Critical illness insurance coverage:
This includes any existing critical illness insurance coverage that you have, including group critical illness insurance coverage through your employer or mortgage insurance.
Length of recovery
The length of your recovery is the amount of time you may need before returning to work full time. This will depend on the diagnosed condition, your age and your preferences for returning to work.
Conditions such as Parkinson’s disease and multiple sclerosis will affect your ability to work for life. And while you may recover from other serious illnesses, such as a heart attack, you may or may not be able to return to work full time.
Desired replacement income
This is the amount you’d need to cover day-to-day expenses during your recovery, such as utility bills and groceries. Remember to take into account any disability benefits you may receive.
Do not include other monthly expenses such as mortgage payments, property taxes, savings contributions and other debt payments.
This includes monthly contributions to your tax-free savings account (TFSA), registered retirement savings plan (RRSP), registered education savings plan (RESP) or other savings accounts.
Spousal income replacement
This is the lump sum amount of income your spouse or partner would lose if they want or need to take time off work to care for you as you recover from a serious illness. For example, if your spouse/partner took a month off to care for you, then this would be the amount of lost income for 1 month.
The power of being prepared
A serious illness can change your life. But if you’re financially prepared, you can spend less of your energy worrying over paying the bills, and more on your recovery.Learn more about critical illness insurance
The best coverage for you
Other helpful insurance resources to consider:Do you need critical illness insurance?
Get critical illness insurance advice
Your decision to buy critical illness insurance coverage should be made with the help of someone who really understands the product. An advisor can help you determine the right coverage for your needs.Speak with an advisor today