Critical Illness Insurance In Canada: Who Needs it Most?

Posted on February 20, 2012 and updated February 23, 2012 in Critical Illness, Insurance Types, Life Insurance Canada News 2 min read

Most Canadians need critical illness protection, but the following five types of individuals need critical illness coverage more than most:

1. Applicants with a dangerous occupation. Applicants in dangerous occupations often do not qualify for disability insurance. However, they can qualify for critical illness insurance coverage. This allows them to have protection in the event that a serious illness strikes them and they cannot work.

2. Stay-at-home parents. Many stay-at-home parents do not qualify for disability insurance coverage because they are not showing an income. Stay-at-home parents in which the spouse working outside the home is a business owner are especially in need.

If the stay-at-home parent develops cancer, stroke, a heart attack, or any of the other critical illnesses, the working parent might have to take time away from her business, creating a potentially catastrophic ripple effect on the family’s finances.

3. Poor savers. Many Canadians have a hard time setting aside money. This can be increasingly problematic if they are faced with a critical illness.

If the applicant has not set aside an adequate emergency fund to cover the cost of the critical illness, this can have a dramatic effect on the family’s finances.

In addition to day-to-day costs, developing a critical illness can result in one-time lump sum costs, such as home renovations or out-of-pocket medical expenses.

4. Contract workers or self-employed people without any benefits. Canada’s healthcare system, while one of the best in the world, has many gaps in its coverage, and these gaps keep widening every year. In addition, many government insurance and some employee insurance plans have high deductibles or exclusions. Critical illness insurance can help pay for those expenses.

5. High income earners. Disability insurance coverage often does not pay adequately to higher income earners, as many of these plans are capped on a maximum monthly benefit amount. Critical illness coverage can be used to give higher income earners the extra protection they might need.

For more details on critical illness insurance in Canada, please contact us at 1-866-899-4849 or visit our Critical Illness Instant Quote Page.

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