Critical Illness Insurance Expert: Kelsey Blinkhorn

Posted on May 4, 2015 and updated January 7, 2016 in Critical Illness Insurance - What The Experts Own, Life Insurance Canada News 2 min read
Kelsey Blinkhorn Benefits Group

Kelsey Blinkhorn GBA, CHS, CPCA 

Blinkhorn Benefits Group

1. What Type of Critical Illness Insurance Do You Own?

I own a non-cancellable, level premium to age 75 policy with a face amount of $100,000. My policy includes both return of premium on death and return of premium on surrender.

2. What Factors Did You Consider When Determining The Coverage Amount

I purchased my policy at age 23. At the time, I determined the appropriate amount of coverage was between 1x and 2x my annual income.

3. Do You Think People Underestimate The Importance of Critical Illness Insurance And If So Why?

I do. Through medical advances, individuals are living through illnesses such as heart attacks, stroke and cancer. Critical Illness insurance provides the means to alleviate the financial stress when battling an illness. I think we would all agree that limiting financial stress would help in such a challenging time of one’s life. Focus should be on recovery, not on how you are going to pay your bills.

4. What Are Some Limitation Or Exclusions Should People Watch Out For?

With any insurance contract your enter into it is important to understand when your policy will pay and when it will not. The pre-existing condition clause, exclusion and limitation sections and illness definitions will help you understand when your policy will pay and when it will not. An experienced insurance advisor will help you navigate the various policies in the marketplace so you can make an informed decision.

5. If You Had To Choose Between Critical Illness And Life Insurance Which One Would You Choose And Why?

Both. Term life and term critical illness insurance are both relatively inexpensive. My advice is that some coverage is always better than none. Will $10,000 in your bank account alleviate some stress when battling cancer? You bet. You can always work within your budget to ensure you are covered both in the event of death and illness.

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