myStyle Mortgage

Critical Illness Insurance

Surviving a critical illness, such as a heart attack, cancer or stroke, can turn your life upside down. It can affect you physically, emotionally and financially.

Critical illness insurance will pay out a tax-free lump sum that has no requirements for how you spend the money you receive, unlike:

  • Health insurance which covers certain medical expenses, but may not cover all your expenses.
  • Disability insurance which provides a regular income to help you meet your daily living expenses, but may not provide enough money to pay all the additional expenses.
  • Savings and RRSP’s which provide additional financial resources, but using them reduces your retirement income.
  • Loans which provide additional financial resources, but create an additional financial burden for you, your family or your business.

Critical illness insurance provides you with a lump-sum payment to be used however you see fit. Whether you want to try alternative therapies, be treated outside of the country, hire someone to take care of you, or hire a nanny to take care of your children... you choose how to spend your money.

 

 

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