From our first meeting, I understood that Aman knows his profession that he represents. He is very thorough and explained the solutions really well in addressing my needs. I found him to be a good person to do business with- very friendly. He relates to people very well and I enjoyed his presence. I would consider Aman to be highly recommendable.
Pastor Doug McClain
Critical Illness Insurance Eases Financial Burdens of Breast Cancer
Posted on June 7, 2010 and updated February 11, 2011 in Critical Illness, Insurance Types, Life Insurance Canada News, Life Insurance for Women 2 min read
In addition to the ravages of the disease, it’s no secret that breast cancer patients face a gargantuan financial burden.
As reported by the Vancouver Sun, The Canadian Breast Cancer Network has released a survey that “firmly places breast cancer as an economic as well as health issue.”
Of the 400 women polled, 80% say they have “experienced some kind of financial hardship from the disease.” These include, lost income because they’ve had to take time off work for treatment and recovery, as well as many out-of-pocket expenses related to getting well. The network went on to characterize this unfortunate reality as a “double whammy” for the women battling the disease.
Not knowing where to turn, 44% of respondents admitted they used their savings to cover the cost of the fight and 27% went into debt as a result, while some went on disability or had to quit their jobs because they were in too much pain and 16% lost their jobs outright.
“I had to leave my job because I knew that physically, I would be unable to continue it,” Linda Glasier, who had been a nurse for 35 years, told the Sun. Once she left the hospital, she also lost her group insurance benefits and had to resort to personal income to cover the cost.
The most tragic thing about her story is that dipping into her personal savings and driving herself into debt did not have to happen. Critical Illness insurance is a living benefit that pays out a lump sum, in most cases, within 30 days after you are diagnosed with a covered condition, including breast cancer. The funds are designed to cover the cost of your treatment and any out-of-pocket expenses you may incur over the course of fighting many serious illnesses.
LSM Insurance works with over 13 different insurance carriers many of them cover over 25 critical Illnesses. You can get an on-line quote at https://lsminsurance.ca/application/ontario/critical-illness.html or call us at 1.866.899.4849
Thanks for the note. The plan pays out a lump sum payout in the event the insured is diagnosed and survives the waiting period on a covered Critical Illness. The cost depends on the on the amount of coverage and the type of plan. Some Critical are level for 10 or 20 years whereas others are level for life and some offer a return of premium feature.