Fraser Valley ( Bill Westmacott/Fivefold Financial) – An important question, do you currently have some critical illness coverage? After life insurance, I will discuss the importance of critical illness. Why? Well, we all have a 100% chance of death. Therefore, most people need life insurance. Second, Canadians have about a 50% chance of cancer? We live in a far more toxic world than our grandparents, and cancer rates have increased decade after decade. Most people do not like to think about cancer or any other critical illness, and I get it. However, many things happen in life that we do not expect. I know many people who have had critical illness events and made no financial preparations. When I do seminars on these topics, I often say, “You do not need a dual crisis, health and financial at the same time?” The vast majority of Canadians do not have adequate cash/savings, for a significant financial setback. So, let me introduce you to a straightforward solution that can provide cash in a health crisis.
The No Medical Guaranteed Critical illness up to $50,000 (that means anyone in the age brackets), and with a simple questionnaire, if you answer NO to about ten questions, you can qualify for up to $100,000. I can help anyone in BC with a simple online quote and application (no face meeting needed). So, what is covered, and what are my benefits and conditions?
- The Policy covers 23 critical health conditions (cancer and heart/stroke are the most common events claimed, with over 80%).
- Available to ages 18 to 64 and can go up to age 70.
- There is a 90-day cancer exclusion (meaning after 90 days, you are covered for cancer).
- A person must survive 30 days after diagnosis to receive the benefit.
- After five years, you receive an additional 5K coverage at no added cost.
- The Policy does not include past or present conditions.
- The Policy has a second-event benefit, meaning you can receive a second payment for a second CI event based on certain conditions. For example, many policies expire after one event and the payout.
- Tier one: Guaranteed issue from 5K to 50k with no questions.
- Tier two: Up to 100K (can be any 5K increase over 50K up to 100K) with a short questionnaire. No family or diabetes questions.
- Add dependent children for $6 and receive a 10K CI benefit for all of your children. From baby to age 21 or FT post-secondary students to age 25.
- Many people have group plans which is a great benefit; however, often, they do not include CI, and if they do, they are usually a small benefit. I always encourage clients to have a personal policy to top up or become their exclusive coverage, as if you quit or your employment ends, you will have no coverage.
- Best to have one to two years of coverage based on your salary. Why? A CI event can often take two years for a full recovery. Critical illness insurance allows you to focus on health and not be concerned about money.
- The payment usually comes within 30 days of diagnosis by your doctor after the insurer receives the paperwork, and the payout is TAX-FREE.
If you would like more information, please get in touch with me, and I will send you a two-page PDF with more details. bill@fivefoldfinancial.ca or 778-539-7107
