs associated with them, it’s essential to consider how this type of insurance can serve as a protective layer for you and your loved ones. Here, we’ll dive deeper into when to buy it, its duration, coverage needs, its importance, the best age for acquisition, and considerations for insuring your child.

When I should get this coverage ? 

The simple answer is as soon as possible. 

The cost of premiums is significantly lower when you are younger and in good health. As you age, the risk of developing a critical illness increases, which in turn raises the cost of insurance. Investing in critical illness insurance early on not only saves you money but also ensures you’re covered before any potential diagnoses.

How Long Does This Insurance Last?

• Term Critical Illness Insurance operates on a fixed-term basis, much like term life insurance. You can choose the length of coverage, typically 10, 20, or 30 years. This type of policy is suited for those seeking coverage for a specific period, perhaps until their mortgage is paid off or their children have grown up.
• Permanent Critical Illness Insurance provides lifelong coverage, up until you’re 65 or 75 years old, depending on the policy. This option is costlier but offers peace of mind knowing you’re covered no matter when a critical illness may strike.

How Much Do You Need?

Determining the right amount of coverage is crucial. While some opt for $50,000 to $100,000, the appropriate level for you depends on your financial obligations and lifestyle. 

Consider your current debts, such as mortgage and car payments, along with potential out-of-pocket medical expenses and travel costs for treatment. The goal is to have enough coverage to maintain your standard of living without dipping into savings or retirement funds.

Why It’s Important ?

Critical illnesses, including cancer, heart attacks, and strokes, are alarmingly common. This insurance type offers a lump-sum payment that can be used as you see fit, whether to replace lost income, cover medical treatments not included in your health plan, or even modify your home to accommodate new health needs. It fills the gap during the waiting periods of other insurances and provides financial support when you need it most.

Best Age to Get It?

The sooner, the better. Purchasing critical illness insurance when you’re young and healthy locks in lower rates and ensures coverage before any potential health issues arise. It’s a common misconception that young individuals don’t need this type of insurance. However, considering the unpredictable nature of critical illnesses, it’s a wise choice for financial protection.

Can I get this Insurance for my Child ?

You can secure critical illness insurance for your child from birth until they are 25 years old. This coverage can be particularly valuable for covering the costs of illnesses that can disrupt a child’s life significantly. Some policies offer coverage for specific conditions before the child turns 17. It’s an excellent way to provide for your child’s future, ensuring they have financial support if they face a critical illness.

Key Takeaways 

• Critical illness insurance acts as a financial safety net, offering a buffer against the economic impact of severe health issues. It’s not just about covering medical bills; it’s about maintaining your quality of life during recovery, supporting your family, and safeguarding your future plans. 
• With critical illnesses becoming more common, this insurance is no longer optional but a necessity for comprehensive financial risk planning.
• In Canada, where the risk of developing a critical illness is notably high, having this insurance provides peace of mind. It allows you to focus on recovery without the added stress of financial burdens. Starting early can secure lower premiums and ensure that you and your loved ones are protected. 

Don’t wait for a wake-up call. Secure your peace of mind and financial stability today by exploring your options for Critical Illness Insurance. It’s not just about coverage; it’s about ensuring you and your loved ones can focus on recovery without the weight of financial worry.

Call / Text +16479393863 today to find a right plan that fits your needs and gives you the protection you deserve.