Critical illness insurance can help you prepare for the unexpected.
Thanks to innovative advances in medical care and technology, the survival rates for those who suffer from a critical illness, like heart disease, a stroke, or cancer, have significantly improved. At the same time, recovery from a critical illness can have a major financial impact both on yourself and the people close to you.
If you become sick with a life-altering illness, critical illness insurance offers the financial support you need to manage the costs associated with recovery. As a result, you can focus on getting better instead of going back to work, since critical illness insurance can help with the following:
- Reducing debt and other financial concerns as you cope with your illness and recovery
- Replacing reduced or lost income for yourself as well as a partner who may take time off work to assist you
- Bringing in additional help at home for your family
- Coverage for treatments or medications not covered by insurance
For example, you can use the funding from your critical illness insurance to cover the travel costs that come from getting to and from treatment facilities, to supplement your lost income after taking a leave of absence at work, or simply to keep up with your mortgage and bills as you recover. Your policy can also help you keep your retirement savings intact instead of depleting them to cover the extra expenses that pop up as a result of a serious illness.
Focus on recovery, attain the flexibility you need to keep your finances on track, and protect your family’s lifestyle if you were ever to become seriously ill with one of these policies. Talk to your BlueRock Wealth Management financial advisor in Collingwood, Ontario about your critical illness insurance options and to craft a financial plan suited to your needs.