Can you get Critical Illness insurance after Cancer? Heart Attack? or Any other Critical Illness Diagnosis?
This is dependant on the insurers moratorium period and what exclusions are put in place. We would suggest a simplified policy in a majority of cases.
Is Critical Illness Insurance Needed / Worth it?
Critical illness Pros and Cons
It’s sensible to weigh the value of any product you may want to add to your Financial Portfolio. Critical Illness pays out when other policies may not such as Disability Insurance or Life Insurance. The money is received tax free and can be used however you see fit. The policy can be designed to have a return of premium so if you don’t use it, you won’t lose the money you paid into the policy.
What if I just put the amount I would’ve spent on a Critical Illness Insurance premium into a Secured investment?
A secured investment such as a Segregated fund may already be prioritized for things such as your retirement fund. Critical illness can act as a way to protect you from cashing out things like an RRSP or GIC. Since these investments may also carry Penalties, tax implications etc. you may not end up with what you put into it.
Critical Illness is an effective way to protect yourself and family should you be diagnosed with a major illness. Contact us today for a free no obligation quote and we can put together the plan that’s right for you.