January 13, 2021

What is critical illness insurance? (video)

Find out how critical illness insurance can help you focus on your health and not your finances, if you become seriously ill. 

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We’d all like to imagine a future with perfect health. But the right time to plan for the unexpected is when you're healthy. Why? Because once you become ill, your options might be limited. 

What is critical illness insurance?

Critical illness insurance is designed to help pay costs that may be associated with certain life-altering illnesses.

Simply put, critical illness insurance provides additional funds if you become seriously ill. This way, you can focus on your health and not your finances.

How does critical illness insurance work?

Let’s say you’re diagnosed with one of the illnesses covered as defined by your insurance policy. In such a case, you'll receive a one-time lump-sum cash payment. You can then use that money in any way you wish. 

Do you need critical illness insurance?

Ask yourself this:

  • Do your other insurance policies offer enough coverage? Think about your: 
    • Life insurance
    • Group health insurance
    • Disability plans
  • Would your retirement goals still be met if you had to take out, say, $50,000 for expenses related to a medical condition?
  • Can you afford to take on the costs associated with being seriously ill? This includes things like: 
    • Loss of income
    • Travel to and from treatment 
    • Home-care costs

How can critical illness insurance help you?

Critical illness insurance can help with those additional costs that come up.

Chances are you know someone who's been affected by serious health issues. Critical illness insurance will provide you with the peace of mind of knowing you're financially protected in case it happens to you. And, it’ll allow you to focus 100% on your own recovery.

Talk to an advisor for help 

Need more information or help getting started? An advisor can provide more information to help you decide if critical illness insurance is right for you. 

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