You’re a doctor, so you should know these facts…
- One out of three Canadians will suffer a critical illness during their lifetime
- Cancer: 40% of men and 35% of women develop cancer in their lifetime
- Heart disease: 50% of men and 30% of women suffer from heart disease during their lifetime
- Stroke: 75% of stroke victims admitted to hospital survive
What is critical illness insurance?
Critical illness insurance is designed to create a tax-free lump sum payment of up to $2,000,000 soon after the onset of one of up to 25 critical illnesses (e.g. heart attack, cancer, stroke, MS etc.) A critical illness policy pays you regardless of your ability to return to work and is paid independent of your disability coverage.
Critical illness insurance is not because you are going to die, but because you are going to live
How have you prepared?
When you are diagnosed with a critical illness, your health is not the only aspect that will suffer; so will your finances, your ability to earn as well and most important the lives of those around you. Critical illness provides emergency funds within 30 days of diagnosis to provide you financial flexibility in a time of confusion and stress.
What Illnesses Are Covered?
A comprehensive critical illness policy includes coverage for the following illnesses:
- Aortic Surgery
- Loss of Independent Existence
- Aplastic Anemia
- Loss of Limbs
- Bacterial Meningitis
- Loss of Speech
- Benign Brain Tumour
- Major Organ Failure on Waiting List
- Blindness Major Organ Transplant
- Cancer (Life Threatening)
- Motor Neuron Disease
- Coma Multiple Sclerosis
- Coronary Artery Bypass Surgery
- Occupational HIV Infection
- Deafness Paralysis
- Dementia, including Alzheimer's Disease
- Parkinson Disease and Specified Atypical Parkinsonian Disorders
- Heart Attack
- Severe Burns
- Heart Valve Replacement or Repair
- Kidney Failure
Does your policy include a conversion to long term care coverage?
Most critical illness policies expire at 65, 70 or 75. However some insurers give you an option to convert all or part of your critical illness insurance to long term care coverage. Long term care insurance provides up to $9,000 per month for care in your home or a facility with lifetime benefits (coverage to age 100).
Insurance can be a tricky endeavor but it does not have to be a risky one if you do it right. As a physician, you may qualify for up to a 10% annual premium discount on critical illness insurance.
Elliott Levine is the President of Levine Financial Group in Toronto
416-222-1311 I email@example.com