Illness Protection Insurance

Posted on November 14, 2007 at 2:44 pm
Filed Under Uncategorized

Many have heard the term “Illness Protection” or “Critical Illness Insurance”, but I’m not sure how many of us actually understand what it is and the benefits it provides.

Critical Illness Insurance (CII) provides a lump sum, tax free benefit to the insured in the event that they are diagnosed with a terminal illness. The illnesses covered range from between 4 in a basic policy to upwards of 25 depending on the company of choice, and include illnesses such as cancer, heart attack, and stroke to name a few. This benefit is paid out after a 30 day waiting period and can be used for alternative health care measures, replacing an income, or even making modifications to your home to help adapt to the change in your health.

Your Take-Away: Just think, if you were lucky enough to own a machine that you ran in your basement 24 hours a day and all it did was print money, wouldn’t you insure that machine in the case that it broke down? After all, if it did broke down but with the right money you could get it running again, I don’t know a single person who wouldn’t get it fixed. Protecting yourself and your family with Critical Illness Insurance is the exact same thing. In fact, if you are the only or primary income earner in your family, you owe it to yourself to ensure that both you and the rest of your family would be able to sustain a life changing event such as cancer, heart attack or any other number of illnesses that seem so prevolent today.

Statistics say that 1 in 4 Canadians will be diagnosed with Cancer prior to their 65th birthday. Personally, that alone is enough to make me seriously consider the benefits of protecting myself and my family’s well being.

Until next time, have a Wonderful Wednesday.

Chris

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