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Before we get into the reasons why you should have Critical Illness Insurance, let’s explain what it is.  Critical Illness Insurance is designed to help with costs associated with Life altering illnesses such as Cancer, Heart Attack or Stroke.

Critical illness coverage provides a lump sum payment, tax-free, if you are diagnosed with a covered condition*. This payment can help you pay for the treatment you need and cover expenses if you are unable to work.

The most important point in this post about Critical Illness Insurance is don’t wait until it is too late!  You can’t purchase Critical Illness Insurance after the fact.

Here are some reasons why you should look into Critical Illness Insurance:

  1. Chances of developing a critical illness before you are 65: 35%
  2. Chances of developing a critical illness before you are 81: 65-70%
  3. It will cover home care costs, medication or household bills
  4. You won’t have to use your personal savings our eat into your child’s RESP
  5. It allows you to focus on LIVING
  6. It allows you to focus on recovery

If you have any questions about this please don’t hesitate to contact us:

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*These posts are for educational purposes only and is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. Please consult an appropriate professional regarding your particular circumstances. Some of the information contained herein might be from sources believed to be reliable, however, we cannot guarantee that it is accurate or complete. The views expressed are those of the authors and writers only. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. All other insurance products and related services are offered through Newton Financial Ltd.