A critical illness policy is designed to create a tax-free lump sum payment soon after the onset of a critical medical problem such as a heart attack, life threatening cancer, stroke etc. A critical illness policy pays you regardless of your ability to return to work and is paid independent of your disability coverage.
One of the most common problems our clients experience upon the diagnosis of a critical illness is that they require financial flexibility over and abovetheir monthly disability payment. Your critical illness plan is designed to help alleviate financial burden thereby allowing you to make the best possible medical decisions without financial constraints.
Most of our clients mirror their critical illness lump sum payment to the amount of their annual income and/or tax liability.
- 1 in 3 people will suffer a critical illness in their lifetime
- 50% of men suffer from heart disease
- 75% of stroke victims admitted to hospital survive
- 80% of heart attack victims admitted to hospital survive
- 40% of men / 35% of women will have cancer in their lifetime
If you are incorporated, your corporation can own and pay for your critical illness insurance. If you need to make a claim, the funds will flow to your corporation tax free and can be paid out to you as a dividend.
Critical illness insurance is not because you are going to die, but because you are going to live.
For the marginal cost, critical illness insurance provides peace of mind and yes we recommend it.
Elliott Levine is the President of Levine Financial Group in Toronto
We Save Physicians Money on their insurance
416-222-1311 I email@example.com