A critical illness policy benefits you. Life insurance benefits your family.
Critical illness insurance is the right decision, should you ever experience a critical illness. Unlike disability insurance, critical illness benefits pay out almost immediately. The main conditions are that the recipient must survive the first 30 days. Once your claim has been submitted, you can rest easy knowing your finances are looked after and you can concentrate on getting better.
It’s important to work within an individual’s budget when choosing critical illness insurance. Here are some of the ways to manage costs:
1. Look at smaller coverage amounts. You want to ensure you are going to be able to continually cover the payments.
2. Tailor the policy to cover only heart attack, stroke and cancer. These three conditions account for about 80 per cent of claims, although policies can now cover more than two dozen illnesses. Review your family history though, to ensure you have any potential threats covered.
3. Buy early. The price rises about 8 per cent every year. Unfortunately, prices become very expensive once someone hits their late 50s, almost doubling from what they would be for someone in their late 40s. Consider coverage as early as possible.
4. To reduce costs, consider a 10-
5. Avoid return-
|No-Medical Exam Insurance|
|RRSP & TFSA|