The High Cost of Cancer
If you know someone who is now or has recently been through a bout of cancer, you know that the costs can add up very quickly – from time lost at work, to alternative or experimental drugs not covered by OHIP, to treatment sought outside of Canada. If you were faced with a diagnosis of cancer, chances are, you would not think twice about getting the treatment you need to make your recovery the number one priority in your life. Work would be forgotten and it wouldn’t take long for the bills to start piling up, not to mention the costs of treating the disease itself.
But what if I told you there is a way to ensure that you have the funds you need, right at the time when you need them, so that you don’t have to worry about going into debt while taking care of your health? Would a lump sum benefit at the time of diagnosis ease the financial burden and allow you to concentrate on getting better? I personally believe it would bring greater peace of mind during a very trying time.
Critical Illness insurance is a newer type of insurance coverage that pays out a lump sum amount upon the diagnosis of a critical illness, including cancer, as long as you survive a period of 30 days. Those funds could go a long way to paying for alternative or out of country treatments that might not otherwise be available to you for financial reasons. It would also allow you to focus on your recovery, rather than worrying about falling behind in your mortgage and bill payments.
Critical Illness coverage also carries with it a very attractive feature called the return of premium benefit. For an extra premium, you can opt to receive all of your money back that you paid into the policy if you do not end up needing the coverage. It is a win-win situation! Should you develop a critical illness, the policy pays out and you benefit right away. If you do not develop a critical illness prior to the return of premium option exercise date, you could request that all of your contributions be returned to you. These funds can then be used to either supplement your retirement or be invested for other goals later in life.
Broker; Lisa Mikhael, B.A., CFP
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