Critical Illness Insurance – Protecting your Lifestyle


by Cyndy Batchelor, FMA, BCom
Financial Advisor, O’Farrell Wealth & Estate Planning | Assante Capital Management Ltd.

A critical illness is more common than you think.  A serious, life-altering illness affects one in three Canadians in their lifetime.  One in two Canadians will be diagnosed with some form of cancer in their lives.  How are you able to manage the risk protection against a serious illness?  A Critical Illness Policy allows you to manage this risk and protect yourself, your family, and your assets against the unpredictability of getting critically sick or injured.

Critical Illness Insurance can allow you to focus on your recovery knowing that you have the money to help with costs of a serious illness.

A CI policy is an excellent complement to the provincial health care plan because the amount paid can allow you to:

  • Replace your income, or even your spouse’s income so that he or she can take time off work to accompany you during your treatments
  • Pay for assistance at home
  • Pay for medications not covered by provincial health insurance
  • Pay the costs of treatment abroad
  • Continue repaying financial obligations such as your mortgage
  • Take a much-needed break after medical treatment before returning to work full-time

Additionally, a CI policy can ensure that you don’t have to dip into your retirement savings or investments to cover these extra costs. 

Some Critical Illness policies will also offer additional benefits to holders and family members of the policies.  These include access to expert medical assistance.  This expert assistance can help you by:

  • Providing a second opinion on your diagnosis
  • Helping you to understand medical conditions
  • Explaining your treatment options and
  • Helping you navigate the health care system 

Supplementary assistance can also be provided and include:

  • Counselling services
  • Family support services (childcare or home care)
  • Legal and financial consultations
  • Nutritional advice

I am often asked, is a Critical Illness policy really worth it?  What happens if I don’t get sick?  My favourite benefit that can be included as an option in a Critical Illness policy is known as a return-of-premium benefit.   If you remain healthy and don’t have the need to use your policy, after as early as 10 years, you may choose to get your money back. If you do elect to use this option, your policy then expires. Contact your Financial Advisor today to discuss Critical Illness Insurance options.

We welcome questions so please reach out! See our ad in this week’s North Grenville Times and follow us on Facebook @OFarrellWealth.



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