VIDEO: Is Critical Illness Insurance Important?

January 24th, 2012 | Author: Mitch Reynolds

Video About Critical Illness Insurance in Canada

Learn about Critical Illness Insurance and if its important to you

Have you ever seen a really good video explaining how critical illness insurance works? We have one here. In less than 4 minutes our video explains how critical illness insurance protects Canadians from financial risk and the cost of becoming critically ill. In this video we explain:

How and when you can claim your critical illness insurance benefit
Ways you might use your critical illness insurance to get private health care, pay off debt, or spend more time with your family
Get coverage for any amount up to $2 million in Canada
Most people have about $120,000 of critical illness insurance coverage
Critical illness insurance plan designs, Term 10 or 20, Term to 75 and Term to 100
Return of Premium Rider – get your money back if you never have a critical illness
Selfish insurance – just for you

We hope you enjoy our critical illness insurance video. It is one of our most stylish videos yet.

Transcript of Is Critical Illness Insurance Important?

What would you do if you became ill and your life changed dramatically?

Critical Illness Insurance protects you against risk if you experience a life altering illness or injury like cancer or multiple sclerosis, or if you experienced a heart attack, stroke, or had to have bypass surgery.

It pays you a tax-free lump sum living benefit, typically 30 days after you are diagnosed with a life threatening illness.

You can use your benefit pay out any way you choose.

Pay for additional health services, go to the United States for immediate healthcare treatment, pay off mortgage and debts, etc. The choice is up to you.

Policies provide coverage to be paid out in a set amount such as 50, 100 or 250 thousand dollars in coverage if you become critically ill or injured. You can buy a policy worth up to 2 million dollars of coverage in Canada.

Everyone can benefit from a critical illness insurance policy, even in small amounts such as 25 or 50 thousand dollars. The most common size critical illness insurance policy in Canada today is about 120 thousand dollars of coverage. That would give you enough liquidity for 2 to 3 years income, pay off debts and give you freedom of choice.

How would you design a critical illness plan to suit you? There are several choices.

You can get a short-term critical illness plan such as a term-10 or term-20 policy that would cover you for a shorter term of 10 or 20 years. If anything were to happen to you during that period of time, you would get your tax free living benefit to use as you choose, like paying off your mortgage for example. A short term policy automatically renews after the 10 or 20 years is up, if you want to keep it, but it does get very expensive at that time.

You can get a term-to-65 or a term-to-75 policy which would cover you until that age with a level premium and then the policy would end.

The permanent version of critical illness insurance is term-to-100. This gives you coverage for the rest of your life and the price will never increase.

There are some very important riders and benefits you can attach to a critical illness policy.

A return-of-premium rider gives back all the premiums that you put in the plan if you never have a critical illness or injury. It’s like insurance on your insurance.

Why might you need a critical illness insurance policy?

Are you concerned about the healthcare system in Canada? Worried that it would not provide you with quick and immediate access to life-saving treatment? Critical illness insurance gives you cash to use to go to a fee-for-service country like the U.S. to get immediate healthcare.

If you rely on your income to maintain your living expenses, and you don’t want to re-leverage your home or liquidate your RSPs in order to have cash to pay for healthcare or replace lost income, a critical illness policy would give you an injection of tax-free cash to pay your expenses.

It is an excellent product that protects you from the financial burden of a life changing illness and injury.

It’s “selfish insurance” just for you – providing immediate tax free money in case your life changes in an instant with a diagnosis of cancer, a heart attack, stroke, bypass surgery and many other illnesses.

Talk to us at Life Guard Insurance about your options and how critical illness insurance might be right for you.

The video was produced by Life Guard Insurance and posted by +Mitch Reynolds. If you found the video interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this video about Is Critical Illness Insurance Important? would be very much appreciated.