critical illness insurance
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critical illness insurance

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What are the benefits of critical illness insurance?

Critical illness insurance offers a multitude of interesting advantages, both financially and morally. Here are a few that will give you a good idea of ​​why so many people are happy to adopt this insurance product:

You won’t have to worry about financial worries if you get sick and can focus on your recoveryInsurance can compensate for the loss of your income

It saves you from having to use your savings to pay your medical expenses and living expenses

  • The capital paid by critical illness insurance is not taxable
  • Some products have a premium refund clause if the insurance is not used (see below)
  • You can use the capital of the contract to pay your mortgage in order to eliminate this source of expense
  • You are no longer at risk of going bankrupt if medical bills and loss of income get out of hand
  • You and your spouse will have peace of mind during this difficult ordeal and will not have to think about the financial aspect

Possibility of converting critical illness insurance into long-term care insurance

As you can see, the advantages of critical illness insurance are very numerous and it offers in particular an extremely important protection against the disease.

If you fall ill, you will receive a capital which will allow you to make up for the loss of your income and which will allow you to pay for daily expenses. You won’t have to go into debt or liquidate all your savings to beat the disease.

It is a human assurance that gives you peace of mind.

The story of a client who thought he was 100% uninsurable and who found insurance thanks to one of our partners!

There are certain stories we hear that give us hope and confirm that even when we think something is impossible, some people manage to find solutions.

Indeed, one of our partners told us that he recently met a client who had been refused by several insurance companies because he wanted to have critical illness insurance while he was suffering from multiple sclerosis. in plates.

The latter, discouraged, thought he was 100% uninsurable and had lost hope of finding insurance. He then decided to fill out our form, met one of our specialist partners and he managed to find a solution.

Why did our partner succeed where so many others had failed before him?

Quite simply because not all insurance advisors have the expertise and the right products to serve clients with specific cases.

For our part, we have partners with important specializations who know how to find solutions to practically all existing problems.

If you think you’re at a dead end right now and have no chance of finding critical illness insurance because all the insurers are denying you, stop and fill out our form!

We will put you in contact with one of our partners who will analyze your case and find a solution!

Our partners solve the problems of people who are easily insurable and even those who think they are not at all!

Why do financial planners recommend everyone to have critical illness insurance?

In the past, the chances of survival when diagnosed with serious illnesses were low. Today, it is quite the opposite and the survival rates are increasingly high.

People who do not have insurance and who are struck by illness must most of the time stop working, thus losing their income and dipping into their savings to finance their rehabilitation and to pay their health costs. Once the disease has passed, many come to realize that they have liquidated all the accumulated savings of a lifetime and that they are back to square one.

To avoid such a situation, financial planners firmly believe that critical illness insurance eliminates this risk. In the event of a serious illness, you will have benefits that will replace your income, and you will not have to dip into your investments and your savings to pay for your treatments. We must therefore see critical illness insurance as an investment!

financial-planner-critical-illness-insurance.

Critical illness insurance benefits are currently not taxable!

If ever the worst should happen, and you were no longer able to work due to a serious illness, you would then be entitled to the benefits of your critical illness insurance.

But did you know that the benefits of this type of insurance were not taxable?

In fact, if the critical illness insurance contract meets the definition of health insurance, as the provincial government indicates in the law, the Canada Revenue Agency will have no other choice. than treating the benefits as insurance under the Income Tax Act (ITA).

To put it simply, all critical illness insurance benefits, when they meet the criteria of the law, are not taxable and are paid tax-free.

However, as defined in critical illness insurance contracts, you must survive your illness for the waiting period provided for in your contract before you begin to receive your insurance benefits.

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