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Critical Illness Insurance Update
Critical illness (CI) insurance protects your dependent(s) in the event that you suffer a disability due to a major illness such as heart attack, coronary bypass surgery, stroke, terminal cancer, blindness, paralysis, or kidney failure.
CI pays out a tax-free lump-sum benefit, allowing you to clear outstanding debts such as the mortgage, finance home renovations to meet changed living access needs, or pay for specialized medical treatments not covered under your health insurance such as chiropractic or massage therapy fees. There are no restrictions on how you use the lump-sum benefit, and it is not based on your ability to work. Even if you fully recover, the money is yours.
Copyright of Adviceon.com © Legal Disclaimer Our provincial health plans do not allocate funds to help patients who face a critical illness recover financially. They...
Without a CI insurance policy you are leaving your buy-sell agreement open to total uselessness right when it is needed. Most buy-sell agreements are facilitated by life ...